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INCOME TAXES (Tables)

12 Months Ended

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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