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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income tax data for the years ended December 31, 2021, 2020 and 2019 is as follows (in thousands):

		Year Ended December 31,
		2021				2020				2019
The components of income before income taxes are as follows:
Domestic		$	144,410			$	75,193			$	97,325
Foreign			661,783				535,721				580,914
Total		$	806,193			$	610,914			$	678,239

Components of Income Taxes

		Year Ended December 31,
		2021				2020				2019
The components of the income tax provision were as follows:
Federal		$	16,302			$	28,385			$	7,009
State			3,691				4,243				3,329
Foreign			76,724				59,408				66,083
Total current tax provision		$	96,717			$	92,036			$	76,421
Federal		$	10,491			$	(8,244	)		$	6,913
State			345				(506	)			1,253
Foreign			5,797				6,057				1,454
Total deferred tax provision			16,633				(2,693	)			9,620
Total provision		$	113,350			$	89,343			$	86,041

Effective Income Tax Rate Reconciliation

The differences between income taxes computed at the United States statutory rate and the provision for income taxes are summarized as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):

		Year Ended December 31,
		2021				2020				2019
Federal tax computed at U.S. statutory income tax rate		$	169,300			$	128,292			$	142,430
Foreign currency exchange impact on distributed earnings			—				—				(3,229	)
GILTI, net of foreign tax credits			10,476				13,319				10,523
State income tax, net of federal income tax benefit			4,036				2,415				3,459
Net effect of foreign operations			(54,566	)			(48,962	)			(52,727	)
Effect of stock-based compensation			(6,682	)			(6,798	)			(9,211	)
Other, net			(9,214	)			1,077				(5,204	)
Provision for income taxes		$	113,350			$	89,343			$	86,041

Components of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards which give rise to deferred tax assets and deferred tax liabilities are summarized as follows (in thousands):

		December 31,
		2021				2020
Deferred tax assets:
Net operating losses and credits		$	55,813			$	61,962
Depreciation			—				5,701
Operating leases			19,288				24,317
Amortization			2,316				2,377
Stock-based compensation			8,074				7,773
Deferred compensation			30,105				27,754
Deferred revenue			10,997				11,341
Revaluation of equity investments and licenses			3,083				4,492
Inventory			5,405				5,060
Accrued liabilities and reserves			6,675				10,639
Unrealized foreign currency gain/loss			2,266				—
Other			6,713				3,483
Total deferred tax assets			150,735				164,899
Valuation allowance			(58,834	)			(60,101	)
Deferred tax assets, net of valuation allowance			91,901				104,798
Deferred tax liabilities:
Capitalized software			(24,357	)			(23,748	)
Operating leases			(19,251	)			(24,314	)
Indefinite-lived intangibles			(15,534	)			(14,973	)
Unrealized foreign currency gain/loss			—				(10,819	)
Depreciation			(3,481	)			—
Deferred tax liability on foreign earnings			(17,283	)			(17,277	)
Total deferred tax liabilities			(79,906	)			(91,131	)
Net deferred tax assets		$	11,995			$	13,667

Unrecognized Tax Benefits

The following is a summary of the activity of the Company’s gross unrecognized tax benefits, excluding interest and penalties, for the year ended December 31, 2021, 2020 and 2019 (in thousands):

		2021				2020				2019
Balance at the beginning of the period		$	28,666			$	27,790			$	26,108
Net reductions for settlement of tax audits			(1,300	)			(399	)			—
Net reductions for lapse of statutes taken during the period			(433	)			(684	)			(261	)
Net additions for tax positions taken during the current period			1,759				1,959				1,943
Balance at the end of the period		$	28,692			$	28,666			$	27,790

Company's valuation allowance

The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2021, 2020 and 2019 (in thousands):

		Balance at Beginning of Period				Charged to Provision for Income Taxes*				Other**				Balance at End of Period
Valuation allowance for deferred tax assets:
2021		$	60,101			$	2,919			$	(4,186	)		$	58,834
2020		$	51,221			$	1,137			$	7,743			$	60,101
2019		$	53,893			$	(1,242	)		$	(1,430	)		$	51,221

* These amounts have been recorded as part of the income statement provision for income taxes. The income statement effects of these amounts have largely been offset by amounts related to changes in other deferred tax balance sheet accounts.

** The change in the valuation allowance during the year ended December 31, 2021 is primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward. The change in the valuation allowance during the year ended December 31, 2020 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward and acquired historical net operating losses. The change in the valuation allowance during the year ended December 31, 2019 was primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.

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