Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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,
	2022		2021		2020
Domestic	$	684,661	$	689,994	$	483,694
International	175,311		212,660		178,291
	$	859,972	$	902,654	$	661,985

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,
	2022		2021		2020
Current
Federal	$	150,099	$	112,811	$	72,921
State	30,529		19,147		17,346
International	35,138		29,288		26,301
	215,766		161,246		116,568
Deferred
Federal	(31,663)		(7,019)		(14,126)
State	(5,735)		(503)		(2,863)
International	2,515		4,086		(19,725)
	(34,883)		(3,436)		(36,714)
	$	180,883	$	157,810	$	79,854

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,
	2022		2021		2020
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	2.3		2.1		2.4
Taxation on international earnings	0.6		(0.8)		(1.0)
Foreign derived intangible income	(1.7)		(1.2)		(1.1)
Share-based compensation from settlements	(1.5)		(3.6)		(5.9)
Research and development credit	(1.1)		(0.7)		(0.8)
Impact of Switzerland tax reform	—		—		(3.3)
Other, net	1.4		0.7		0.8
Effective tax rate	21.0	%	17.5	%	12.1	%

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, 2022		December 31, 2021
Assets
Accrued expenses	$	38,457	$	48,433
Accounts receivable reserves	2,447		2,131
Deferred revenue	4,671		6,269
Inventory basis differences	9,062		6,553
Property-based differences	20,157		16,132
Intangible asset basis differences	44,196		46,606
Share-based compensation	11,324		10,740
Other	1,273		1,163
Net operating loss carryforwards	8,956		8,570
Tax credit carryforwards	13,370		13,483
Unrealized losses on foreign currency exchange contracts and investments	227		1,755
Research and development expenditure differences	29,997		—
Total assets	184,137		161,835
Valuation allowance	(39,726)		(39,280)
Total assets, net of valuation allowance	144,411		122,555
Liabilities
Customer acquisition costs	(37,223)		(37,265)
Property-based differences	(44,295)		(42,363)
Intangible asset basis differences	(2,379)		(17,345)
Other	(8,958)		(5,662)
Unrealized gains on foreign currency exchange contracts and investments	(4,491)		(4,071)
Total liabilities	(97,346)		(106,706)
Net deferred tax assets	$	47,065	$	15,849

Summary of valuation allowance

The following table summarizes the changes in valuation allowance for deferred tax assets:

(in thousands)	For the Years Ended December 31,
	2022		2021		2020
Balance at beginning of year	$	39,280	$	40,262	$	9,454
Charges to costs and expense	2,200		1,464		31,076
Write-off/cash payments	(1,537)		(1,182)		(34)
Foreign currency translation	(217)		(1,264)		(234)
Balance at the end of the year	$	39,726	$	39,280	$	40,262

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,
	2022		2021		2020
Total amounts of unrecognized tax benefits, beginning of period	$	21,789	$	22,484	$	26,841
Gross increases (decreases) in unrecognized tax positions as a result of tax positions taken during a prior period	342		443		(1,755)
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period	3,197		2,414		4,199
Decreases in unrecognized tax positions related to settlements with taxing authorities	(1,544)		(537)		(6,446)
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations	(1,237)		(3,015)		(355)
Total amounts of unrecognized tax benefits, end of period	$	22,547	$	21,789	$	22,484