INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2024 |
| INCOME TAXES |
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| Schedule of domestic and foreign components of the income before provision for income taxes |
| | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | Domestic* | | $ | 1,540,619 | | $ | 1,809,418 | | $ | 1,327,459 | Foreign* | | | 448,840 | | | 259,064 | | | 244,505 | Income before provision for income taxes | | $ | 1,989,459 | | $ | 2,068,482 | | $ | 1,571,964 |
*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.
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| Schedule of components of the provision for income taxes |
| | | | | | | | | | | | Year Ended December 31, | | | 2024 | | 2023 | | 2022 | Current: | | | | | | | | | | Federal | | $ | 273,825 | | $ | 259,911 | | $ | 247,482 | State | | | 55,087 | | | 47,079 | | | 47,255 | Foreign | | | 145,118 | | | 99,563 | | | 37,421 | | | | 474,030 | | | 406,553 | | | 332,158 | | | | | | | | | | | Deferred: | | | | | | | | | | Federal | | | 11,395 | | | 42,237 | | | 19,111 | State | | | (900) | | | 2,376 | | | 258 | Foreign | | | (12,772) | | | (13,936) | | | 26,084 | | | | (2,277) | | | 30,677 | | | 45,453 | | | | | | | | | | | Valuation allowance | | | 8,658 | | | 264 | | | 2,729 | | | $ | 480,411 | | $ | 437,494 | | $ | 380,340 |
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| Schedule of reconciliation of income taxes computed at statutory federal rate to total income taxes |
| | | | | | | | | | | | Year Ended December 31, | | | 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 | | | 38,850 | | | 39,416 | | | 35,848 | Permanent differences | | | (21,298) | | | (27,235) | | | (5,450) | Stock-based compensation | | | 5,266 | | | (43,846) | | | 3,571 | Residual tax on undistributed foreign earnings | | | 3,903 | | | 8,423 | | | — | Other | | | (10,843) | | | (5,132) | | | 1,371 | Foreign rate differential | | | 38,089 | | | 31,223 | | | 12,158 | Valuation allowance | | | 8,658 | | | 264 | | | 2,729 | | | $ | 480,411 | | $ | 437,494 | | $ | 380,340 |
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| Schedule of components of the deferred tax assets (liabilities) |
| | | | | | | | | 2024 | | 2023 | Deferred Tax Assets: | | | | | | | Reserve for inventory obsolescence | | $ | 9,950 | | $ | 4,022 | Capitalization of inventory costs | | | 13,253 | | | 12,159 | Accrued compensation | | | 13,941 | | | 12,413 | Deferred revenue | | | 53,802 | | | 58,156 | Stock-based compensation | | | 19,649 | | | 19,093 | Net operating loss carryforward | | | 33,159 | | | 27,000 | Prepaid supplies | | | 9,081 | | | 10,567 | Termination payments | | | 39,489 | | | 46,810 | Operating lease liabilities | | | 13,201 | | | 5,739 | Intangible assets | | | 84,455 | | | 70,500 | Accrued liabilities | | | 16,725 | | | 10,087 | Other deferred tax assets | | | 57,562 | | | 42,071 | Total gross deferred tax assets | | $ | 364,267 | | $ | 318,617 | | | | | | | | Deferred Tax Liabilities: | | | | | | | Amortization of intangibles | | $ | (93,511) | | $ | (76,536) | Operating lease ROU assets | | | (13,201) | | | (5,739) | Bang transaction gain | | | (11,740) | | | (10,698) | Depreciation | | | (57,168) | | | (35,708) | Other deferred tax liabilities | | | (12,741) | | | (13,822) | Total gross deferred tax liabilities | | $ | (188,361) | | $ | (142,503) | | | | | | | | Valuation Allowance | | | (38,665) | | | (30,007) | | | | | | | | Net deferred tax assets | | $ | 137,241 | | $ | 146,107 |
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| Schedule of roll-forward of the total gross unrecognized tax benefits, not including interest and penalties |
| | | | | | Gross Unrecognized Tax | | | Benefits | Balance at December 31, 2021 | | $ | — | Additions for tax positions related to the current year | | | — | Additions for tax positions related to the prior year | | | 3,020 | Decreases for tax positions related to prior years | | | — | Balance at December 31, 2022 | | $ | 3,020 | Additions for tax positions related to the current year | | | — | Additions for tax positions related to the prior year | | | 739 | Decreases for tax positions related to prior years | | | (650) | Balance at December 31, 2023 | | $ | 3,109 | Additions for tax positions related to the current year | | | — | Additions for tax positions related to the prior year | | | 631 | Decreases for tax positions related to prior years | | | (1,114) | Balance at December 31, 2024 | | $ | 2,626 |
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