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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
			2022						2021						2020
									(In thousands)
United States			$	859,351					$	396,769					$	26,031
Foreign			277,300						185,143						96,811
Income before income taxes			$	1,136,651					$	581,912					$	122,842

Schedule of Components of Income Tax Expense

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

			Year Ended December 31,
			2022						2021						2020
									(In thousands)
Current income taxes:
Federal			$	166,126					$	107,919					$	25,605
State			42,982						30,206						11,322
Foreign			66,657						55,670						19,414
Total current income taxes			275,765						193,795						56,341
Deferred income taxes:
Federal			(7,535)						(62,302)						(17,913)
State			711						(12,327)						(7,264)
Foreign			5,588						(3,656)						(8,361)
Total deferred income taxes			(1,236)						(78,285)						(33,538)
Provision for income taxes			$	274,529					$	115,510					$	22,803

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,
			2022						2021						2020
Federal statutory rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal income tax benefit			3.1						2.0						1.4
Tax effect of intercompany financing			(1.2)						(3.2)						(13.4)
Unrecognized tax benefits			0.3						2.5						2.1
Nondeductible expenses			0.3						0.6						5.7
Change in valuation allowance			(0.9)						(2.8)						1.8
Other			1.6						(0.2)						—
Effective tax rate			24.2		%				19.9		%				18.6		%

On August 16, 2022, the Inflation Reduction Act of 2022 was enacted into U.S. law, which includes implementation of a new corporate alternative minimum tax (“CAMT”), among other provisions. The CAMT imposes a minimum tax of 15% on the adjusted financial statement income ("AFSI") of certain corporations with average annual AFSI over a three-year period in excess of $1 billion. The CAMT is effective for tax years beginning after December 31, 2022. The Company does not expect to be subject to the CAMT in 2023.

Schedule of Deferred Tax Assets and Liabilities

The following table sets forth deferred tax assets and liabilities:

			As of December 31,
			2022												2021
									(In thousands)
			Assets						Liabilities						Assets						Liabilities
Accounts receivable			$	20,958					$	—					$	18,612					$	—
Inventories			23,934						—						13,302						—
Depreciation of property, buildings and equipment			—						46,882						—						45,397
Operating leases			169,347						165,200						142,964						141,686
Amortization of intangible assets			—						575,421						—						549,536
Employee benefits			36,548						—						36,410						—
Stock-based compensation			14,090						—						12,281						—
Prepaid royalty payments			14,009						—						34,866						—
Disallowed business interest expense			4,763						—						11,163						—
Tax loss carryforwards			31,956						—						39,876						—
Foreign tax credit carryforwards			52,195						—						51,632						—
Other			37,271						10,488						26,666						8,137
Deferred income taxes before valuation allowance			405,071						797,991						387,772						744,756
Valuation allowance			(33,671)						—						(46,269)						—
Total deferred income taxes			$	371,400					$	797,991					$	341,503					$	744,756

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						2019 and forward
United States — Material States						2017 and forward
Canada						2012 and forward
UK						2017 and forward
Australia						2018 and forward

Summary of Income Tax Contingencies

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

			As of December 31,
			2022						2021						2020
			(In thousands)
Beginning balance January 1			$	107,291					$	68,075					$	54
Additions for current year tax positions			14,403						39,841						14,009
Additions for prior year tax positions			871						8,422						—
Additions for acquired tax positions			5,544						—						68,048
Reductions for prior year tax positions			(1,792)						(3,853)						(43)
Settlements			—						(118)						—
Lapse in statute of limitations			(14,491)						(3,837)						(15,886)
Foreign currency exchange rate changes			(2,558)						(1,239)						1,893
Ending balance December 31			$	109,268					$	107,291					$	68,075

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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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