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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
The components of income before income taxes consist of the following:

The components of income before income taxes consist of the following:

 

   Year ended December 31, 
   2021   2020   2019 
U.S. operations  $34,742   $9,577   $23,384 
Foreign operations   116,277    59,772    81,762 
                
   $151,019   $69,349   $105,146 
The provision for current and deferred income tax expense (benefit) consists of the following:

The provision for current and deferred income tax expense (benefit) consists of the following:

 

   Year ended December 31, 
   2021   2020   2019 
Current:            
Federal  $4,825   $1,685   $3,280 
State and local   518    90    713 
Foreign   36,164    17,024    27,412 
    41,507    18,799    31,405 
Deferred:               
Federal   4    (215)   (3)
State and local   11    44    (22)
Foreign   (530)   753    (2,304)
    (515)   582    (2,329)
Total income tax expense  $40,992   $19,381   $29,076 
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:

 

               
   December 31, 
   2021   2020 
Net deferred tax assets:          
Foreign net operating loss carry-forwards  $1,292   $360 
Inventory and accounts receivable   4,508    1,928 
Profit sharing   3,787    2,936 
Stock option compensation   732    718 
Effect of inventory profit elimination   5,112    4,443 
Other   407    910 
Total gross deferred tax assets, net   15,838    11,295 
Valuation allowance   (3,582)   (360)
Net deferred tax assets   12,256    10,935 
Deferred tax liabilities (long-term):          
Building expenses   (1,082)    
Trademarks and licenses   (2,551)   (2,894)
Unrealized gain on marketable equity securities   (436)    
Other   (251)    
Total deferred tax liabilities   (4,320)   (2,894)
Net deferred tax assets  $7,936   $8,041 
Differences between the United States federal statutory income tax rate and the effective income tax rate were as follows:

Differences between the United States federal statutory income tax rate and the effective income tax rate were as follows:

 

                       
   Year ended December 31, 
   2021   2020   2019 
Statutory rates   21.0%   21.0%   21.0%
State and local taxes, net of Federal benefit   0.3    0.2    0.6 
Windfall benefit from exercise of stock options   (0.9)   (0.6)   (0.7)
Benefit of Foreign Derived Intangible Income   (0.6)   (0.4)   (0.9)
Effect of foreign taxes greater than               
U.S. statutory rates   7.4    7.5    7.5 
Other   (0.1)   0.2    0.1 
Effective rates   27.1%   27.9%   27.6%