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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income before Provision for Income Taxes

Income before provision for income taxes consisted of (in thousands):

			2023						2022						2021
Domestic			$	287,524					$	799,553					$	566,847
Foreign			121,662						367,212						455,444
Total			$	409,186					$	1,166,765					$	1,022,291

Summary of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):

			2023						2022						2021
Unrecognized tax benefits, beginning of period			$	39,056					$	37,302					$	36,216
Additions based on tax positions related to the current year			2,111						4,064						3,530
Additions for tax positions of prior years			1,268						3,016						1,919
Reductions for tax positions of prior years			(91)						(247)						(2,431)
Lapse in statute of limitations			(2,346)						(5,026)						(1,932)
Settlements			(23,082)						(53)						—
Unrecognized tax benefits, end of the period			$	16,916					$	39,056					$	37,302

Schedule of Components of Provision for Income Taxes

The components of the provision for income taxes consist of the following for the years ended December 31 (in thousands): 

			2023						2022						2021
Tax provision:
Federal			$	55,149					$	153,349					$	165,218
State			4,014						33,309						36,718
Foreign			62,426						97,147						85,654
			121,589						283,805						287,590
Deferred provision (benefit):
Federal			(32,820)						(44,133)						(90,960)
State			6,223						(7,848)						(16,176)
Foreign			(10,935)						(5,583)						(2,408)
			(37,532)						(57,564)						(109,544)
Total provision			$	84,057					$	226,241					$	178,046

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the provision for income taxes using the statutory federal income tax rate to our effective income tax rate for the years ended December 31, is as follows:  

			2023						2022						2021
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			2.1						2.1						1.7
Section 199 deduction			4.7						—						—
Share-based payment awards			(2.2)						(1.1)						(0.6)
Excess foreign tax credits			(9.5)						(1.2)						(0.4)
Other U.S. tax credits and incentives			(3.4)						(2.0)						(3.3)
Foreign			6.7						0.6						(1.2)
Other			1.1						—						0.2
Effective income tax rate			20.5		%				19.4		%				17.4		%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) are comprised of the following as of December 31 (in thousands):

			2023						2022
Deferred tax assets:
Lease liabilities			$	74,495					$	79,402
Compensation			64,788						69,305
Accrued expenses			33,720						52,416
Tax credit carryforward			14,485						—
Foreign affiliate prepayment			—						1,901
Foreign net operating loss carryforwards(1)			67,816						64,434
Long-lived assets			104,005						94,268
Other(1)			22,220						16,364
Total deferred tax assets (before valuation allowance)			381,529						378,090
Less: valuation allowance(1)			(62,183)						(56,808)
Total deferred tax assets			319,346						321,282
Deferred tax liabilities:
Right-of-use assets			(68,764)						(74,507)
Intangible assets			(25,773)						(53,580)
Prepaid assets			(4,405)						(6,657)
Foreign withholding tax			(10,313)						(9,709)
Other			(8,649)						(9,483)
Total deferred tax liabilities			(117,904)						(153,936)
Net deferred tax assets			$	201,442					$	167,346

________________________________

(1) The amounts as of December 31, 2022 have been adjusted to conform to current year presentation.

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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