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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
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,  
    2024     2023     2022  
U.S. operations   $ 83,169     $ 103,517     $ 75,682  
Foreign operations     185,222       146,076       118,537  
    $ 268,391     $ 249,593     $ 194,219  
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,  
    2024     2023     2022  
Current:                  
Federal   $ 14,992     $ 18,322     $ 14,019  
State and local     2,627       2,297       2,782  
Foreign     50,557       44,341       30,144  
      68,176       64,960       46,945  
Deferred:                        
Federal     (1,115 )     518     (1,150 )
State and local     (162 )     81     (149 )
Foreign     (1,941 )     (3,742 )     (2,464 )
      (3,218 )     (3,143 )     (3,763 )
Total income tax expense   $ 64,958     $ 61,817     $ 43,182  
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,  
    2024     2023  
Net deferred tax assets:                
Foreign net operating loss carry-forwards   $ —     $ 218  
Inventory and accounts receivable     4,505       3,138  
Profit sharing     2,274       3,505  
Stock option compensation     314       613  
Effect of inventory profit elimination     11,569       10,957  
Other     2,290       1,674  
Total gross deferred tax assets, net     20,952       20,105  
Valuation allowance     —     (296 )
Net deferred tax assets     20,952       19,809  
Deferred tax liabilities (long-term):                
Building expenses     (1,196 )     (1,327 )
Trademarks and licenses     (2,104 )     (2,238 )
Unrealized gain on marketable equity securities     (560 )     (1,044 )
Other     (58 )     (655 )
Total deferred tax liabilities     (3,918 )     (5,264 )
Net deferred tax assets   $ 17,034     $ 14,545  
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,  
    2024     2023     2022  
Statutory rates     21.0 %     21.0 %     21.0 %
State and local taxes, net of Federal benefit     0.7       0.8       1.1  
Windfall benefit from exercise of stock options     (0.3 )     (0.4 )     (0.4 )
Benefit of Foreign Derived Intangible Income     (0.9 )     (0.9 )     (0.8 )
Effect of foreign taxes greater than U.S. statutory rates     3.5       4.1       1.5  
Other     0.2       0.2     (0.2 )
Effective rates     24.2 %     24.8 %     22.2 %