XML 64 R50.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax, Domestic and Foreign | The total income before income taxes, classified by source of income, was as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
U.S. | $ | 303,337 |  |  | $ | 409,666 |  |  | $ | 355,408 |
Outside the U.S. | 33,619 |  |  | 27,140 |  |  | 21,084 |
Income before income taxes | $ | 336,956 |  |  | $ | 436,806 |  |  | $ | 376,492 |
Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes, classified by the timing and the location of payment, was as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current tax expense |  |  |  |  |
Federal | $ | 60,493 |  |  | $ | 103,275 |  |  | $ | 71,573 |
State | 16,890 |  |  | 20,068 |  |  | 15,605 |
Foreign | 1,593 |  | 2,331 |  |  | 1,041 |
Deferred tax (benefit) expense |  |  |  |  |
Federal | (2,022) |  |  | (18,974) |  |  | (2,690) |
State | (1,874) |  |  | (4,163) |  |  | (1,254) |
Foreign | 3,369 |  |  | 2,117 |  |  | 3,260 |
Income tax expense | $ | 78,449 |  |  | $ | 104,654 |  |  | $ | 87,535 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets were as follows:
| December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Accrued compensation | $ | 18,325 |  |  | $ | 17,044 |
Deferred revenue | 30,007 |  |  | 46,758 |
Receivable, net | 12,460 |  |  | 8,599 |
Tax credits | 19,194 |  |  | 16,379 |
Operating lease liabilities | 28,673 |  |  | 19,715 |
Partnership interests | 5,516 |  |  | 3,948 |
Foreign net operating losses | 7,564 |  |  | 8,245 |
Non-U.S. intellectual property | 15,149 |  |  | 17,642 |
Other | 6,588 |  |  | 5,589 |
Total gross deferred tax assets | 143,476 |  |  | 143,919 |
Less: Valuation allowance | (24,228) |  |  | (21,402) |
Deferred tax assets | $ | 119,248 |  |  | $ | 122,517 |
Deferred tax liabilities: |  |  |
Property, equipment and intangible assets | $ | (5,605) |  |  | $ | (15,585) |
Operating lease ROU assets | (21,379) |  |  | (17,703) |
Other | (2,729) |  |  | (1,047) |
Deferred tax liabilities | (29,713) |  |  | (34,335) |
Net deferred tax assets | $ | 89,535 |  |  | $ | 88,182 |
Schedule of Effective Income Tax Rate Reconciliation | The following table presents a reconciliation of the statutory United States federal income tax rate to the effective income tax rate for continuing operations:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 3.2 | % |  | 3.0 | % |  | 3.1 | %
Benefits related to foreign operations | 0.3 | % |  | 0.1 | % |  | (0.2) | %
Expenses (benefits) related to compensation, net | 1.0 | % |  | 1.0 | % |  | 0.5 | %
Unrecognized tax positions | 0.5 | % |  | 0.2 | % |  | 0.2 | %
International Reorganization | — | % |  | — | % |  | 1.1 | %
Tax credits | (2.4) | % |  | (1.5) | % |  | (1.8) | %
Valuation allowance | 0.6 | % |  | 0.5 | % |  | (0.2) | %
Other | (0.9) | % |  | (0.3) | % |  | (0.4) | %
Effective income tax rate | 23.3 | % |  | 24.0 | % |  | 23.3 | %
Schedule of Reconciliation of Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of the unrecognized tax benefits:
(in thousands) | 2023 |  | 2022 |  | 2021 |
Balance, January 1 | $ | 11,876 |  |  | $ | 11,147 |  |  | $ | 10,193 |  |
Changes for tax positions of prior years | 2,338 |  |  | (31) |  |  | 156 |  |
Increases for tax positions related to the current year | 1,670 |  |  | 1,650 |  |  | 1,618 |  |
Settlements and lapsing of statutes of limitations | (2,450) |  |  | (890) |  |  | (820) |  |
Balance, December 31 | $ | 13,434 |  |  | $ | 11,876 |  |  | $ | 11,147 |  |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration