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Income Taxes (Tables)
 12 Months Ended
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%