Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
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