v3.25.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2024
INCOME TAXES  
Schedule of domestic and foreign components of the income before provision for income taxes

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Year Ended December 31, 

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2024

    

2023

    

2022

Domestic*

 

$

1,540,619

 

$

1,809,418

 

$

1,327,459

Foreign*

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​

448,840

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​

259,064

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​

244,505

Income before provision for income taxes

 

$

1,989,459

 

$

2,068,482

 

$

1,571,964

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*After intercompany royalties, management fees and interest charges from the Company’s domestic to foreign entities of $108.4 million, $101.4 million and $85.0 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Schedule of components of the provision for income taxes

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Year Ended December 31, 

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2024

    

2023

    

2022

Current:

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Federal

 

$

273,825

 

$

259,911

 

$

247,482

State

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​

55,087

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​

47,079

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​

47,255

Foreign

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145,118

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​

99,563

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​

37,421

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474,030

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406,553

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332,158

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Deferred:

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Federal

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11,395

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42,237

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19,111

State

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(900)

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2,376

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​

258

Foreign

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(12,772)

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(13,936)

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26,084

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(2,277)

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30,677

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​

45,453

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Valuation allowance

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​

8,658

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​

264

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​

2,729

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$

480,411

 

$

437,494

 

$

380,340

Schedule of reconciliation of income taxes computed at statutory federal rate to total income taxes

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Year Ended December 31, 

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2024

    

2023

    

2022

U.S. Federal tax expense at statutory rates

 

$

417,786

 

$

434,381

 

$

330,113

State income taxes, net of federal tax benefit

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38,850

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39,416

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35,848

Permanent differences

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(21,298)

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(27,235)

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(5,450)

Stock-based compensation

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5,266

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(43,846)

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​

3,571

Residual tax on undistributed foreign earnings

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3,903

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​

8,423

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—

Other

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(10,843)

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(5,132)

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​

1,371

Foreign rate differential

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​

38,089

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​

31,223

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​

12,158

Valuation allowance

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8,658

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264

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​

2,729

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$

480,411

 

$

437,494

 

$

380,340

Schedule of components of the deferred tax assets (liabilities)

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2024

    

2023

Deferred Tax Assets:

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​

Reserve for inventory obsolescence

 

$

9,950

 

$

4,022

Capitalization of inventory costs

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13,253

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​

12,159

Accrued compensation

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13,941

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​

12,413

Deferred revenue

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​

53,802

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​

58,156

Stock-based compensation

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​

19,649

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​

19,093

Net operating loss carryforward

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​

33,159

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27,000

Prepaid supplies

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​

9,081

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​

10,567

Termination payments

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​

39,489

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​

46,810

Operating lease liabilities

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​

13,201

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​

5,739

Intangible assets

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84,455

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​

70,500

Accrued liabilities

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16,725

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​

10,087

Other deferred tax assets

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​

57,562

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​

42,071

Total gross deferred tax assets

 

$

364,267

 

$

318,617

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Deferred Tax Liabilities:

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Amortization of intangibles

 

$

(93,511)

 

$

(76,536)

Operating lease ROU assets

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(13,201)

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(5,739)

Bang transaction gain

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(11,740)

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(10,698)

Depreciation

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(57,168)

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(35,708)

Other deferred tax liabilities

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(12,741)

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(13,822)

Total gross deferred tax liabilities

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$

(188,361)

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$

(142,503)

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Valuation Allowance

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(38,665)

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(30,007)

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Net deferred tax assets

 

$

137,241

 

$

146,107

Schedule of roll-forward of the total gross unrecognized tax benefits, not including interest and penalties

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Gross Unrecognized Tax 

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Benefits

Balance at December 31, 2021

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$

—

Additions for tax positions related to the current year

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—

Additions for tax positions related to the prior year

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3,020

Decreases for tax positions related to prior years

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—

Balance at December 31, 2022

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$

3,020

Additions for tax positions related to the current year

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—

Additions for tax positions related to the prior year

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​

739

Decreases for tax positions related to prior years

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(650)

Balance at December 31, 2023

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$

3,109

Additions for tax positions related to the current year

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—

Additions for tax positions related to the prior year

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631

Decreases for tax positions related to prior years

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(1,114)

Balance at December 31, 2024

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$

2,626