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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income before Provision for Income Taxes | Income before provision for income taxes consisted of (in thousands):
| Twelve Months Ended December 31,
| 2024 |  | 2023 |  | 2022
Domestic | $ | 336,328 |  |  | $ | 287,524 |  |  | $ | 799,553 |
Foreign | 242,876 |  |  | 121,662 |  |  | 367,212 |
Total | $ | 579,204 |  |  | $ | 409,186 |  |  | $ | 1,166,765 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):
| As of December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits, beginning of period | $ | 16,916 |  |  | $ | 39,056 |  |  | $ | 37,302 |
Additions based on tax positions related to the current year | 2,747 |  |  | 2,111 |  |  | 4,064 |
Additions for tax positions of prior years | 2,168 |  |  | 1,268 |  |  | 3,016 |
Reductions for tax positions of prior years | (582) |  |  | (91) |  |  | (247) |
Lapse in statute of limitations | (1,182) |  |  | (2,346) |  |  | (5,026) |
Settlements | (317) |  |  | (23,082) |  |  | (53) |
Unrecognized tax benefits, end of the period | $ | 19,750 |  |  | $ | 16,916 |  |  | $ | 39,056 |
Schedule of Components of Provision for Income Taxes | The components of the provision for income taxes consist of the following (in thousands):
| Twelve Months Ended December 31,
| 2024 |  | 2023 |  | 2022
Tax provision: |  |  |  |  |
Federal | $ | 135,807 |  |  | $ | 55,149 |  |  | $ | 153,349 |
State | 23,081 |  |  | 4,014 |  |  | 33,309 |
Foreign | 32,885 |  |  | 62,426 |  |  | 97,147 |
| 191,773 |  |  | 121,589 |  |  | 283,805 |
Deferred provision (benefit): |  |  |  |  |
Federal | (83,702) |  |  | (32,820) |  |  | (44,133) |
State | (10,379) |  |  | 6,223 |  |  | (7,848) |
Foreign | 15,822 |  |  | (10,935) |  |  | (5,583) |
| (78,259) |  |  | (37,532) |  |  | (57,564) |
Total provision | $ | 113,514 |  |  | $ | 84,057 |  |  | $ | 226,241 |
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 is as follows:
| Twelve Months Ended December 31,
| 2024 |  | 2023(1) |  | 2022(1)
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal benefit | 1.9 |  |  | 2.1 |  |  | 2.1 |
Section 199 deduction | — |  |  | 4.7 |  |  | — |
Share-based payment awards | (1.8) |  |  | (2.7) |  |  | (1.2) |
Foreign tax credits | 2.5 |  |  | (9.5) |  |  | (1.2) |
Other U.S. tax credits and incentives | (5.3) |  |  | (3.4) |  |  | (2.0) |
Foreign tax rate differential | (0.4) |  |  | 5.8 |  |  | 0.6 |
Remeasurement of deferred tax balances | (1.1) |  |  | — |  |  | — |
Business divestitures(2) | 1.3 |  |  | 0.9 |  |  | — |
Section 162(m) limitations on compensation | 1.3 |  |  | 1.2 |  |  | 0.6 |
Other | 0.2 |  |  | 0.4 |  |  | (0.5) |
Effective income tax rate | 19.6 | % |  | 20.5 | % |  | 19.4 | %
________________________________ (1) The amounts as of December 31, 2023 and 2022 have been adjusted to conform to current year presentation. (2) Amounts in 2024 relate to the divestiture of our Europe Surface Transportation business. Amounts in 2023 relate to the divestiture of our Argentina operations. Refer to Note 15, Divestitures, for further discussion related to these divestitures.
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets (liabilities) are comprised of the following (in thousands):
| As of December 31,
| 2024 |  | 2023
Deferred tax assets: |  |  |
Lease liabilities | $ | 72,532 |  |  | $ | 74,495 |
Compensation | 64,202 |  |  | 64,788 |
Accrued expenses | 42,718 |  |  | 33,720 |
Tax credit carryforward | — |  |  | 14,485 |
Foreign affiliate prepayment | 49,409 |  |  | — |
Foreign net operating loss carryforwards | 69,555 |  |  | 67,816 |
Long-lived assets | 109,308 |  |  | 104,005 |
Other | 32,855 |  |  | 22,220 |
Total deferred tax assets (before valuation allowance) | 440,579 |  |  | 381,529 |
Less: valuation allowance | (64,198) |  |  | (62,183) |
Total deferred tax assets | 376,381 |  |  | 319,346 |
Deferred tax liabilities: |  |  |
Right-of-use assets | (64,686) |  |  | (68,764) |
Intangible assets | (868) |  |  | (25,773) |
Prepaid assets | (4,928) |  |  | (4,405) |
Foreign withholding tax | (10,645) |  |  | (10,313) |
Other | (6,910) |  |  | (8,649) |
Total deferred tax liabilities | (88,037) |  |  | (117,904) |
Net deferred tax assets | $ | 288,344 |  |  | $ | 201,442 |

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