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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Reconciliation of Statutory Federal Income Tax Rate to Effective Rate | The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements:
|  | Year Ended December 31, |  |  |  |
|  | 2019 |  | 2018 |  | 2017
|  | (percent of income) |  |  |  |
Provision for federal income taxes at the statutory rate |  | 21.0 | % |  | 21.0 | % |  | 35.0 | %
State and local income taxes, net of federal benefit |  | 1.7 |  |  | 2.0 |  |  | 0.4 |
Non-United States income taxed at different rates |  | (0.1) |  |  | (0.1) |  |  | (7.8) |
Foreign tax credits |  | (0.1) |  |  | — |  |  | (0.1) |
Adjustment to deferred taxes |  | (2.1) |  |  | — |  |  | (3.0) |
Global Intangible Low-Taxed Income |  | — |  |  | 0.4 |  |  | — |
Research credits |  | (0.5) |  |  | (0.6) |  |  | (0.7) |
Withholding taxes |  | 0.3 |  |  | 0.4 |  |  | — |
Excess tax benefits from stock plans |  | (1.6) |  |  | (1.4) |  |  | (2.3) |
Other |  | (0.1) |  |  | 0.7 |  |  | 0.5 |
Actual provision for income taxes, pre-provisional TCJA expense |  | 18.5 |  |  | 22.4 |  |  | 22.0 |
Effects of the TCJA: |  |  |  |  |  |
Reduction of United States federal corporate tax rate |  | — |  |  | (0.4) |  |  | 5.6 |
Transition tax on foreign earnings |  | — |  |  | 1.5 |  |  | 18.7 |
Deferred tax liability associated with future repatriations |  | — |  |  | 0.5 |  |  | 8.9 |
Foreign tax credits |  | — |  |  | (0.2) |  |  | 2.7 |
Provision for income taxes related to the TCJA |  | — |  |  | 1.4 |  |  | 35.9 |
Actual provision for income taxes |  | 18.5 | % |  | 23.8 | % |  | 57.9 | %
Significant Components of Deferred Taxes | Significant components of the Company's deferred taxes consisted of the following (in thousands):
|  | December 31, |  |
(in thousands) |  | 2019 |  | 2018
Deferred tax assets: |  |  |  |
Accruals and allowances |  | $ | 38,532 |  |  | $ | 39,276 |
Capitalized inventory costs |  | 34,389 |  |  | 34,548 |
Stock compensation |  | 5,013 |  |  | 4,318 |
Net operating loss carryforwards |  | 23,660 |  |  | 18,800 |
Depreciation and amortization |  | 32,293 |  |  | 39,511 |
Tax credits |  | 2,329 |  |  | 1,353 |
Other |  | 2,258 |  |  | 1,570 |
Gross deferred tax assets |  | 138,474 |  |  | 139,376 |
Valuation allowance |  | (24,130) |  |  | (18,550) |
Net deferred tax assets |  | 114,344 |  |  | 120,826 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | (15,738) |  |  | (22,048) |
Prepaid expenses |  | (2,661) |  |  | (2,301) |
Deferred tax liability associated with future repatriations |  | (19,847) |  |  | (21,323) |
Foreign currency loss |  | (3,610) |  |  | (6,520) |
Gross deferred tax liabilities |  | (41,856) |  |  | (52,192) |
Total net deferred taxes |  | $ | 72,488 |  |  | $ | 68,634 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
|  | December 31, |  |  |  |
(in thousands) |  | 2019 |  | 2018 |  | 2017
Balance at beginning of year |  | $ | 11,064 |  |  | $ | 10,512 |  |  | $ | 9,998 |
Increases related to prior year tax positions |  | 4,374 |  |  | 490 |  |  | 858 |
Decreases related to prior year tax positions |  | (5,423) |  |  | (1,093) |  |  | (2,895) |
Increases related to current year tax positions |  | 4,991 |  |  | 1,818 |  |  | 2,714 |
Settlements |  | (1,464) |  |  | 319 |  |  | — |
Expiration of statute of limitations |  | (1,064) |  |  | (982) |  |  | (163) |
Balance at end of year |  | $ | 12,478 |  |  | $ | 11,064 |  |  | $ | 10,512 |

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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 http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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