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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
The components of income before income taxes consist of the following: | The components of income before income taxes consist of the following:
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. operations |  | $ | 50,250 |  |  | $ | 34,742 |  |  | $ | 9,577 |
Foreign operations |  |  | 143,969 |  |  |  | 116,277 |  |  |  | 59,772 |
|  | $ | 194,219 |  |  | $ | 151,019 |  |  | $ | 69,349 |
The provision for current and deferred income tax expense (benefit) consists of the following: | The provision for current and deferred income tax expense (benefit) consists of the following:
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,829 |  |  | $ | 4,825 |  |  | $ | 1,685 |
State and local |  |  | 658 |  |  |  | 518 |  |  |  | 90 |
Foreign |  |  | 39,458 |  |  |  | 36,164 |  |  |  | 17,024 |
|  |  | 46,945 |  |  |  | 41,507 |  |  |  | 18,799 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (802 | ) |  |  | 4 |  |  |  | (215 | )
State and local |  |  | (49 | ) |  |  | 11 |  |  |  | 44 |
Foreign |  |  | (2,912 | ) |  |  | (530 | ) |  |  | 753 |
|  |  | (3,763 | ) |  |  | (515 | ) |  |  | 582 |
Total income tax expense |  | $ | 43,182 |  |  | $ | 40,992 |  |  | $ | 19,381 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows: | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Net deferred tax assets: |  |  |  |  |  |  |  |
Foreign net operating loss carry-forwards |  | $ | 554 |  |  | $ | 1,292 |
Inventory and accounts receivable |  |  | 3,880 |  |  |  | 4,508 |
Profit sharing |  |  | 2,871 |  |  |  | 3,787 |
Stock option compensation |  |  | 716 |  |  |  | 732 |
Effect of inventory profit elimination |  |  | 9,342 |  |  |  | 5,112 |
Other |  |  | 266 |  |  |  | 407 |
Total gross deferred tax assets, net |  |  | 17,629 |  |  |  | 15,838 |
Valuation allowance |  |  | (554 | ) |  |  | (3,582 | )
Net deferred tax assets |  |  | 17,075 |  |  |  | 12,256 |
Deferred tax liabilities (long-term): |  |  |  |  |  |  |  |
Building expenses |  |  | (1,356 | ) |  |  | (1,082 | )
Trademarks and licenses |  |  | (2,160 | ) |  |  | (2,551 | )
Unrealized gain on marketable equity securities |  |  | (1,745 | ) |  |  | (436 | )
Other |  |  | (655 | ) |  |  | (251 | )
Total deferred tax liabilities |  |  | (5,916 | ) |  |  | (4,320 | )
Net deferred tax assets |  | $ | 11,159 |  |  | $ | 7,936 |
Differences between the United States federal statutory income tax rate and the effective income tax rate were as follows: | Differences between the United States federal statutory income tax rate and the effective income tax rate were as follows:
|  | Year ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory rates |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of Federal benefit |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.2 |
Windfall benefit from exercise of stock options |  |  | (0.4 | ) |  |  | (0.9 | ) |  |  | (0.6 | )
Benefit of Foreign Derived Intangible Income |  |  | (0.8 | ) |  |  | (0.6 | ) |  |  | (0.4 | )
Effect of foreign taxes greater than U.S. statutory rates |  |  | 3.1 |  |  |  | 7.4 |  |  |  | 7.5 |
Other |  |  | (0.9 | ) |  |  | (0.1 | ) |  |  | 0.2 |
Effective rates |  |  | 22.2 | % |  |  | 27.1 | % |  |  | 27.9 | %

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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