XML 54 R37.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | Significant components of the provision for income taxes for the years ended December 31 are as follows:
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 93,620 |  |  | $ | 85,507 |  |  | $ | 77,694 |
State |  |  | 34,123 |  |  |  | 28,905 |  |  |  | 25,096 |
Foreign |  |  | 325 |  |  |  | 620 |  |  |  | 409 |
Total current provision |  |  | 128,068 |  |  |  | 115,032 |  |  |  | 103,199 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 11,655 |  |  |  | 14,994 |  |  |  | 8,483 |
State |  |  | 4,119 |  |  |  | (2,587 | ) |  |  | 6,519 |
Foreign |  |  | (226 | ) |  |  | (24 | ) |  |  | 6 |
Total deferred provision |  |  | 15,548 |  |  |  | 12,383 |  |  |  | 15,008 |
Total tax provision |  | $ | 143,616 |  |  | $ | 127,415 |  |  | $ | 118,207 |
Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate | A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 5.3 |  |  |  | 3.8 |  |  |  | 5.7 |
Non-deductible employee stock purchase plan expense |  |  | 0.3 |  |  |  | 0.3 |  |  |  | 0.2 |
Non-deductible meals and entertainment |  |  | 0.1 |  |  |  | 0.3 |  |  |  | 0.3 |
Non-deductible officers’ compensation |  |  | 0.3 |  |  |  | 0.2 |  |  |  | 0.3 |
Tax Reform Act deferred tax revaluation and transition tax impact |  |  | 0.0 |  |  |  | 0.0 |  |  |  | (0.3 | )
Stock Vesting under ASU 2016-19 |  |  | (3.5 | ) |  |  | (1.1 | ) |  |  | (1.4 | )
Other, net |  |  | (0.5 | ) |  |  | (0.3 | ) |  |  | (0.2 | )
Effective tax rate |  |  | 23.0 | % |  |  | 24.2 | % |  |  | 25.6 | %
Schedule of Components of Net Deferred Tax Liabilities | Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:
(in thousands) |  | 2020 |  |  | 2019 |
Non-current deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  | $ | 400,335 |  |  | $ | 360,660 |
Fixed assets |  |  | 11,740 |  |  |  | 10,325 |
ASC 842 ROU Asset |  |  | 46,730 |  |  |  | 46,188 |
Impact of adoption of ASC 606 revenue recognition |  |  | 19,928 |  |  |  | 24,687 |
Net unrealized holding (loss)/gain on available-for-sale securities |  |  | 176 |  |  |  | 36 |
Total non-current deferred tax liabilities |  |  | 478,909 |  |  |  | 441,896 |
Non-current deferred tax assets: |  |  |  |  |  |  |  |
Deferred compensation |  |  | 59,897 |  |  |  | 52,566 |
Accruals and reserves |  |  | 19,497 |  |  |  | 7,743 |
ASC 842 lease liabilities |  |  | 53,150 |  |  |  | 52,185 |
Net operating loss carryforwards and 163(j) disallowed carryforwards |  |  | 3,168 |  |  |  | 2,377 |
Valuation allowance for deferred tax assets |  |  | (1,025 | ) |  |  | (1,252 | )
Total non-current deferred tax assets |  |  | 134,687 |  |  |  | 113,619 |
Net non-current deferred tax liability |  | $ | 344,222 |  |  | $ | 328,277 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in thousands) |  | 2020 |  |  | 2019 |  |  | 2018 |
Unrecognized tax benefits balance at January 1 |  | $ | 1,127 |  |  | $ | 1,639 |  |  | $ | 1,694 |
Gross increases for tax positions of prior years |  |  | 848 |  |  |  | 778 |  |  |  | 594 |
Gross decreases for tax positions of prior years |  |  | (708 | ) |  |  | (791 | ) |  |  | (5 | )
Settlements |  |  | — |  |  |  | (499 | ) |  |  | (644 | )
Unrecognized tax benefits balance at December 31 |  | $ | 1,267 |  |  | $ | 1,127 |  |  | $ | 1,639 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration