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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands).

			2024						2023						2022
U.S.			$	629,656					$	574,458					$	560,193
Non-U.S.			757,718						572,671						467,002
Income before income taxes			$	1,387,374					$	1,147,129					$	1,027,195

Schedule of Components of Income Tax

The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands).

			2024						2023						2022
Current tax expense:
U.S. federal			$	161,155					$	171,917					$	122,191
State and local			48,084						51,441						48,482
Foreign			88,318						107,421						91,596
Total current			297,557						330,779						262,269
Deferred tax (benefit) expense:
U.S. federal			(31,708)						(35,457)						(21,337)
State and local			963						(13,475)						(10,108)
Foreign			(128,291)						(12,845)						(4,232)
Total deferred			(159,036)						(61,777)						(35,677)
Total current and deferred			138,521						269,002						226,592
Expense relating to interest rate swaps used to increase equity			(4,695)						(4,976)						(5,569)
Benefit from stock transactions with employees used to increase equity			97						105						66
Benefit (expense) relating to defined-benefit pension adjustments used to increase equity			(264)						532						(1,693)
Total tax expense			$	133,659					$	264,663					$	219,396

Schedule of Deferred Tax Assets and Liabilities

The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands).

			December 31,
			2024						2023
Accrued liabilities			$	86,831					$	85,328
Operating leases			41,777						59,160
Intangible assets			132,292						92,612
Property, equipment and leasehold improvements			11,592						9,631
Loss and credit carryforwards			61,313						31,454
Assets relating to equity compensation			37,247						29,128
Other assets			16,870						13,126
Gross deferred tax assets			387,922						320,439
Valuation allowance			(76,285)						(177,132)
Net deferred tax assets			311,637						143,307
Prepaid expenses			(79,559)						(69,556)
Other liabilities			(18,063)						(15,587)
Gross deferred tax liabilities			(97,622)						(85,143)
Net deferred tax assets (liabilities)			$	214,015					$	58,164

Schedule of Effective Income Tax Rate Reconciliation

The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below.

			2024						2023						2022
Statutory tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.2						2.1						2.4
Effect of non-U.S. operations			(3.0)						(0.4)						(2.0)
Intercompany sale of intellectual property			(11.8)						—						—
Net activity in unrecognized tax benefits			2.0						1.3						(1.1)
Stock-based compensation expense			(3.3)						(3.1)						(2.0)
Limitation on executive compensation			2.4						2.3						1.4
Global intangible low-taxed income, net of foreign tax credits			1.1						1.2						1.9
Foreign-derived intangible income			—						(0.3)						(0.4)
Change in the valuation allowance			(0.1)						(1.2)						0.3
Other items, net			(0.9)						0.2						(0.1)
Effective tax rate			9.6		%				23.1		%				21.4		%

Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits

The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands).

			2024						2023
Beginning balance			$	148,390					$	137,227
Additions based on tax positions related to the current year			116,373						22,822
Additions for tax positions of prior years			7,925						4,361
Reductions for tax positions of prior years			(888)						(14)
Reductions for expiration of statutes			(10,573)						(15,625)
Settlements			—						(441)
Change in foreign currency exchange rates			(3,694)						60
Ending balance			$	257,533					$	148,390

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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 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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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