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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The following table sets forth the components of income before income taxes by jurisdiction:

			Year Ended December 31,
			2021						2020						2019
									(In thousands)
United States			$	396,769					$	26,031					$	198,566
Foreign			185,143						96,811						83,495
Income before income taxes			$	581,912					$	122,842					$	282,061

Schedule of Components of Income Tax Expense

The following table sets forth the components of the provision for income taxes:

			Year Ended December 31,
			2021						2020						2019
									(In thousands)
Current income taxes:
Federal			$	107,919					$	25,605					$	31,695
State			30,206						11,322						8,616
Foreign			55,670						19,414						6,347
Total current income taxes			193,795						56,341						46,658
Deferred income taxes:
Federal			(62,302)						(17,913)						6,774
State			(12,327)						(7,264)						1,846
Foreign			(3,656)						(8,361)						4,585
Total deferred income taxes			(78,285)						(33,538)						13,205
Provision for income taxes			$	115,510					$	22,803					$	59,863

Schedule of Effective Income Tax Rate Reconciliation

The following table sets forth the reconciliation between the federal statutory income tax rate and the effective tax rate:

			Year Ended December 31,
			2021						2020						2019
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			2.0						1.4						3.1
Deemed repatriation of undistributed foreign earnings			—						—						(1.3)
Tax effect of intercompany financing			(3.2)						(13.4)						(5.5)
Unrecognized tax benefits			2.5						2.1						(0.4)
Nondeductible expenses			0.6						5.7						0.7
Change in valuation allowance			(2.8)						1.8						0.6
Other			(0.2)						—						3.0
Effective tax rate			19.9		%				18.6		%				21.2		%

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth deferred tax assets and liabilities:

			As of December 31,
			2021												2020
									(In thousands)
			Assets						Liabilities						Assets						Liabilities
Accounts receivable			$	18,612					$	—					$	17,560					$	—
Inventories			13,302						—						14,793						—
Depreciation of property, buildings and equipment			—						45,397						—						60,687
Operating leases			142,964						141,686						134,377						136,477
Amortization of intangible assets			—						549,536						—						540,520
Employee benefits			36,410						—						53,040						—
Stock-based compensation			12,281						—						14,061						—
Prepaid royalty payments			34,866						—						—						—
Disallowed business interest expense(1)			11,163						—						2,755						—
Tax loss carryforwards			39,876						—						36,923						—
Foreign tax credit carryforwards			51,632						—						55,637						—
Other(1)			26,666						8,137						24,888						6,286
Deferred income taxes before valuation allowance			387,772						744,756						354,034						743,970
Valuation allowance			(46,269)						—						(60,629)						—
Total deferred income taxes			$	341,503					$	744,756					$	293,405					$	743,970

Summary of Income Tax Examinations

The Company is under examination by tax authorities in various jurisdictions and remains subject to examination until the applicable statutes of limitation expire. The statutes of limitation for the material jurisdictions in which the Company files income tax returns remain open as follows:

United States — Federal						2017 and forward
United States — Material States						2017 and forward
Canada						2012 and forward
UK						2016 and forward
Australia						2017 and forward

Summary of Income Tax Contingencies

The following table sets forth the reconciliation of gross unrecognized tax benefits:

			As of December 31,
			2021						2020						2019
			(In thousands)
Beginning balance January 1			$	68,075					$	54					$	1,293
Additions for current year tax positions			39,841						14,009						—
Additions for prior year tax positions			8,422						—						—
Additions for acquired tax positions			—						68,048						—
Reductions for prior year tax positions			(3,853)						(43)						—
Settlements			(118)						—						(1,290)
Lapse in statute of limitations			(3,837)						(15,886)						—
Foreign currency exchange rate changes			(1,239)						1,893						51
Ending balance December 31			$	107,291					$	68,075					$	54

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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 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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