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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Components Of Income Before Income Taxes | Income before income taxes consisted of the following:
| Year ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
United States | $ | (163,014) |  |  | $ | 178,235 |  |  | $ | 194,770 |
Foreign | (138,067) |  |  | 38,281 |  |  | 43,849 |
Total | $ | (301,081) |  |  | $ | 216,516 |  |  | $ | 238,619 |
Components Of Income Tax Expense (Benefit) | Income taxes from continuing operations consisted of the following for the years ended December 31:
(In thousands) | United States |  | State and Local |  | Foreign |  | Total
2020 |  |  |  |  |  |  |
Current | $ | (7,546) |  |  | $ | 2,509 |  |  | $ | 13,782 |  |  | $ | 8,745 |
Deferred | $ | (22,568) |  |  | $ | (4,943) |  |  | $ | (1,831) |  |  | $ | (29,342) |
Income taxes |  |  |  |  |  |  | $ | (20,597) |
2019 |  |  |  |  |  |  |
Current | $ | 20,748 |  |  | $ | 4,486 |  |  | $ | 16,322 |  |  | $ | 41,556 |
Deferred | $ | 19,946 |  |  | $ | 3,831 |  |  | $ | (4,110) |  |  | $ | 19,667 |
Income taxes |  |  |  |  |  |  | $ | 61,223 |
2018 |  |  |  |  |  |  |
Current | $ | 16,027 |  |  | $ | 3,566 |  |  | $ | 17,916 |  |  | $ | 37,509 |
Deferred | $ | 29,520 |  |  | $ | 8,016 |  |  | $ | (6,202) |  |  | $ | 31,334 |
Income taxes |  |  |  |  |  |  | $ | 68,843 |
Reconciliation Of Provision Of Income Taxes | The reconciliation between the income tax computed by applying the U.S. federal statutory rate and the reported effective tax rate on income from continuing operations is as follows:
| Year ended December 31,
(In thousands except for tax rates) | 2020 |  | 2019 |  | 2018
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes (net of federal income tax benefit) | 1.6 |  |  | 1.4 |  |  | 2.2 |
Foreign income tax rate differential | 3.3 |  |  | 0.8 |  |  | 1.1 |
Revaluation of deferred tax assets for foreign and state tax rate changes, net | (1.9) |  |  | (1.0) |  |  | (1.3) |
Loss on sale of subsidiary | (2.3) |  |  | — |  |  | — |
Legal settlement | (5.1) |  |  | — |  |  | — |
Purchase accounting adjustments | 4.3 |  |  | — |  |  | — |
Research and development credit | — |  |  | (0.5) |  |  | (0.2) |
Tax reserves | (0.1) |  |  | 0.8 |  |  | 2.0 |
Withholding taxes | (0.1) |  |  | 0.7 |  |  | 0.2 |
2017 Tax Act | — |  |  | — |  |  | (0.2) |
Change in valuation allowance | (13.5) |  |  | 3.1 |  |  | 4.5 |
Nondeductible expenses | (1.6) |  |  | 2.3 |  |  | 1.4 |
Incremental tax benefit from share-based compensation awards | 0.2 |  |  | (2.0) |  |  | (1.7) |
GILTI | — |  |  | 0.5 |  |  | 0.8 |
Other | 1.0 |  |  | 1.2 |  |  | (0.9) |
Effective tax rate | 6.8 | % |  | 28.3 | % |  | 28.9 | %
Deferred Tax Assets And Liabilities | The tax effects of temporary differences in the recognition of income and expense for tax and financial reporting purposes that give rise to significant portions of the deferred tax assets and liabilities are presented below:
| December 31,
(In thousands) | 2020 |  | 2019
Deferred tax assets related to: |  |  |
Reserve for credit losses | $ | 14,484 |  |  | $ | 11,831 |
Tax credit carryforwards | 1,371 |  |  | 2,570 |
Stock-based compensation, net | 21,376 |  |  | 16,070 |
Net operating loss carry forwards | 45,612 |  |  | 49,464 |
Capital loss carry forwards | 28,211 |  |  | — |
Accruals | 29,477 |  |  | 18,934 |
Operating lease liabilities | 24,142 |  |  | 18,892 |
Other | 9,013 |  |  | 4,283 |
Total | $ | 173,686 |  |  | $ | 122,044 |
Deferred tax liabilities related to: |  |  |
Deferred financing costs | $ | (13,590) |  |  | $ | (1,090) |
Property, equipment and capitalized software | (34,232) |  |  | (35,273) |
Intangibles | (247,361) |  |  | (243,229) |
Operating lease assets | (20,425) |  |  | (15,602) |
Other liabilities | (107) |  |  | (86) |
Total | $ | (315,715) |  |  | $ | (295,280) |
Valuation allowance | (60,569) |  |  | (32,671) |
Deferred income taxes, net | $ | (202,598) |  |  | $ | (205,907) |
Net Deferred Tax Assets By Jurisdiction | Net deferred tax (liabilities) assets by jurisdiction are as follows:
| December 31,
(In thousands) | 2020 |  | 2019
United States | $ | (201,739) |  |  | $ | (217,927) |
Australia | 4,009 |  |  | (795) |
Europe | 14,839 |  |  | 5,645 |
New Zealand | 123 |  |  | 237 |
Singapore | (19,863) |  |  | — |
Mexico | 6 |  |  | — |
Brazil | — |  |  | 6,820 |
Canada | 27 |  |  | 113 |
Deferred income taxes, net | $ | (202,598) |  |  | $ | (205,907) |
Reconciliation Of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits excluding interest and penalties is as follows:
| Year ended December 31,
(In thousands) | 2020 |  | 2019 |  | 2018
Beginning balance | $ | 10,320 |  |  | $ | 8,996 |  |  | $ | 5,898 |
Increases related to prior year tax positions | — |  |  | 1,727 |  |  | 4,831 |
Increases related to current year tax positions | — |  |  | — |  |  | — |
Decreases related to prior year tax positions | (826) |  |  | (39) |  |  | — |
Settlements | (5,361) |  |  | (364) |  |  | (1,733) |
Ending balance | $ | 4,133 |  |  | $ | 10,320 |  |  | $ | 8,996 |

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