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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Before The Provision for Income Taxes | Income before the p rovision for income taxes is attributable to the following jurisdictions for years ended December 31 (in thousands):
|  | 2024 |  | 2023 |  | 2022
United States |  | $278,330 |  | $322,856 |  | $506,214
Foreign |  | 1,106,783 |  | 1,002,149 |  | 769,446
Total |  | $1,385,113 |  | $1,325,005 |  | $1,275,660
Components of Income Taxes | The provision for income taxes for the years ended December 31 consists of the following (in thousands):
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $168,982 |  | $155,647 |  | $166,172
State |  | 7,528 |  | 25,614 |  | 34,947
Foreign |  | 269,588 |  | 208,532 |  | 153,388
Total current |  | 446,098 |  | 389,793 |  | 354,507
Deferred: |  |  |  |  |  |
Federal |  | (62,190) |  | (46,676) |  | (36,613)
State |  | (19,080) |  | (8,088) |  | (6,066)
Foreign |  | 16,553 |  | 8,086 |  | 9,505
Total deferred |  | (64,717) |  | (46,678) |  | (33,174)
Total provision |  | $381,381 |  | $343,115 |  | $321,333
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 2024, 2023 and 2022, respectively, to income before income taxes for the years ended December 31, 2024, 2023 and 2022 due to the following (in thousands, except percentages):
|  | 2024 |  | 2023 |  | 2022
Computed “expected” tax expense |  | $290,877 |  | 21.0% |  | $278,251 |  | 21.0% |  | $267,889 |  | 21.0%
Changes resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance |  | (64,289) | 1 | (4.6) |  | 22,447 |  | 1.7 |  | 22,399 |  | 1.8
Foreign tax credits |  | 1,309 | 1 | 0.1 |  | (98,641) |  | (7.4) |  | (73,974) |  | (5.8)
Foreign income tax differential |  | 31,743 |  | 2.3 |  | 14,949 |  | 1.1 |  | 566 |  | —
State taxes net of federal benefits |  | (9,047) |  | (0.7) |  | 13,857 |  | 1.0 |  | 12,745 |  | 1.0
Increase in tax expense due to uncertain tax positions |  | 38,395 |  | 2.8 |  | 14,146 |  | 1.1 |  | 8,257 |  | 0.6
Foreign withholding tax |  | 30,785 |  | 2.2 |  | 24,331 |  | 1.8 |  | 13,547 |  | 1.1
Stock-based compensation |  | (29,582) |  | (2.1) |  | 7,980 |  | 0.6 |  | (1,881) |  | (0.1)
Sub-part F Income/GILTI |  | 87,252 |  | 6.3 |  | 94,594 |  | 7.1 |  | 79,420 |  | 6.2
Brazil tourism tax benefit |  | — |  | — |  | (16,311) |  | (1.2) |  | (13,810) |  | (1.1)
Interest on net equity deduction |  | (20,757) |  | (1.5) |  | (15,051) |  | (1.1) |  | — |  | —
Impairment of goodwill |  | 18,900 |  | 1.4 |  | — |  | — |  | — |  | —
Other |  | 5,795 |  | 0.4 |  | 2,563 |  | 0.2 |  | 6,175 |  | 0.5
Provision for income taxes |  | $381,381 |  | 27.5% |  | $343,115 |  | 25.9% |  | $321,333 |  | 25.2%
1 The valuation allowance decrease was primarily due to the release of a deferred tax asset of $84.5 million and a corresponding valuation allowance reduction of $84.5 million related to income tax credits in a non-U.S. jurisdiction.
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):
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Accounts receivable, principally due to the allowance for credit losses |  | $16,756 |  | $20,110
Accrued expenses not currently deductible for tax |  | 13,263 |  | 12,922
Lease deferral |  | 15,423 |  | 15,767
Interest rate swap |  | — |  | 11,994
Stock-based compensation |  | 29,425 |  | 47,537
Income tax credits |  | — |  | 84,505
Net operating loss carry forwards |  | 159,603 |  | 134,911
Accrued escheat |  | 3,897 |  | 3,456
Other |  | 110,804 |  | 55,466
Deferred tax assets before valuation allowance |  | 349,171 |  | 386,668
Valuation allowance |  | (113,223) |  | (165,982)
Deferred tax assets, net |  | 235,948 |  | 220,686
Deferred tax liabilities: |  |  |  |
Intangibles—including goodwill |  | (548,802) |  | (536,561)
Basis difference in investment in subsidiaries |  | (42,206) |  | (43,821)
Interest rate swap |  | (8,695) |  | —
Lease deferral |  | (13,536) |  | (13,589)
Accrued expense liability |  | (722) |  | (718)
Prepaid expenses |  | (1,172) |  | (1,805)
Withholding taxes |  | (18,472) |  | (26,407)
Property and equipment and other |  | (38,646) |  | (66,617)
Deferred tax liabilities |  | (672,251) |  | (689,518)
Net deferred tax liabilities |  | $(436,303) |  | $(468,832)
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):
|  | 2024 |  | 2023
Long term deferred tax assets and liabilities: |  |  |  |
Long term deferred tax assets |  | $2,873 |  | $1,400
Long term deferred tax liabilities |  | (439,176) |  | (470,232)
Net deferred tax liabilities |  | $(436,303) |  | $(468,832)
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, 2024, 2023 and 2022 is as follows (in thousands):
Unrecognized tax benefits at December 31, 2021 |  | $47,021
Additions based on tax positions related to the current year |  | 7,752
Additions based on tax positions related to the prior year |  | 200
Deductions based on settlement of prior year tax positions |  | (1,550)
Addition for cumulative federal benefit of state tax deductions |  | 7,281
Change due to OCI |  | (35)
Unrecognized tax benefits at December 31, 2022 |  | 60,669
Additions based on tax provisions related to the current year |  | 8,821
Deductions based on tax positions related to the prior year |  | (1,913)
Deductions based on settlements of prior year tax positions |  | (104)
Deductions based on expiration of prior year tax positions |  | (4,235)
Change due to OCI |  | (132)
Unrecognized tax benefits at December 31, 2023 |  | 63,106
Additions based on tax provisions related to the current year |  | 21,689
Additions and deductions based on tax positions related to the prior year |  | 14,206
Deductions based on settlements of prior year tax positions |  | (178)
Deductions based on expiration of prior year tax positions |  | (3,362)
Change due to OCI |  | (1)
Unrecognized tax benefits at December 31, 2024 |  | $95,460

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