Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Consolidated income from operations before income taxes consisted of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
U.S. operations	$	83,120	$	125,578	$	243,695
Foreign operations	215,067		200,614		153,715
Income before income tax	$	298,187	$	326,192	$	397,410

The components of the provision for income taxes consisted of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	32,073	$	39,939	$	52,503
State and local	8,394		6,879		11,191
Non-U.S.	40,651		33,109		25,615
	81,118		79,927		89,309
Deferred:
Federal	(11,925)		(5,492)		(13,248)
State and local	(1,258)		(1,589)		(710)
Non-U.S.	6,979		1,946		10,619
	(6,204)		(5,135)		(3,339)
Income tax expense	$	74,914	$	74,792	$	85,970

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)	2024		2023		2022
Provision for federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	1.9		1.2		1.6
Non-U.S. income taxed at different rates	(0.5)		(1.4)		(0.4)
Valuation allowance	2.1		—		—
Adjustment to deferred taxes	—		—		0.1
Global intangible low-taxed income	—		0.9		0.1
Research credits	(0.7)		(0.7)		(0.4)
Withholding taxes	0.4		1.0		0.2
Excess tax benefits from share-based compensation plans	0.2		0.1		—
Other	0.7		0.8		(0.6)
Actual provision for income taxes	25.1	%	22.9	%	21.6	%

Significant Components of Deferred Taxes

Significant components of the Company's deferred taxes consisted of the following:

	As of December 31,
(in thousands)	2024		2023
Deferred tax assets:
Accruals and allowances	$	37,436	$	29,585
Lease liabilities	114,079		103,551
Capitalized inventory costs	17,895		20,589
Sales reserves	16,648		16,559
Share-based compensation	10,682		9,166
Net operating loss carryforwards	2,550		1,720
Depreciation and amortization	10,473		20,335
Capitalized research and development expenditures	23,392		17,008
Tax credits	153		860
Other	3,153		2,471
Gross deferred tax assets	236,461		221,844
Valuation allowance	(10,670)		(7,141)
Net deferred tax assets	225,791		214,703
Deferred tax liabilities:
Depreciation and amortization	(3,149)		(879)
Prepaid expenses	(3,216)		(3,315)
Lease ROU assets	(100,475)		(90,756)
Deferred tax liability associated with future repatriations	(7,849)		(11,657)
Foreign currency	(7,209)		(2,588)
Gross deferred tax liabilities	(121,898)		(109,195)
Total net deferred taxes	$	103,893	$	105,508

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Balance at beginning of year	$	10,318	$	10,177	$	13,855
Increases related to prior year tax positions	264		578		234
Decreases related to prior year tax positions	(307)		—		(1,646)
Increases related to current year tax positions	1,247		1,376		1,355
Expiration of statute of limitations	(1,458)		(1,813)		(3,621)
Balance at end of year	$	10,064	$	10,318	$	10,177