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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Tax, Domestic and Foreign | The Company's income before income taxes, classified by source of income, was as follows:
| Year Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
U.S. | $ | 370,395 |  |  | $ | 303,337 |  |  | $ | 409,666 |
Outside the U.S. | 25,250 |  |  | 33,619 |  |  | 27,140 |
Income before income taxes | $ | 395,645 |  |  | $ | 336,956 |  |  | $ | 436,806 |
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) | 2024 |  | 2023 |  | 2022
Current tax expense |  |  |  |  |
Federal | $ | 89,716 |  |  | $ | 60,493 |  |  | $ | 103,275 |
State | 21,518 |  |  | 16,890 |  |  | 20,068 |
Foreign | 2,609 |  | 1,593 |  |  | 2,331 |
Deferred tax (benefit) expense |  |  |  |  |
Federal | (18,378) |  |  | (2,022) |  |  | (18,974) |
State | (2,908) |  |  | (1,874) |  |  | (4,163) |
Foreign | 3,423 |  |  | 3,369 |  |  | 2,117 |
Income tax expense | $ | 95,980 |  |  | $ | 78,449 |  |  | $ | 104,654 |
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets were as follows:
| December 31,
(in thousands) | 2024 |  | 2023
Deferred tax assets: |  |  |
Accrued compensation | $ | 20,958 |  |  | $ | 18,325 |
Deferred revenue | 40,946 |  |  | 30,007 |
Receivable, net | 12,345 |  |  | 12,460 |
Tax credits | 24,663 |  |  | 19,194 |
Operating lease liabilities | 28,455 |  |  | 28,673 |
Partnership interests | 5,130 |  |  | 5,516 |
Capitalized research and experimental expenditures | 44,946 |  |  | 30,781 |
Foreign net operating losses | 7,870 |  |  | 7,564 |
Non-U.S. intellectual property | 11,333 |  |  | 15,149 |
Other | 7,235 |  |  | 6,588 |
Total gross deferred tax assets | 203,881 |  |  | 174,257 |
Less: Valuation allowance | (29,660) |  |  | (24,228) |
Deferred tax assets | $ | 174,221 |  |  | $ | 150,029 |
Deferred tax liabilities: |  |  |
Property, equipment and intangible assets | $ | (42,895) |  |  | $ | (36,386) |
Operating lease ROU assets | (20,016) |  |  | (21,379) |
Other | (3,002) |  |  | (2,729) |
Deferred tax liabilities | (65,913) |  |  | (60,494) |
Net deferred tax assets | $ | 108,308 |  |  | $ | 89,535 |
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,
| 2024 |  | 2023 |  | 2022
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 3.5 | % |  | 3.2 | % |  | 3.0 | %
Expenses related to foreign operations | 0.7 | % |  | 0.3 | % |  | 0.1 | %
Expenses related to compensation, net | 1.3 | % |  | 1.0 | % |  | 1.0 | %
Unrecognized tax positions | (0.8) | % |  | 0.5 | % |  | 0.2 | %
Tax credits | (2.4) | % |  | (2.4) | % |  | (1.5) | %
Valuation allowance | 0.6 | % |  | 0.6 | % |  | 0.5 | %
Other | 0.4 | % |  | (0.9) | % |  | (0.3) | %
Effective income tax rate | 24.3 | % |  | 23.3 | % |  | 24.0 | %
Schedule of Reconciliation of the Beginning and Ending Amounts of the Unrecognized Tax Benefits | The following table presents a reconciliation of the beginning and ending amounts of the unrecognized tax benefits:
(in thousands) | 2024 |  | 2023 |  | 2022 |
Balance, January 1 | $ | 13,434 |  |  | $ | 11,876 |  |  | $ | 11,147 |  |
Changes for tax positions of prior years | (776) |  |  | 2,338 |  |  | (31) |  |
Increases for tax positions related to the current year | 1,516 |  |  | 1,670 |  |  | 1,650 |  |
Settlements and lapsing of statutes of limitations | (7,260) |  |  | (2,450) |  |  | (890) |  |
Balance, December 31 | $ | 6,914 |  |  | $ | 13,434 |  |  | $ | 11,876 |  |

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