Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes were as follows:໿

(in thousands)	For the Years Ended December 31,
	2019		2018		2017
Domestic	$	377,964	$	337,437	$	268,714
International	144,254		120,305		112,343
	$	522,218	$	457,742	$	381,057

Schedule of Components of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes comprised the following:

(in thousands)	For the Years Ended December 31,
	2019		2018			2017
Current
Federal	$	52,194	$	47,130		$	92,453
State	11,967		10,415			9,258
International	24,239		22,015			23,993
	88,400		79,560			125,704
Deferred
Federal	4,826		3,970			(1,201		)
State	269		(937		)	(4,102		)
International	931		(1,898		)	(2,613		)
	6,026		1,135			(7,916		)
	$	94,426	$	80,695		$	117,788

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:໿

	For the Years Ended December 31,
	2019		2018		2017
U.S. federal statutory rate	21.0	%	21.0	%	35.0	%
State income tax, net of federal tax benefit	2.3		2.6		1.9
Taxation on international earnings	(1.1	)	(0.8	)	(5.5	)
Foreign derived intangible income	(1.1	)	(1.3	)	—
Share-based compensation from settlements	(3.6	)	(4.7	)	(7.3	)
Domestic manufacturing exclusions	—		—		(1.1	)
Research and development credit	(0.8	)	(0.9	)	(0.9	)
Impact of the 2017 Tax Act	—		0.5		9.4
State income tax carryforwards	—		(0.2	)	(1.4	)
Other, net	1.4		1.4		0.8
Effective tax rate	18.1	%	17.6	%	30.9	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows:

(in thousands)	December 31, 2019			December 31, 2018
Assets
Accrued expenses	$	25,296		$	22,652
Accounts receivable reserves	617			776
Deferred revenue	6,073			7,637
Inventory basis differences	3,315			2,787
Property-based differences	3,113			1,652
Share-based compensation	10,593			9,267
Other	1,160			2,314
Net operating loss carryforwards	4,045			3,208
Tax credit carryforwards	12,276			10,226
Unrealized losses on foreign currency exchange contracts and investments	20			404
Total assets	66,508			60,923
Valuation allowance	(9,454		)	(6,212		)
Total assets, net of valuation allowance	57,054			54,711
Liabilities
Customer acquisition costs	(28,519		)	(24,323		)
Property-based differences	(33,802		)	(32,494		)
Intangible asset basis differences	(14,513		)	(13,454		)
Other	(3,961		)	(3,319		)
Unrealized gains on foreign currency exchange contracts and investments	(1,183		)	(1,907		)
Total liabilities	(81,978		)	(75,497		)
Net deferred tax assets (liabilities)	$	(24,924	)	$	(20,786	)

Schedule of Changes in Unrecognized Tax Benefits

The following table summarizes the changes in unrecognized tax positions:

(in thousands)	For the Years Ended December 31,
	2019			2018			2017
Total amounts of unrecognized tax benefits, beginning of period	$	24,247		$	21,417		$	18,463
Gross (decreases) increases in unrecognized tax positions as a result of tax positions taken during a prior period	(276		)	2,991			74
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period	4,083			461			4,681
Decreases in unrecognized tax positions relating to settlements with taxing authorities	—			—			(713		)
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations	(1,213		)	(622		)	(1,088		)
Total amounts of unrecognized tax benefits, end of period	$	26,841		$	24,247		$	21,417