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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			$	302,704					$	306,351					$	196,384
State			61,776						79,685						48,216
Foreign			189,403						194,333						111,814
			553,883						580,369						356,414
Deferred income tax expense (benefit):
Federal			(196,929)						(260,976)						(182,475)
State			(46,506)						(37,832)						(20,089)
Foreign			(71,379)						(87,614)						(28,053)
			(314,814)						(386,422)						(230,617)
			$	239,069					$	193,947					$	125,797

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			$	1,046,312											$	288,093					$	(447,432)
Foreign			516,584												521,820						339,403
			$	1,562,896											$	809,913					$	(108,029)

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			2.2						8.5						(14.0)
Foreign income taxes			1.8						2.6						(1.6)
Uncertain tax positions			0.9						0.5						(1.8)
State income taxes, net of federal income tax benefit			0.4						3.7						(15.6)
Nondeductible executive compensation			0.4						1.3						(9.8)
Share-based compensation expense			0.2						1.2						(3.1)
Net gain on dispositions and liquidations			—						6.2						(24.9)
Goodwill impairment			—						—						(161.9)
Valuation allowance			(0.3)						(0.6)						(0.3)
Foreign-derived intangible income deduction			(0.5)						(0.6)						5.4
Tax credits			(3.4)						(6.6)						29.8
Foreign interest income not subject to tax			(7.5)						(13.7)						62.1
Other			0.1						0.4						(1.7)
Effective tax rate			15.3		%				23.9		%				(116.4)		%

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			$	285,861					$	266,975
Foreign net operating loss carryforwards			222,076						185,558
Credits			197,877						141,456
Financial instruments			110,621						91,032
Lease liabilities			69,884						89,564
Accrued expenses			48,769						53,925
Share-based compensation expense			33,683						42,367
Domestic net operating loss carryforwards			23,556						24,124
Other			98,437						70,125
			1,090,764						965,126
Valuation allowance			(241,197)						(211,049)
			849,567						754,077
Deferred tax liabilities:
Acquired intangibles			1,221,409						1,864,997
Partnership interests			646,915						239,591
Property and equipment			364,991						403,419
Right-of-use assets			42,430						59,079
Other			49,668						46,024
			2,325,413						2,613,110
Net deferred income tax liability			$	1,475,846					$	1,859,033

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			$	(98,386)					$	(105,276)
Noncurrent deferred income tax liability			1,574,232						1,964,309
Net deferred income tax liability			$	1,475,846					$	1,859,033

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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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.

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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.

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