Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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)	2020		2019		2018
Provision for federal income taxes at the statutory rate	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	1.5		1.7		2.0
Non-United States income taxed at different rates	2.1		(0.1)		(0.1)
Foreign tax credits	(0.9)		(0.1)		—
Adjustment to deferred taxes	(1.2)		(2.1)		—
Global Intangible Low-Taxed Income	0.1		—		0.4
Research credits	(1.4)		(0.5)		(0.6)
Withholding taxes	0.5		0.3		0.4
Excess tax benefits from stock plans	(0.8)		(1.6)		(1.4)
Provision for income taxes related to tax reform	—		—		1.4
Other	1.7		(0.1)		0.7
Actual provision for income taxes	22.6	%	18.5	%	23.8	%

Significant Components of Deferred Taxes

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

	December 31,
(in thousands)	2020		2019
Deferred tax assets:
Accruals and allowances	$	47,667	$	38,532
Capitalized inventory costs	38,832		34,389
Stock compensation	6,078		5,013
Net operating loss carryforwards	24,253		23,660
Depreciation and amortization	29,358		32,293
Tax credits	844		2,329
Foreign currency	2,418		—
Other	2,304		2,258
Gross deferred tax assets	151,754		138,474
Valuation allowance	(23,534)		(24,130)
Net deferred tax assets	128,220		114,344
Deferred tax liabilities:
Depreciation and amortization	(16,206)		(15,738)
Prepaid expenses	(2,085)		(2,661)
Deferred tax liability associated with future repatriations	(19,008)		(19,847)
Foreign currency	—		(3,610)
Gross deferred tax liabilities	(37,299)		(41,856)
Total net deferred taxes	$	90,921	$	72,488

Reconciliation of Unrecognized Tax Benefits

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

	December 31,
(in thousands)	2020		2019		2018
Balance at beginning of year	$	12,478	$	11,064	$	10,512
Increases related to prior year tax positions	1,903		4,374		490
Decreases related to prior year tax positions	(162)		(5,423)		(1,093)
Increases related to current year tax positions	906		4,991		1,818
Settlements	—		(1,464)		319
Expiration of statute of limitations	(632)		(1,064)		(982)
Balance at end of year	$	14,493	$	12,478	$	11,064