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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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