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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
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) |  | 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 |
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:
|  | 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 | %
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) |  | 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 |
Schedule of Reconciliation of Unrecognized Tax Benefits | 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 |

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