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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Before The Provision for Income Taxes | Income before the provision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands):
|  | 2020 |  | 2019 |  | 2018
United States |  | $ | 457,090 |  |  | $ | 505,818 |  |  | $ | 622,214 |
Foreign |  | 425,435 |  |  | 572,001 |  |  | 472,911 |
Total |  | $ | 882,525 |  |  | $ | 1,077,819 |  |  | $ | 1,095,125 |
Components of Income Taxes | The provision for income taxes for the years ended December 31 consists of the following (in thousands):
|  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Federal |  | $ | 71,123 |  |  | $ | 50,145 |  |  | $ | 165,303 |
State |  | 19,597 |  |  | 10,285 |  |  | 26,036 |
Foreign |  | 71,921 |  |  | 84,433 |  |  | 95,053 |
Total current |  | 162,641 |  |  | 144,863 |  |  | 286,392 |
Deferred: |  |  |  |  |  |
Federal |  | 143 |  |  | (10,479) |  |  | (19,688) |
State |  | (4,323) |  |  | 3,745 |  |  | 8,727 |
Foreign |  | 19,848 |  |  | 44,617 |  |  | 8,211 |
Total deferred |  | 15,668 |  |  | 37,883 |  |  | (2,750) |
Total provision |  | $ | 178,309 |  |  | $ | 182,746 |  |  | $ | 283,642 |
Summary of Provision for Income Taxes and U.S. Federal Tax Rate | The provision for income taxes differs from amounts computed by applying the U.S. federal tax rate of 21% for 2020, 2019, and 2018, respectively, to income before income taxes for the years ended December 31, 2020, 2019 and 2018 due to the following (in thousands):
|  | 2020 |  | 2019 |  | 2018
Computed “expected” tax expense |  | $ | 185,330 |  |  | 21.0 | % |  | $ | 226,342 |  |  | 21.0 | % |  | $ | 229,976 |  |  | 21.0 | %
Changes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  | 25,932 |  |  | 2.9 |  |  | (28,614) |  |  | (2.7) |  |  | 25,193 |  |  | 2.8 |
Foreign income tax differential |  | (20,852) |  |  | (2.3) |  |  | (15,816) |  |  | (1.4) |  |  | 9,921 |  |  | 0.9 |
State taxes net of federal benefits |  | 7,489 |  |  | 0.8 |  |  | 12,482 |  |  | 1.2 |  |  | 20,480 |  |  | 1.9 |
Increase in tax expense due to uncertain tax positions |  | 14,848 |  |  | 1.7 |  |  | — |  |  | — |  |  | — |  |  | — |
Foreign-sourced nontaxable income |  | — |  |  | — |  |  | — |  |  | — |  |  | (28,861) |  |  | (2.6) |
Foreign withholding tax |  | 15,630 |  |  | 1.8 |  |  | 20,360 |  |  | 1.9 |  |  | 20,569 |  |  | 1.9 |
Excess tax benefits related to stock-based compensation |  | (58,942) |  |  | (6.7) |  |  | (38,156) |  |  | (3.5) |  |  | (19,255) |  |  | (1.8) |
Revaluation of capital loss deferred tax asset |  | — |  |  | — |  |  | (24,279) |  |  | (2.3) |  |  | — |  |  | — |
Impact of the Tax Act: |  |  |  |  |  |  |  |  |  |  |  |
Foreign tax credit- one-time transition tax |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,385 |  |  | 1.6 |
Deferred tax effects |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,128 |  |  | 0.1 |
Sub-part F Income/GILTI |  | 34,990 |  |  | 4.0 |  |  | 49,859 |  |  | 4.6 |  |  | 40,200 |  |  | 3.7 |
Foreign tax credits |  | (30,497) |  |  | (3.5) |  |  | (38,657) |  |  | (3.6) |  |  | (52,095) |  |  | (4.8) |
Other |  | 4,381 |  |  | 0.5 |  |  | 19,225 |  |  | 1.8 |  |  | 13,001 |  |  | 1.2 |
Provision for income taxes |  | $ | 178,309 |  |  | 20.2 | % |  | $ | 182,746 |  |  | 17.0 | % |  | $ | 283,642 |  |  | 25.9 | %
Summary of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities at December 31 are as follows (in thousands):
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Accounts receivable, principally due to the allowance for doubtful accounts |  | $ | 10,515 |  |  | $ | 9,586 |
