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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 10 I ncome Taxes Significant components of the provision for income taxes for the years ended December 31 are as follows:
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 106,763 |  |  | $ | 93,620 |  |  | $ | 85,507 |
State |  |  | 32,635 |  |  |  | 34,123 |  |  |  | 28,905 |
Foreign |  |  | 1,831 |  |  |  | 325 |  |  |  | 620 |
Total current provision |  |  | 141,229 |  |  |  | 128,068 |  |  |  | 115,032 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 27,963 |  |  |  | 11,655 |  |  |  | 14,994 |
State |  |  | 4,954 |  |  |  | 4,119 |  |  |  | (2,587 | )
Foreign |  |  | 1,573 |  |  |  | (226 | ) |  |  | (24 | )
Total deferred provision |  |  | 34,490 |  |  |  | 15,548 |  |  |  | 12,383 |
Total tax provision |  | $ | 175,719 |  |  | $ | 143,616 |  |  | $ | 127,415 |
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:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 4.7 |  |  |  | 5.3 |  |  |  | 3.8 |
Non-deductible employee stock purchase plan expense |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 0.3 |
Non-deductible meals and entertainment |  |  | 0.0 |  |  |  | 0.1 |  |  |  | 0.3 |
Non-deductible officers’ compensation |  |  | 0.4 |  |  |  | 0.3 |  |  |  | 0.2 |
Stock Vesting under ASU 2016-19 |  |  | (3.6 | ) |  |  | (3.5 | ) |  |  | (1.1 | )
Other, net |  |  | 0.3 |  |  |  | (0.5 | ) |  |  | (0.3 | )
Effective tax rate |  |  | 23.0 | % |  |  | 23.0 | % |  |  | 24.2 | %
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for income tax reporting purposes. Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:
(in thousands) |  | 2021 |  |  | 2020 |
Non-current deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  | $ | 440,238 |  |  | $ | 400,335 |
Fixed assets |  |  | 20,004 |  |  |  | 11,740 |
ASC 842 ROU Asset |  |  | 47,663 |  |  |  | 46,730 |
Impact of adoption of ASC 606 revenue recognition |  |  | 15,216 |  |  |  | 19,928 |
Net unrealized holding (loss)/gain on available-for-sale securities |  |  | (41 | ) |  |  | 176 |
Total non-current deferred tax liabilities |  |  | 523,080 |  |  |  | 478,909 |
Non-current deferred tax assets: |  |  |  |  |  |
Deferred compensation |  |  | 66,354 |  |  |  | 59,897 |
Accruals and reserves |  |  | 15,708 |  |  |  | 19,497 |
ASC 842 lease liabilities |  |  | 53,343 |  |  |  | 53,150 |
Net operating loss carryforwards and 163(j) disallowed carryforwards |  |  | 1,910 |  |  |  | 3,168 |
Valuation allowance for deferred tax assets |  |  | (1,029 | ) |  |  | (1,025 | )
Total non-current deferred tax assets |  |  | 136,286 |  |  |  | 134,687 |
Net non-current deferred tax liability |  | $ | 386,794 |  |  | $ | 344,222 |
Income taxes paid in 2021, 2020 and 2019 were $147.5 million, $132.9 million and $110.0 million, respectively. At December 31, 2021, the Company had no net operating loss carryforwards for federal purposes and $34.5 million net operating loss carryforwards for state income tax reporting purposes, portions of which expire in the years 2022 through indefinite. The state carryforward amount is derived from the operating results of certain subsidiaries. As of December 31, 2021, the Company had a net operating loss carryforward in Canada of $1.8 million. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in thousands) |  | 2021 |  |  | 2020 |  |  | 2019 |
Unrecognized tax benefits balance at January 1 |  | $ | 1,267 |  |  | $ | 1,127 |  |  | $ | 1,639 |
Gross increases for tax positions of prior years |  |  | 270 |  |  |  | 848 |  |  |  | 778 |
Gross decreases for tax positions of prior years |  |  | (446 | ) |  |  | (708 | ) |  |  | (791 | )
Settlements |  |  | (174 | ) |  |  | — |  |  |  | (499 | )
Unrecognized tax benefits balance at December 31 |  | $ | 917 |  |  | $ | 1,267 |  |  | $ | 1,127 |
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2021, 2020 and 2019 the Company had $0.3 million, $0.3 million and $0.2 million of accrued interest and penalties related to uncertain tax positions, respectively. The total amount of unrecognized tax benefits that would affect the Company’s effective tax rate if recognized was $0.9 million as of December 31, 2021, $1.3 million as of December 31, 2020 and $1.1 million as of December 31, 2019. The Company does not expect its unrecognized tax benefits to change significantly over the next 12 months. The Company is subject to taxation in the United States and various state jurisdictions. The Company is also subject to taxation in the United Kingdom, Ireland and Canada. In the United States, federal returns for fiscal years 2018 through 2021 remain open and subject to examination by the Internal Revenue Service. The Company files and remits state income taxes in various states where the Company has determined it is required to file state income taxes. The Company’s filings with those states remain open for audit for the fiscal years 2017 through 2021. In the United Kingdom, the Company’s filings remain open for audit for the fiscal years 2020 through 2021. In Canada, the Company’s filings remain open for audit for the fiscal years 2016 through 2021. In Ireland, the Company’s filings remain open for audit for the fiscal years 2017 through 2021. The Company also operates in Bermuda and the Cayman Islands. The Company is not subject to any income taxes in these countries. During 2019, the Company settled the previously disclosed State of Colorado income tax audit for the fiscal years 2013-2016, the State of Kansas income tax audit for the fiscal years 2014-2016, and the State of New York income tax audit for the fiscal years 2015-2017. During 2021, the Company settled the previously disclosed State of Wisconsin income tax audit for the fiscal years 2015-2018, the State of Illinois income tax audit for the fiscal years 2015-2017, and the State of California income tax audit for the fiscal years 2015-2017. There were no material adjustments as a result of the finalization of these audits. The Company is currently under audit in the State of Massachusetts for the fiscal years 2015 through 2017. A subsidiary of the Company is currently under audit in the State of Wisconsin for the fiscal years 2017-2020 and with the Internal Revenue Service for the fiscal years 2017-2018. In general, it is our practice and intention to reinvest the earnings of our non-U.S. subsidiaries in those operations. The Company has determined it is not practical to determine the unrecognized deferred tax liabilities on the undistributed earnings from the Company’s international subsidiaries as such earnings are considered to be indefinitely reinvested.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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