INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Domestic	$	889,133	$	684,661	$	689,994
International	172,043		175,311		212,660
	$	1,061,176	$	859,972	$	902,654

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,
	2023		2022		2021
Current
Federal	$	191,274	$	150,099	$	112,811
State	40,369		30,529		19,147
International	32,797		35,138		29,288
	264,440		215,766		161,246
Deferred
Federal	(36,501)		(31,663)		(7,019)
State	(6,462)		(5,735)		(503)
International	(5,343)		2,515		4,086
	(48,306)		(34,883)		(3,436)
	$	216,134	$	180,883	$	157,810

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,
	2023		2022		2021
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	2.7		2.3		2.1
Taxation on international earnings	(0.1)		0.6		(0.8)
Foreign derived intangible income	(1.4)		(1.7)		(1.2)
Share-based compensation from settlements	(1.3)		(1.5)		(3.6)
Research and development credit	(1.2)		(1.1)		(0.7)
Other, net	0.7		1.4		0.7
Effective tax rate	20.4	%	21.0	%	17.5	%

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, 2023		December 31, 2022
Assets
Accrued expenses	$	44,043	$	38,457
Accounts receivable reserves	2,700		2,447
Deferred revenue	6,427		4,671
Inventory basis differences	24,500		9,062
Property-based differences	18,036		20,157
Intangible asset basis differences	47,089		44,196
Share-based compensation	12,061		11,324
Other	2,267		1,273
Net operating loss carryforwards	9,007		8,956
Tax credit carryforwards	12,824		13,370
Unrealized losses on foreign currency exchange contracts and investments	821		227
Research and development expenditure differences	66,705		29,997
Total assets	246,480		184,137
Valuation allowance	(34,793)		(39,726)
Total assets, net of valuation allowance	211,687		144,411
Liabilities
Customer acquisition costs	(39,318)		(37,223)
Property-based differences	(52,235)		(44,295)
Intangible asset basis differences	(6,335)		(2,379)
Other	(11,639)		(8,958)
Unrealized gains on foreign currency exchange contracts and investments	(1,813)		(4,491)
Total liabilities	(111,340)		(97,346)
Net deferred tax assets	$	100,347	$	47,065

Schedule of Valuation Allowance

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

(in thousands)	For the Years Ended December 31,
	2023		2022		2021
Balance at beginning of year	$	39,726	$	39,280	$	40,262
Charges to costs and expense	21		2,200		1,464
Write-off/cash payments	(7,846)		(1,537)		(1,182)
Foreign currency translation	2,892		(217)		(1,264)
Balance at the end of the year	$	34,793	$	39,726	$	39,280

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,
	2023		2022		2021
Total amounts of unrecognized tax benefits, beginning of period	$	22,547	$	21,789	$	22,484
Gross increases in unrecognized tax positions as a result of tax positions taken during a prior period	6,366		342		443
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period	3,987		3,197		2,414
Decreases in unrecognized tax positions related to settlements with taxing authorities	(7,535)		(1,544)		(537)
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations	(3,045)		(1,237)		(3,015)
Total amounts of unrecognized tax benefits, end of period	$	22,320	$	22,547	$	21,789