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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Components of Income Before Provision for Income Taxes | The components of income before income tax expense are as follows:
| Year ended
| December 31, 2024 | December 31, 2023 | December 31, 2022
| (in thousands)
Ireland | $ | 736,374 |  | $ | 624,642 |  | $ | 432,963 |
United States | (304,546) |  | (352,532) |  | (270,440) |
Other | 437,356 |  | 352,357 |  | 405,328 |
Income before income tax expense | $ | 869,184 |  | $ | 624,467 |  | $ | 567,851 |
Summary of Components of Provision for Income Taxes | The components of income tax expense are as follows:
| Year ended
| December 31, 2024 | December 31, 2023 | December 31, 2022
Income tax expense: | (in thousands)
Current tax (benefit)/expense: |  |  |
Ireland | $ | 118,255 |  | $ | 80,427 |  | $ | 53,248 |
United States | (45,307) |  | (42,428) |  | 60,753 |
Other | 105,304 |  | 59,153 |  | 70,395 |
Total current tax expense | 178,252 |  | 97,152 |  | 184,396 |
Deferred tax (benefit)/expense: |  |  |
Ireland | (26,663) |  | 45,253 |  | (6,166) |
United States | (69,493) |  | (143,323) |  | (118,475) |
Other | (4,386) |  | 12,667 |  | (344) |
Total deferred tax benefit | (100,542) |  | (85,403) |  | (124,985) |
Income tax expense | 77,710 |  | 11,749 |  | 59,411 |
Income tax expense was allocated to the following components of other comprehensive income: |  |  |
Currency impact on long term funding | 1,728 |  | (3,903) |  | 7,211 |
Retirement benefit obligations | (895) |  | — |  | — |
Cash flow hedge | 647 | 301 | — |
Total | $ | 79,190 |  | $ | 8,147 |  | $ | 66,622 |
Schedule of Reconciliation of Consolidated Reported Provision for Income Taxes and Statutory Rate | The Company's consolidated reported income tax expense differed from the amount that would result from applying the Irish statutory rate as set forth below:
| Year ended
| December 31, 2024 | December 31, 2023 | December 31, 2022
| (in thousands)
Taxes at Irish statutory rate of 12.5% (2023:12.5%; 2022:12.5%) | $ | 108,648 |  | $ | 78,058 |  | $ | 70,980 |
Rate differential from amortization of intangible assets | (48,240) |  | (71,223) |  | (59,330) |
Global Minimum Tax | 16,719 |  | — |  | — |
Foreign and other income taxed at higher rates | 49,703 |  | 35,778 |  | 52,464 |
Research & development tax incentives | (3,041) |  | (3,868) |  | (2,608) |
Movement in valuation allowance | (5,279) |  | (1,068) |  | (777) |
Effects of change in tax rates | 25,691 |  | 3,154 |  | (300) |
(Decrease)/ increase in unrecognized tax benefits | (59,456) |  | (54,347) |  | 8,392 |
Investor tax expense on foreign subsidiary earnings | (7,995) |  | 39,165 |  | — |
Impact of stock compensation | (9,385) |  | (11,487) |  | (8,756) |
Other and non-deductible expenses | 10,345 |  | (2,413) |  | (654) |
Income tax expense | $ | 77,710 |  | $ | 11,749 |  | $ | 59,411 |
Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below:
| December 31, 2024 | December 31, 2023
Deferred tax liabilities: | (in thousands)
Property, plant and equipment | $ | 2,869 |  | $ | 7,547 |
Operating right-of-use-assets | 15,633 |  | 16,108 |
Goodwill | 43,390 |  | 39,014 |
Intangible assets | 901,731 |  | 950,055 |
Investments in foreign subsidiaries | 34,983 |  | 52,408 |
Other | 3,887 |  | 7,982 |
Total deferred tax liabilities recognized | 1,002,493 |  | 1,073,114 |
Deferred tax assets: |  |
Operating loss and tax credits carryforwards | 164,904 |  | 124,150 |
Property, plant and equipment | 7,869 |  | 9,082 |
Operating lease liabilities | 21,503 |  | 20,190 |
Intangible assets | 45 |  | 2,166 |
Stock compensation | 14,309 |  | 17,605 |
Other liabilities | 78,428 |  | 84,928 |
Unearned revenue | 10,364 |  | 23,748 |
Other | 6,298 |  | 8,774 |
Total deferred tax assets | 303,720 |  | 290,643 |
Valuation allowance for deferred tax assets | (38,955) |  | (42,967) |
Deferred tax assets recognized | 264,765 |  | 247,676 |
Overall net deferred tax liability | $ | (737,728) |  | $ | (825,438) |
Schedule of Expected Expiry Dates of NOL's | The expected expiry dates of the US NOLs are as follows:
| Federal NOL's | State NOL's
| (in thousands)
2025-2038 | $ | 8,035 |  | $ | 262,170 |
2039-2043 | — |  | 6,057 |
Indefinite | — |  | 9,601 |
| $ | 8,035 |  | $ | 277,828 |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows:
| December 31, 2024 | December 31, 2023 | December 31, 2022
| (in thousands)
Unrecognized tax benefits at start of year | $ | 160,016 |  | $ | 217,584 |  | $ | 202,065 |
Increase related to prior year tax positions | 7,374 |  | 1,161 |  | 16,098 |
Decrease related to prior year tax positions | (2,525) |  | (918) |  | (5,442) |
Increase related to current year tax positions | 2,171 |  | 4,552 |  | 5,701 |
Lapse of statute of limitations | (65,417) |  | (62,363) |  | (838) |
Unrecognized tax benefits at end of year | $ | 101,619 |  | $ | 160,016 |  | $ | 217,584 |

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