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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The income tax expense for the years ended December 31, 2024, 2023 and 2022 consisted of the following:

			Years Ended December 31,
			2024						2023						2022
			(in thousands)
Current income tax expense (benefit):
Federal			$	361,904					$	399,900					$	277,120
State			78,314						98,224						68,120
Foreign			201,143						209,955						125,580
			641,361						708,079						470,820
Deferred income tax expense (benefit):
Federal			(238,554)						(330,647)						(235,727)
State			(46,689)						(84,729)						(41,770)
Foreign			(60,985)						(83,683)						(26,629)
			(346,228)						(499,059)						(304,126)
			$	295,133					$	209,020					$	166,694

Schedule of Income (Loss) before Income Tax, Domestic and Foreign

The following table presents income (loss) before income taxes for the years ended December 31, 2024, 2023 and 2022:

			Years Ended December 31,
			2024												2023						2022
			(in thousands)
United States			$	1,255,792											$	597,969					$	(189,030)
Foreign			612,995												571,978						413,352
			$	1,868,787											$	1,169,947					$	224,322

Schedule of Effective Income Tax Rate Reconciliation

Our effective tax rates for the years ended December 31, 2024, 2023 and 2022 differ from the federal statutory rate for those periods as follows:

			Years Ended December 31,
			2024						2023						2022
Federal U.S. statutory rate			21.0		%				21.0		%				21.0		%
Foreign inclusion, net of foreign tax credits			2.3						3.4						8.2
Foreign income taxes			1.8						2.2						1.4
State income taxes, net of federal income tax benefit			1.3						0.9						9.0
Uncertain tax positions			0.9						0.5						(0.7)
Nondeductible executive compensation			0.3						0.9						4.7
Share-based compensation expense			0.2						0.9						2.0
Deemed royalty			0.2						0.7						1.2
Net gain on dispositions and liquidations			—						4.3						12.1
Goodwill impairment			—						—						78.0
Valuation allowance			(0.3)						(0.4)						(0.2)
Foreign-derived intangible income deduction			(1.7)						(3.8)						(12.4)
Tax credits			(4.4)						(3.8)						(19.5)
Foreign interest income not subject to tax			(6.3)						(9.5)						(29.9)
Other			0.5						0.6						(0.6)
Effective tax rate			15.8		%				17.9		%				74.3		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2024 and 2023, principal components of deferred tax items were as follows:

			2024						2023
			(in thousands)
Deferred income tax assets:
Research and development costs			$	286,859					$	267,098
Foreign net operating loss carryforwards			223,535						187,247
Credits			200,474						144,053
Financial instruments			110,621						91,032
Lease liabilities			69,751						89,645
Accrued expenses			51,632						54,478
Share-based compensation expense			33,683						42,376
Domestic net operating loss carryforwards			28,711						34,121
Other			100,507						72,484
			1,105,773						982,534
Valuation allowance			(241,197)						(211,049)
			864,576						771,485
Deferred tax liabilities:
Acquired intangibles			1,286,709						2,200,082
Partnership interests			896,411						238,139
Property and equipment			360,066						398,439
Right-of-use assets			42,441						59,124
Other			5,862						6,094
			2,591,489						2,901,878
Net deferred income tax liability			$	1,726,913					$	2,130,393

During the year ended December 31, 2024, as part of the integration of EVO into our Merchant Solutions business, certain deferred taxes, primarily those related to acquired intangibles, property and equipment and research and development costs, were reclassified into partnership interests. The net deferred income taxes reflected in our consolidated balance sheets as of December 31, 2024 and 2023 are as follows:

			2024						2023
			(in thousands)
Noncurrent deferred income tax asset			$	(106,083)					$	(111,712)
Noncurrent deferred income tax liability			1,832,996						2,242,105
Net deferred income tax liability			$	1,726,913					$	2,130,393

Schedule of Valuation Allowance

Changes to our valuation allowance during the years ended December 31, 2024, 2023 and 2022 are summarized below (in thousands):

Balance at December 31, 2021			$	(112,259)
Allowance for foreign net operating losses			(122)
Allowance for foreign tax credits			60
Allowance for state tax credits			2,282
Allowance for domestic net operating losses			(4)
Balance at December 31, 2022			(110,043)
Allowance for foreign net operating losses			(674)
Allowance for foreign tax credits			(101,271)
Allowance for state tax credits			3,079
Allowance for state interest limitation			(2,335)
Allowance for domestic net operating losses			195
Balance at December 31, 2023			(211,049)
Allowance for foreign net operating losses			(12,533)
Allowance for foreign tax credits			(16,975)
Allowance for state tax credits			(463)
Allowance for state interest limitation			(177)
Balance at December 31, 2024			$	(241,197)

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amounts of unrecognized income tax benefits, excluding penalties and interest, for the years ended December 31, 2024, 2023 and 2022 is as follows:

			Years Ended December 31,
			2024						2023						2022
			(in thousands)
Balance at the beginning of the year			$	43,229					$	31,315					$	34,905
Additions related to acquisitions			—						4,054						—
Reductions for income tax positions of prior years			(164)						(887)						(8,301)
Settlements with income tax authorities			(1,656)						(988)						(3,245)
Additions for income tax positions of prior years			9,092						1,809						911
Additions based on income tax positions related to the current year			7,801						7,926						7,045
Balance at the end of the year			$	58,302					$	43,229					$	31,315

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