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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes

Income tax data for the years ended December 31, 2024, 2023 and 2022 is as follows (in thousands):

		Year Ended December 31,
		2024				2023				2022
The components of income before income taxes are as follows:
Domestic		$	121,630			$	74,119			$	133,816
Foreign			633,238				662,124				704,030
Total		$	754,868			$	736,243			$	837,846

Components of Income Taxes

		Year Ended December 31,
		2024				2023				2022
The components of the income tax provision were as follows:
Federal		$	20,609			$	178			$	62,153
State			6,395				6,427				8,025
Foreign			90,907				88,601				91,901
Total current tax provision		$	117,911			$	95,206			$	162,079
Federal		$	(383	)		$	(2,457	)		$	(26,551	)
State			303				(3,029	)			(4,420	)
Foreign			(797	)			4,289				(1,017	)
Total deferred tax provision			(877	)			(1,197	)			(31,988	)
Total provision		$	117,034			$	94,009			$	130,091

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, 2024, 2023 and 2022 (in thousands):

		Year Ended December 31,
		2024				2023				2022
Federal tax computed at U.S. statutory income tax rate		$	158,522			$	154,611			$	175,948
GILTI, net of foreign tax credits			4,820				15,103				17,812
Uncertain tax positions			5,024				(16,211	)			1,051
State income tax, net of federal income tax benefit			6,078				2,880				3,605
Net effect of foreign operations			(47,732	)			(48,587	)			(55,273	)
Effect of stock-based compensation			(2,155	)			(2,262	)			(7,341	)
Other, net			(7,523	)			(11,525	)			(5,711	)
Provision for income taxes		$	117,034			$	94,009			$	130,091

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,
		2024				2023
Deferred tax assets:
Net operating losses and credits		$	118,854			$	54,901
Operating leases			16,573				20,307
Amortization			9,006				5,905
Stock-based compensation			6,343				7,754
Deferred compensation			20,515				14,886
Deferred revenue			15,707				17,127
Inventory			7,083				7,534
Capitalized interest			—				12,586
Capitalized Section 174 Expenditures			51,514				34,487
Other			13,212				14,907
Total deferred tax assets			258,807				190,394
Valuation allowance			(119,464	)			(57,873	)
Deferred tax assets, net of valuation allowance			139,343				132,521
Deferred tax liabilities:
Capitalized software			(29,309	)			(29,281	)
Operating leases			(16,312	)			(20,117	)
Indefinite-lived intangibles			(29,924	)			(14,824	)
Deferred tax liability on foreign earnings			(20,278	)			(20,374	)
Total deferred tax liabilities			(95,823	)			(84,596	)
Net deferred tax assets		$	43,520			$	47,925

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, 2024, 2023 and 2022 (in thousands):

		2024				2023				2022
Balance at the beginning of the period		$	14,323			$	29,019			$	28,692
Net reductions for settlement of tax audits			—				(17,651	)			—
Net reductions for lapse of statutes taken during the period			(616	)			(512	)			(818	)
Net additions for tax positions taken during the prior period			3,407				2,473				—
Net additions for tax positions taken during the current period			543				994				1,145
Balance at the end of the period		$	17,657			$	14,323			$	29,019

Company's valuation allowance

The following is a summary of the activity of the Company’s valuation allowance for the years ended December 31, 2024, 2023 and 2022 (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:
2024		$	57,873			$	64,310			$	(2,719	)		$	119,464
2023		$	54,300			$	1,467			$	2,106			$	57,873
2022		$	58,834			$	(1,647	)		$	(2,887	)		$	54,300

* 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 increase in the 2024 charge to the provision for income taxes can be attributed to an increase in foreign net operating losses.

** The changes in the valuation allowance during the years ended December 31, 2024, 2023 and 2022 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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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