Accrued expenses not currently deductible for tax |  | 3,442 |  |  | 2,305 |
Lease deferral |  | 23,506 |  |  | 24,713 |
Interest rate swap |  | 21,792 |  |  | 13,781 |
Stock based compensation |  | 36,015 |  |  | 39,779 |
Income tax credits |  | 51,264 |  |  | 35,845 |
Net operating loss carry forwards |  | 83,372 |  |  | 67,108 |
Accrued escheat |  | 3,567 |  |  | 3,098 |
Other |  | 11,711 |  |  | 3,522 |
Deferred tax assets before valuation allowance |  | 245,184 |  |  | 199,737 |
Valuation allowance |  | (90,340) |  |  | (64,482) |
Deferred tax assets, net |  | 154,844 |  |  | 135,255 |
Deferred tax liabilities: |  |  |  |
Intangibles—including goodwill |  | (481,388) |  |  | (499,525) |
Basis difference in investment in subsidiaries |  | (42,313) |  |  | (42,314) |
Lease deferral |  | (19,977) |  |  | (21,810) |
Accrued Expense Liability |  | (513) |  |  | (4,023) |
Prepaid expenses |  | (2,126) |  |  | (2,075) |
Withholding taxes |  | (30,488) |  |  | (30,366) |
Property and equipment and other |  | (71,342) |  |  | (52,467) |
Deferred tax liabilities |  | (648,147) |  |  | (652,580) |
Net deferred tax liabilities |  | $ | (493,303) |  |  | $ | (517,325) |
Deferred Tax Balance Classification in Balance Sheet | The Company’s deferred tax balances are classified in its balance sheets as of December 31 as follows (in thousands):
|  | 2020 |  | 2019
Long term deferred tax assets and liabilities: |  |  |  |
Long term deferred tax assets |  | $ | 4,851 |  |  | $ | 2,655 |
Long term deferred tax liabilities |  | (498,154) |  |  | (519,980) |
Net deferred tax liabilities |  | $ | (493,303) |  |  | $ | (517,325) |
Summary of Valuation Allowance | The valuation allowance for deferred tax assets changed during 2020 as follows (in thousands):
Balance at December 31, 2017 (after impact of tax reform) |  | $ | 59,349 |
Additions based on changes in deferred tax assets |  | 25,193 |
Increase in valuation allowance due to rate change from Tax Act |  | 5,824 |
Balance at December 31, 2018 |  | 90,366 |
Reductions based on changes in deferred tax assets |  | (28,601) |
Additions based on changes in deferred tax assets |  | 2,717 |
Balance at December 31, 2019 |  | 64,482 |
Additions based on changes in deferred tax assets |  | 25,932 |
Reductions based on changes in deferred tax assets |  | (74) |
Balance at December 31, 2020 |  | $ | 90,340 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits excluding interest and penalties for the years ended December 31, 2020, 2019 and 2018 is as follows (in thousands):
Unrecognized tax benefits at December 31, 2017 |  | $ | 31,558 |
Additions based on tax provisions related to the current year |  | 3,755 |
Deductions based on settlement/expiration of prior year tax positions |  | (4,161) |
Additions based on tax provisions related to the prior year |  | 3,000 |
Unrecognized tax benefits at December 31, 2018 |  | 34,152 |
Additions based on tax provisions related to the current year |  | 4,284 |
Additions based on tax provisions related to the prior year |  | 11,679 |
Deductions based on settlement/expiration of prior year tax positions |  | (7,342) |
Unrecognized tax benefits at December 31, 2019 |  | 42,773 |
Additions based on tax provisions related to the current year |  | 6,412 |
Additions based on tax provisions related to the prior year |  | 13,532 |
Deduction of cumulative interest and penalties |  | (12,508) |
Deductions based on expiration of prior year tax positions |  | (14,460) |
Unrecognized tax benefits at December 31, 2020 |  | $ | 35,749 |

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