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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components Of Income Before Income Taxes | Income before income taxes consisted of the following:
| Year ended December 31,
(In thousands) | 2021 |  | 2020 |  | 2019
United States | $ | 194,358 |  |  | $ | (163,014) |  |  | $ | 178,235 |
Foreign | 9,588 |  |  | (138,067) |  |  | 38,281 |
Total | $ | 203,946 |  |  | $ | (301,081) |  |  | $ | 216,516 |
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
2021 |  |  |  |  |  |  |
Current | $ | 37,001 |  |  | $ | 7,104 |  |  | $ | 10,824 |  |  | $ | 54,929 |
Deferred | $ | (7,374) |  |  | $ | 6,448 |  |  | $ | 13,804 |  |  | $ | 12,878 |
Income taxes |  |  |  |  |  |  | $ | 67,807 |
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 |
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) | 2021 |  | 2020 |  | 2019
Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes (net of federal income tax benefit) | 2.9 |  |  | 1.6 |  |  | 1.4 |
Foreign income tax rate differential | 1.3 |  |  | 3.3 |  |  | 0.8 |
Revaluation of deferred tax assets for foreign and state tax rate changes, net | 0.3 |  |  | (1.9) |  |  | (1.0) |
Loss on sale of subsidiary | — |  |  | (2.3) |  |  | — |
Legal settlement | — |  |  | (5.1) |  |  | — |
Purchase accounting adjustments 1 | — |  |  | 4.3 |  |  | — |
Tax credits | (6.2) |  |  | — |  |  | (0.5) |
Tax reserves | 0.5 |  |  | (0.1) |  |  | 0.8 |
Withholding taxes | — |  |  | (0.1) |  |  | 0.7 |
Change in valuation allowance | 16.1 |  |  | (13.5) |  |  | 3.1 |
Nondeductible expenses | 3.2 |  |  | (1.6) |  |  | 2.3 |
Incremental tax benefit from share-based compensation awards | (5.7) |  |  | 0.2 |  |  | (2.0) |
GILTI | — |  |  | — |  |  | 0.5 |
Other | (0.2) |  |  | 1.0 |  |  | 1.2 |
Effective tax rate | 33.2 | % |  | 6.8 | % |  | 28.3 | %
1 Purchase accounting adjustments in 2020 relate to the additional tax basis and attributes for Discovery Benefits and Noventis recognized in the income tax benefit as the respective measurement periods had ended.
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) | 2021 |  | 2020
Deferred tax assets related to: |  |  |
Reserve for credit losses | $ | 14,355 |  |  | $ | 14,484 |
Tax credit carryforwards | 12,480 |  |  | 1,371 |
Stock-based compensation, net | 23,337 |  |  | 21,376 |
Net operating loss carry forwards | 52,820 |  |  | 45,612 |
Capital loss carry forwards | 26,628 |  |  | 28,211 |
Accruals | 42,669 |  |  | 29,477 |
Operating lease liabilities | 23,155 |  |  | 24,142 |
Deferred financing costs | 4,364 |  |  | — |
Contractual obligations | 16,891 |  |  | — |
Other | 4,325 |  |  | 9,013 |
Total | $ | 221,024 |  |  | $ | 173,686 |
Deferred tax liabilities related to: |  |  |
Deferred financing costs | $ | — |  |  | $ | (13,590) |
Property, equipment and capitalized software | (33,903) |  |  | (34,232) |
Intangibles | (260,365) |  |  | (247,361) |
Operating lease assets | (19,135) |  |  | (20,425) |
Other liabilities | — |  |  | (107) |
Total | $ | (313,403) |  |  | $ | (315,715) |
Valuation allowance | (94,951) |  |  | (60,569) |
Deferred income taxes, net | $ | (187,330) |  |  | $ | (202,598) |
Net Deferred Tax Assets By Jurisdiction | Net deferred tax (liabilities) assets by jurisdiction are as follows:
| December 31,
(In thousands) | 2021 |  | 2020
United States | $ | (187,978) |  |  | $ | (201,739) |
Australia | 1,290 |  |  | 4,009 |
Europe | 4,151 |  |  | 14,839 |
Singapore | (4,978) |  |  | (19,863) |
Other | 185 |  |  | 156 |
Deferred income taxes, net | $ | (187,330) |  |  | $ | (202,598) |
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) | 2021 |  | 2020 |  | 2019
Beginning balance | $ | 4,133 |  |  | $ | 10,320 |  |  | $ | 8,996 |
Increases related to prior year tax positions | 830 |  |  | — |  |  | 1,727 |
Decreases related to prior year tax positions | — |  |  | (826) |  |  | (39) |
Settlements | — |  |  | (5,361) |  |  | (364) |
Ending balance | $ | 4,963 |  |  | $ | 4,133 |  |  | $ | 10,320 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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