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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income tax data for the years ended December 31, 2023, 2022 and 2021 is as follows (in thousands):

		Year Ended December 31,
		2023				2022				2021
The components of income before income taxes are as follows:
Domestic		$	74,119			$	133,816			$	144,410
Foreign			662,124				704,030				661,783
Total		$	736,243			$	837,846			$	806,193

Components of Income Taxes

		Year Ended December 31,
		2023				2022				2021
The components of the income tax provision were as follows:
Federal		$	178			$	62,153			$	16,302
State			6,427				8,025				3,691
Foreign			88,601				91,901				76,724
Total current tax provision		$	95,206			$	162,079			$	96,717
Federal		$	(2,457	)		$	(26,551	)		$	10,491
State			(3,029	)			(4,420	)			345
Foreign			4,289				(1,017	)			5,797
Total deferred tax provision			(1,197	)			(31,988	)			16,633
Total provision		$	94,009			$	130,091			$	113,350

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, 2023, 2022 and 2021 (in thousands):

		Year Ended December 31,
		2023				2022				2021
Federal tax computed at U.S. statutory income tax rate		$	154,611			$	175,948			$	169,300
GILTI, net of foreign tax credits			15,103				17,812				10,476
Uncertain tax positions			(16,211	)			1,051				508
State income tax, net of federal income tax benefit			2,880				3,605				4,037
Net effect of foreign operations			(48,587	)			(55,273	)			(56,214	)
Effect of stock-based compensation			(2,262	)			(7,341	)			(6,682	)
Other, net			(11,525	)			(5,711	)			(8,075	)
Provision for income taxes		$	94,009			$	130,091			$	113,350

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,
		2023				2022
Deferred tax assets:
Net operating losses and credits		$	54,901			$	51,945
Depreciation			1,517				18
Operating leases			20,307				19,771
Amortization			5,905				2,713
Stock-based compensation			7,754				7,947
Deferred compensation			14,886				23,488
Deferred revenue			17,127				13,555
Revaluation of equity investments and licenses			1,884				23
Inventory			7,534				6,463
Accrued liabilities and reserves			5,720				4,815
Capitalized interest			12,586				—
Unrealized foreign currency gain/loss			700				1,858
Capitalized Section 174 Expenditures			34,487				34,234
Other			5,086				1,098
Total deferred tax assets			190,394				167,928
Valuation allowance			(57,873	)			(54,300	)
Deferred tax assets, net of valuation allowance			132,521				113,628
Deferred tax liabilities:
Capitalized software			(29,281	)			(25,429	)
Operating leases			(20,117	)			(19,543	)
Indefinite-lived intangibles			(14,824	)			(16,057	)
Deferred tax liability on foreign earnings			(20,374	)			(18,677	)
Total deferred tax liabilities			(84,596	)			(79,706	)
Net deferred tax assets		$	47,925			$	33,922

Unrecognized Tax Benefits

The Company continues to classify interest and penalties related to unrecognized tax benefits as a component of the provision for income taxes.

		2023				2022				2021
Balance at the beginning of the period		$	29,019			$	28,692			$	28,666
Net reductions for settlement of tax audits			(17,651	)			—				(1,300	)
Net reductions for lapse of statutes taken during the period			(512	)			(818	)			(433	)
Net additions for tax positions taken during the prior period			2,473				—				—
Net additions for tax positions taken during the current period			994				1,145				1,759
Balance at the end of the period		$	14,323			$	29,019			$	28,692

Company's valuation allowance

The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2023, 2022 and 2021 (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:
2023		$	54,300			$	1,467			$	2,106			$	57,873
2022		$	58,834			$	(1,647	)		$	(2,887	)		$	54,300
2021		$	60,101			$	2,919			$	(4,186	)		$	58,834

* 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 changes in the valuation allowance during the years ended December 31, 2023, 2022 and 2021 are primarily due to the effect of foreign currency translation on a valuation allowance related to a net operating loss carryforward.

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