INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2022 |
Income Tax Disclosure [Abstract] |
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Schedule of Income before Provision for Income Taxes |
Income before provision for income taxes consisted of (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Domestic | $ | 799,553 | | | $ | 566,847 | | | $ | 499,384 | | Foreign | 367,212 | | | 455,444 | | | 128,947 | | Total | $ | 1,166,765 | | | $ | 1,022,291 | | | $ | 628,331 | |
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Summary of Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Unrecognized tax benefits, beginning of period | $ | 37,302 | | | $ | 36,216 | | | $ | 33,938 | | Additions based on tax positions related to the current year | 4,064 | | | 3,530 | | | 3,172 | | Additions for tax positions of prior years | 3,016 | | | 1,919 | | | 1,568 | | Reductions for tax positions of prior years | (247) | | | (2,431) | | | (124) | | Lapse in statute of limitations | (5,026) | | | (1,932) | | | (2,276) | | Settlements | (53) | | | — | | | (62) | | Unrecognized tax benefits, end of the period | $ | 39,056 | | | $ | 37,302 | | | $ | 36,216 | |
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Schedule of Components of Provision for Income Taxes |
The components of the provision for income taxes consist of the following for the years ended December 31 (in thousands): | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Tax provision: | | | | | | Federal | $ | 153,349 | | | $ | 165,218 | | | $ | 99,901 | | State | 33,309 | | | 36,718 | | | 19,825 | | Foreign | 97,147 | | | 85,654 | | | 40,103 | | | 283,805 | | | 287,590 | | | 159,829 | | Deferred provision (benefit): | | | | | | Federal | (44,133) | | | (90,960) | | | (28,238) | | State | (7,848) | | | (16,176) | | | (5,749) | | Foreign | (5,583) | | | (2,408) | | | (3,932) | | | (57,564) | | | (109,544) | | | (37,919) | | Total provision | $ | 226,241 | | | $ | 178,046 | | | $ | 121,910 | |
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Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate for the years ended December 31, is as follows: | | | | | | | | | | | | | | | | | | | 2022 | | 2021 | | 2020 | Federal statutory rate | 21.0 | % | | 21.0 | % | | 21.0 | % | State income taxes, net of federal benefit | 2.1 | | | 1.7 | | | 2.5 | | | | | | | | Share-based payment awards | (1.1) | | | (0.6) | | | (2.8) | | Excess foreign tax credits | (1.2) | | | (0.4) | | | (2.2) | | Other U.S. tax credits and incentives | (2.0) | | | (3.3) | | | (1.4) | | Foreign | 0.6 | | | (1.2) | | | 1.3 | | Other | — | | | 0.2 | | | 1.0 | | Effective income tax rate | 19.4 | % | | 17.4 | % | | 19.4 | % |
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Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets (liabilities) are comprised of the following as of December 31 (in thousands): | | | | | | | | | | | | | 2022 | | 2021 | Deferred tax assets: | | | | Lease liabilities | $ | 79,402 | | | $ | 60,846 | | Compensation | 69,305 | | | 71,770 | | Accrued expenses | 52,416 | | | 92,936 | | | | | | | | | | Foreign affiliate prepayment | 1,901 | | | 88,399 | | Long-lived assets | 94,268 | | | — | | Other | 23,990 | | | 22,925 | | Deferred tax liabilities: | | | | Right-of-use assets | (74,507) | | | (56,044) | | Intangible assets | (53,580) | | | (79,198) | | Accrued revenue | — | | | (47,255) | | Prepaid assets | (6,657) | | | (14,021) | | Long-lived assets | — | | | (10,387) | | Foreign withholding tax | (9,709) | | | (11,917) | | Other | (9,483) | | | (9,267) | | Net deferred tax assets | $ | 167,346 | | | $ | 108,787 | |
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