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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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,
(percent of income before tax) |  | 2021 |  | 2020 |  | 2019
Provision for federal income taxes at the statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit |  | 2.5 |  |  | 1.5 |  |  | 1.7 |
Non-United States income taxed at different rates |  | 2.7 |  |  | 2.1 |  |  | (0.1) |
Foreign tax credits |  | (2.4) |  |  | (0.9) |  |  | (0.1) |
Adjustment to deferred taxes |  | — |  |  | (1.2) |  |  | (2.1) |
Global Intangible Low-Taxed Income |  | 0.1 |  |  | 0.1 |  |  | — |
Research credits |  | (0.4) |  |  | (1.4) |  |  | (0.5) |
Withholding taxes |  | (1.4) |  |  | 0.5 |  |  | 0.3 |
Excess tax benefits from stock plans |  | (0.9) |  |  | (0.8) |  |  | (1.6) |
Other |  | 0.4 |  |  | 1.7 |  |  | (0.1) |
Actual provision for income taxes |  | 21.6 | % |  | 22.6 | % |  | 18.5 | %
Significant Components of Deferred Taxes | Significant components of the Company's deferred taxes consisted of the following:
|  | December 31,
(in thousands) |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Accruals and allowances |  | $ | 40,518 |  |  | $ | 29,950 |
Lease liability |  | 81,012 |  |  | 84,346 |
Capitalized inventory costs |  | 23,950 |  |  | 24,222 |
Sales reserves |  | 13,881 |  |  | 14,610 |
Stock compensation |  | 6,329 |  |  | 6,078 |
Net operating loss carryforwards |  | 22,767 |  |  | 24,253 |
Depreciation and amortization |  | 22,076 |  |  | 29,358 |
Tax credits |  | 387 |  |  | 844 |
Foreign currency |  | — |  |  | 2,418 |
Other |  | 2,164 |  |  | 2,304 |
Gross deferred tax assets |  | 213,084 |  |  | 218,383 |
Valuation allowance |  | (22,502) |  |  | (23,534) |
Net deferred tax assets |  | 190,582 |  |  | 194,849 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | (10,414) |  |  | (16,206) |
Prepaid expenses |  | (3,447) |  |  | (2,085) |
ROU lease asset |  | (68,148) |  |  | (66,629) |
Deferred tax liability associated with future repatriations |  | (13,069) |  |  | (19,008) |
Foreign currency |  | (3,383) |  |  | — |
Gross deferred tax liabilities |  | (98,461) |  |  | (103,928) |
Total net deferred taxes |  | $ | 92,121 |  |  | $ | 90,921 |
Subsequent to the issuance of the Company’s December 31, 2020 consolidated financial statements, the Company identified that the Lease liability and corresponding ROU lease asset shown in the table above had been presented net with accruals and allowances, rather than gross. As a result, 2020 amounts in the table above have been revised from balances previously reported. The Company has assessed the qualitative and quantitative impact of the misstatement and determined it is not material to the 2020 financial statements. Further, the Company had previously recorded Sales reserves within Capitalized inventory costs, rather than presenting them separately and has reclassified such amounts to conform to the current year presentation.
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:
|  | Year Ended December 31,
(in thousands) |  | 2021 |  | 2020 |  | 2019
Balance at beginning of year |  | $ | 14,493 |  |  | $ | 12,478 |  |  | $ | 11,064 |
Increases related to prior year tax positions |  | 355 |  |  | 1,903 |  |  | 4,374 |
Decreases related to prior year tax positions |  | (1,447) |  |  | (162) |  |  | (5,423) |
Increases related to current year tax positions |  | 883 |  |  | 906 |  |  | 4,991 |
Settlements |  | — |  |  | — |  |  | (1,464) |
Expiration of statute of limitations |  | (429) |  |  | (632) |  |  | (1,064) |
Balance at end of year |  | $ | 13,855 |  |  | $ | 14,493 |  |  | $ | 12,478 |

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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 http://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 http://asc.fasb.org/extlink&oid=121826272&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=121826272&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=121826272&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=121826272&loc=d3e32840-109319 + Details
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