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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
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) |  | 2023 |  | 2022 |  | 2021
Provision for federal income taxes at the statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State and local income taxes, net of federal benefit |  | 1.2 |  |  | 1.6 |  |  | 2.5 |
Non-United States income taxed at different rates |  | (1.4) |  |  | (0.4) |  |  | 2.7 |
Foreign tax credits |  | — |  |  | — |  |  | (2.4) |
Adjustment to deferred taxes |  | — |  |  | 0.1 |  |  | — |
Global Intangible Low-Taxed Income |  | 0.9 |  |  | 0.1 |  |  | 0.1 |
Research credits |  | (0.7) |  |  | (0.4) |  |  | (0.4) |
Withholding taxes |  | 1.0 |  |  | 0.2 |  |  | (1.4) |
Excess tax benefits from stock plans |  | 0.1 |  |  | — |  |  | (0.9) |
Other |  | 0.8 |  |  | (0.6) |  |  | 0.4 |
Actual provision for income taxes |  | 22.9 | % |  | 21.6 | % |  | 21.6 | %
Significant Components of Deferred Taxes | Significant components of the Company's deferred taxes consisted of the following:
|  | December 31,
(in thousands) |  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Accruals and allowances |  | $ | 29,585 |  |  | $ | 31,957 |
Lease liability |  | 103,551 |  |  | 89,742 |
Capitalized inventory costs |  | 20,589 |  |  | 26,147 |
Sales reserves |  | 16,559 |  |  | 16,897 |
Stock compensation |  | 9,166 |  |  | 7,659 |
Net operating loss carryforwards |  | 1,720 |  |  | 18,778 |
Depreciation and amortization |  | 20,335 |  |  | 15,463 |
Capitalized research and development expenditures (1) |  | 17,008 |  |  | 8,530 |
Tax credits |  | 860 |  |  | 2,751 |
Other |  | 2,471 |  |  | 2,372 |
Gross deferred tax assets |  | 221,844 |  |  | 220,296 |
Valuation allowance |  | (7,141) |  |  | (19,649) |
Net deferred tax assets |  | 214,703 |  |  | 200,647 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | (879) |  |  | (5,844) |
Prepaid expenses |  | (3,315) |  |  | (2,892) |
ROU lease asset |  | (90,756) |  |  | (78,274) |
Deferred tax liability associated with future repatriations |  | (11,657) |  |  | (11,267) |
Foreign currency |  | (2,588) |  |  | (8,351) |
Gross deferred tax liabilities |  | (109,195) |  |  | (106,628) |
Total net deferred taxes |  | $ | 105,508 |  |  | $ | 94,019 |
(1) Capitalized research and development expenditures balance as of December 31, 2022 were previously classified as Other. The Company records net deferred tax assets to the extent it believes these assets will more likely than not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations.
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) |  | 2023 |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 10,177 |  |  | $ | 13,855 |  |  | $ | 14,493 |
Increases related to prior year tax positions |  | 578 |  |  | 234 |  |  | 355 |
Decreases related to prior year tax positions |  | — |  |  | (1,646) |  |  | (1,447) |
Increases related to current year tax positions |  | 1,376 |  |  | 1,355 |  |  | 883 |
Expiration of statute of limitations |  | (1,813) |  |  | (3,621) |  |  | (429) |
Balance at end of year |  | $ | 10,318 |  |  | $ | 10,177 |  |  | $ | 13,855 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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