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Summary of Significant Accounting Policies (Tables) | 12 Months Ended
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Dec. 31, 2024
Summary of Significant Accounting Policies [Abstract] |
Inventories | Inventories consist of the following (U.S. dollars in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Raw materials |  | $ | 121,929 |  |  | $ | 140,133 |
Finished goods |  |  | 68,313 |  |  |  | 139,845 |
Total inventory, net |  | $ | 190,242 |  |  | $ | 279,978 |
Inventory Reserves | Reserves of inventories consist of the following (U.S. dollars in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Beginning balance |  | $ | 83,378 |  |  | $ | 37,267 |  |  | $ | 18,643 |
Ad ditions (1) |  |  | 48,211 |  |  |  | 88,108 |  |  |  | 43,286 |
Disposals |  |  | (47,583 | ) |  |  | (41,997 | ) |  |  | (24,662 | )
Ending balance |  | $ | 84,006 |  |  | $ | 83,378 |  |  | $ | 37,267 |
(1) | During the fourth quarter of 2024, the Company further executed on its product portfolio optimization initiative which resulted in an incremental inventory write-off charge of $38.8 million to the inventory carrying value. During the third quarter of 2023, the Company made the strategic decision to re-balance and narrow its product portfolio, which resulted in an incremental inventory write-off charge of $65.7 million. During the third quarter of 2022, the Company reserved an incremental $26.9 million of inventory.
Prepaid Expenses and Other | Prepaid expenses and other consist of the following (U.S. dollars in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred charges |  | $ | 6,023 |  |  | $ | 10,227 |
Prepaid income tax |  |  | 11,532 |  |  |  | 8,376 |
Prepaid inventory and import costs |  |  | 4,931 |  |  |  | 5,689 |
Prepaid rent, insurance and other occupancy costs |  |  | 3,597 |  |  |  | 1,643 |
Prepaid promotion and event cost |  |  | 5,818 |  |  |  | 6,556 |
Prepaid other taxes |  |  | 3,237 |  |  |  | 5,608 |
Derivative financial instruments |  |  | 4,708 |  |  |  | 8,955 |
Prepaid software license |  |  | 15,118 |  |  |  | 13,931 |
Deposits |  |  | 3,960 |  |  |  | 2,287 |
Other |  |  | 13,719 |  |  |  | 17,794 |
Total prepaid expense and other |  | $ | 72,643 |  |  | $ | 81,066 |
Estimated Useful Lives of Property and Equipment | Property and equipment are stated at cost less accumulated depreciation. Depreciation is recorded using the straight-line method over the following estimated useful lives:
Buildings | 39 years
Furniture and fixtures | 5 - 7 years
Computers and equipment | 3 - 5 years
Leasehold improvements | Shorter of estimated useful life or lease term
Scanners | 3 years
Vehicles | 3 - 5 years
Other Assets | Other assets consist of the following (U.S. dollars in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred taxes |  | $ | 174,249 |  |  | $ | 107,692 |
Deposits for noncancelable operating leases |  |  | 5,167 |  |  |  | 8,675 |
Cash surrender value for life insurance policies |  |  | 44,091 |  |  |  | 45,041 |
Right-of-use assets, Financing, net |  |  | 9,541 |  |  |  | 11,170 |
Derivative financial instruments |  |  | — |  |  |  | 3,734 |
Long-term investments |  |  | 39,590 |  |  |  | 36,374 |
Other |  |  | 25,370 |  |  |  | 34,920 |
Total other assets |  | $ | 298,008 |  |  | $ | 247,606 |
Accrued Expenses | Accrued expenses consist of the following (U.S. dollars in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Accrued sales force commissions and other payments |  | $ | 68,431 |  |  | $ | 82,103 |
Accrued other taxes |  |  | 22,140 |  |  |  | 21,245 |
Accrued payroll and other employee expenses |  |  | 28,774 |  |  |  | 43,065 |
Accrued payable to vendors |  |  | 18,667 |  |  |  | 22,752 |
Short-term operating lease liability |  |  | 17,922 |  |  |  | 23,898 |
Short-term liability for deferred compensation plan |  |  | 4,419 |  |  |  | — |
Accrued royalties |  |  | 574 |  |  |  | 1,139 |
Sales return reserve |  |  | 5,548 |  |  |  | 4,733 |
Deferred revenue |  |  | 15,688 |  |  |  | 20,338 |
Contingent consideration |  |  | — |  |  |  | 6,300 |
Other |  |  | 35,645 |  |  |  | 28,129 |
Total accrued expenses |  | $ | 217,808 |  |  | $ | 253,702 |
Other Liabilities | Other liabilities consist of the following (U.S. dollars in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax liabilities |  | $ | 345 |  |  | $ | 522 |
Reserve for other tax liabilities |  |  | 39,521 |  |  |  | 35,013 |
Liability for deferred compensation plan |  |  | 38,568 |  |  |  | 49,224 |
Finance lease liabilities |  |  | 8,251 |  |  |  | 9,449 |
Asset retirement obligation |  |  | 3,312 |  |  |  | 3,482 |
Other |  |  | 7,478 |  |  |  | 8,951 |
Total other liabilities |  | $ | 97,475 |  |  | $ | 106,641 |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits included in other liabilities is as follows (U.S. dollars in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Gross balance at January 1 |  | $ | 22,002 |  |  | $ | 23,099 |  |  | $ | 15,090 |
Increases related to prior year tax positions |  |  | 2,858 |  |  |  | 180 |  |  |  | 6,768 |
Increases related to current year tax positions |  |  | 5,354 |  |  |  | 3,065 |  |  |  | 5,485 |
Settlements |  |  | (2,299 | ) |  |  | (2,378 | ) |  |  | (2,590 | )
Decreases due to lapse of statutes of limitations |  |  | (489 | ) |  |  | (1,284 | ) |  |  | (95 | )
Currency adjustments |  |  | (1,560 | ) |  |  | (680 | ) |  |  | (1,559 | )
Gross balance at December 31 |  | $ | 25,866 |  |  | $ | 22,002 |  |  | $ | 23,099 |

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