Income Taxes (Tables)

12 Months Ended

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