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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
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, 
   2023   2022   2021 
U.S. operations  $78,962   $50,250   $34,742 
Foreign operations   170,631    143,969    116,277 
                
   $249,593   $194,219   $151,019 
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, 
   2023   2022   2021 
Current:            
Federal  $12,062   $6,829   $4,825 
State and local   712    658    518 
Foreign   52,186    39,458    36,164 
    64,960    46,945    41,507 
Deferred:               
Federal   199    (802)   4 
State and local   19    (49)   11 
Foreign   (3,361)   (2,912)   (530)
    (3,143)   (3,763)   (515)
Total income tax expense  $61,817   $43,182   $40,992 

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, 
   2023   2022 
Net deferred tax assets:          
Foreign net operating loss carry-forwards  $218   $554 
Inventory and accounts receivable   3,138    3,880 
Profit sharing   3,505    2,871 
Stock option compensation   613    716 
Effect of inventory profit elimination   10,957    9,342 
Other   1,674    266 
Total gross deferred tax assets, net   20,105    17,629 
Valuation allowance   (296)   (554)
Net deferred tax assets   19,809    17,075 
Deferred tax liabilities (long-term):          
Building expenses   (1,327)   (1,356)
Trademarks and licenses   (2,238)   (2,160)
Unrealized gain on marketable equity securities   (1,044)   (1,745)
Other   (655)   (655)
Total deferred tax liabilities   (5,264)   (5,916)
Net deferred tax assets  $14,545   $11,159 

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, 
   2023   2022   2021 
Statutory rates   21.0%   21.0%   21.0%
State and local taxes, net of Federal benefit   0.2    0.2    0.3 
Windfall benefit from exercise of stock options   (0.4)   (0.4)   (0.9)
Benefit of Foreign Derived Intangible Income   (0.9)   (0.8)   (0.6)
Effect of foreign taxes greater than U.S. statutory rates     4.3       3.1       7.4  
Other   0.6    (0.9)   (0.1)
Effective rates   24.8%   22.2%   27.1%