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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Earnings Before Income Taxes | Earnings before income taxes were as follows:
(in thousands) |  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Domestic |  | $ | 483,694 |  |  | $ | 377,964 |  |  | $ | 337,437 |
International |  | 178,291 |  |  | 144,254 |  |  | 120,305 |
|  | $ | 661,985 |  |  | $ | 522,218 |  |  | $ | 457,742 |
Schedule of Components of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes comprised the following:
(in thousands) |  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |  |
Federal |  | $ | 72,921 |  |  | $ | 52,194 |  |  | $ | 47,130 |
State |  | 17,346 |  |  | 11,967 |  |  | 10,415 |
International |  | 26,301 |  |  | 24,239 |  |  | 22,015 |
|  | 116,568 |  |  | 88,400 |  |  | 79,560 |
Deferred |  |  |  |  |  |
Federal |  | (14,126) |  |  | 4,826 |  |  | 3,970 |
State |  | (2,863) |  |  | 269 |  |  | (937) |
International |  | (19,725) |  |  | 931 |  |  | (1,898) |
|  | (36,714) |  |  | 6,026 |  |  | 1,135 |
|  | $ | 79,854 |  |  | $ | 94,426 |  |  | $ | 80,695 |
Schedule of Effective Income Tax Rate Reconciliation | The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:
|  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
U.S. federal statutory rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income tax, net of federal tax benefit |  | 2.4 |  |  | 2.3 |  |  | 2.6 |
Taxation on international earnings |  | (1.0) |  |  | (1.1) |  |  | (0.8) |
Foreign derived intangible income |  | (1.1) |  |  | (1.1) |  |  | (1.3) |
Share-based compensation from settlements |  | (5.9) |  |  | (3.6) |  |  | (4.7) |
Research and development credit |  | (0.8) |  |  | (0.8) |  |  | (0.9) |
Impact of Switzerland tax reform |  | (3.3) |  |  | — |  |  | — |
State income tax carryforwards |  | — |  |  | — |  |  | (0.2) |
Other, net |  | 0.8 |  |  | 1.4 |  |  | 1.9 |
Effective tax rate |  | 12.1 | % |  | 18.1 | % |  | 17.6 | %
Schedule of Components of Net Deferred Tax Assets and Liabilities | The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows:
(in thousands) |  | December 31, 2020 |  | December 31, 2019
Assets |  |  |  |
Accrued expenses |  | $ | 46,830 |  |  | $ | 25,296 |
Accounts receivable reserves |  | 2,505 |  |  | 617 |
Deferred revenue |  | 7,629 |  |  | 6,073 |
Inventory basis differences |  | 4,272 |  |  | 3,315 |
Property-based differences |  | 14,865 |  |  | 3,113 |
Intangible asset basis differences |  | 51,319 |  |  | — |
Share-based compensation |  | 10,011 |  |  | 10,593 |
Other |  | 1,484 |  |  | 1,160 |
Net operating loss carryforwards |  | 5,427 |  |  | 4,045 |
Tax credit carryforwards |  | 13,385 |  |  | 12,276 |
Unrealized losses on foreign currency exchange contracts and investments |  | 5,060 |  |  | 20 |
Total assets |  | 162,787 |  |  | 66,508 |
Valuation allowance |  | (40,262) |  |  | (9,454) |
Total assets, net of valuation allowance |  | 122,525 |  |  | 57,054 |
Liabilities |  |  |  |
Customer acquisition costs |  | (34,449) |  |  | (28,519) |
Property-based differences |  | (49,547) |  |  | (33,802) |
Intangible asset basis differences |  | (16,134) |  |  | (14,513) |
Other |  | (2,241) |  |  | (3,961) |
Unrealized gains on foreign currency exchange contracts and investments |  | (312) |  |  | (1,183) |
Total liabilities |  | (102,683) |  |  | (81,978) |
Net deferred tax assets (liabilities) |  | $ | 19,842 |  |  | $ | (24,924) |
Schedule of Changes in Unrecognized Tax Benefits | The following table summarizes the changes in unrecognized tax positions:
(in thousands) |  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Total amounts of unrecognized tax benefits, beginning of period |  | $ | 26,841 |  |  | $ | 24,247 |  |  | $ | 21,417 |
Gross (decreases) increases in unrecognized tax positions as a result of tax positions taken during a prior period |  | (1,755) |  |  | (276) |  |  | 2,991 |
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period |  | 4,199 |  |  | 4,083 |  |  | 461 |
Decreases in unrecognized tax positions relating to settlements with taxing authorities |  | (6,446) |  |  | — |  |  | — |
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations |  | (355) |  |  | (1,213) |  |  | (622) |
Total amounts of unrecognized tax benefits, end of period |  | $ | 22,484 |  |  | $ | 26,841 |  |  | $ | 24,247 |
Summary of Valuation Allowance | The following table summarizes the changes in valuation allowance for deferred tax assets:
(in thousands) |  | For the Years Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Balance at beginning of year |  | $ | 9,454 |  |  | $ | 6,212 |  |  | $ | 6,211 |
Charges to costs and expense |  | 31,076 |  |  | 3,489 |  |  | 402 |
Write-off/cash payments |  | (34) |  |  | (226) |  |  | — |
Foreign currency translation |  | (234) |  |  | (21) |  |  | (401) |
Balance at the end of the year |  | $ | 40,262 |  |  | $ | 9,454 |  |  | $ | 6,212 |

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