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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Provision

Income Tax Provision consisted of the following expense/(benefit) components for the years ended December 31: 

(in thousands)						2022						2021						2020
Current:
Federal						$	77,954					$	73,351					$	76,936
State						11,842						8,628						11,759
Foreign						580						2,970						3,171
Total Current						90,376						84,949						91,866
Deferred:
Federal						(1,589)						3,457						9,991
State						(256)						1,421						2,365
Foreign						(16,873)						14,155						5,813
Total Deferred						(18,718)						19,033						18,169
Total						$	71,658					$	103,982					$	110,035

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the statutory income tax rate and the effective tax rate consisted of the following for the years ended December 31: 

						2022						2021						2020
Expected Federal Statutory Income Tax Rate						21.0		%				21.0		%				21.0		%
Increase/(Decrease):
State and Local Income Taxes, net of Federal Benefit						2.9						1.9						2.4
Foreign Income Taxes						(1.8)						3.6						0.8
Non-Deductible Executive Compensation						1.2						1.2						0.8
Other						0.1						(0.1)						(0.3)
Effective Tax Rate						23.4		%				27.6		%				24.7		%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities consisted of the following at December 31:

(in thousands)						2022						2021
Deferred Tax Assets
Tax Net Operating Loss Carryforwards						$	69,634					$	71,492
Lease Liability						25,630						30,289
Compensation and Related						18,267						21,457
Other						5,619						1,125
Total Deferred Tax Assets						119,150						124,363
Valuation Allowance						(52,432)						(59,250)
Total Deferred Tax Asset, net of Valuation Allowance						$	66,718					$	65,113
Deferred Tax Liabilities
Intangible Assets						$	217,963					$	232,702
Right-of-Use Asset						23,201						27,983
Property and Equipment						5,790						3,783
Other						174						5,851
Total Gross Deferred Tax Liability						$	247,128					$	270,319
Net Deferred Tax Liability						$	180,410					$	205,206

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- 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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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