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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Earning Before IncomeTaxes and Related Income Tax Expenses

The following table presents the U.S. and foreign components of earnings before income taxes and the related income tax expense (in thousands):

			Years Ended December 31,
			2021						2020						2019
Earnings before income taxes:
United States			$	200,657					$	154,788					$	142,410
Foreign			91,900						73,664						69,306
			$	292,557					$	228,452					$	211,716
Income tax expense:
Current:
U.S. Federal			$	29,478					$	38,732					$	20,254
U.S. State and local			7,391						8,203						5,457
Foreign			24,485						22,123						19,180
			61,354						69,058						44,891
Deferred:
U.S. Federal			11,104						(10,048)						9,180
U.S. State and local			3,239						(1,779)						1,210
Foreign			(2,485)						(1,419)						(2,972)
			11,858						(13,246)						7,418
			$	73,212					$	55,812					$	52,309

Schedule Reconciles Difference Between U.S. Federal Income Taxes at U.S. Statutory Rate and Our Income Tax Expense

The following schedule reconciles the differences between the U.S. federal income taxes at the U.S. statutory rate and our income tax expense (dollars in thousands):

			2021												2020												2019
Statutory federal income tax rate			$	61,437					21.0%						$	47,975					21.0%						$	44,460					21.0%
State income tax expense, net of federal income tax benefit			10,666						3.6						6,280						2.7						7,239						3.4
Audits and adjustments, net			2,131						0.7						662						0.3						2,556						1.2
Change in valuation allowances			1,317						0.5						476						0.2						(2,739)						(1.3)
Foreign income taxed at different rates			4,308						1.5						3,825						1.7						4,024						1.9
Research and development credits			(4,352)						(1.5)						(1,858)						(0.8)						(5,438)						(2.6)
Other, net			(2,295)						(0.8)						(1,548)						(0.7)						2,207						1.1
Effective tax rate			$	73,212					25.0%						$	55,812					24.4%						$	52,309					24.7%

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows (in thousands):

			December 31,
			2021						2020
Deferred tax assets:
Net operating losses			$	25,791					$	27,453
Foreign tax credits			13,518						16,027
Other			27,445						25,786
Gross deferred tax assets			66,754						69,266
Valuation allowances			(36,948)						(40,098)
Total deferred tax assets			29,806						29,168
Deferred tax liabilities:
Goodwill and other intangibles			(49,987)						(48,831)
Property and equipment			(19,351)						(6,715)
Other			(1,852)						(2,540)
Total deferred tax liabilities			(71,190)						(58,086)
Net deferred tax liabilities			$	(41,384)					$	(28,918)

Net Non-Current Deferred Tax Assets and Liabilities

The net non-current deferred tax assets and liabilities are as follows (in thousands):

			December 31,
			2021						2020
Net non-current deferred tax assets, which are included in "Other assets"			$	5,689					$	4,291
Net non-current deferred tax liabilities			(47,073)						(33,209)
Net deferred tax liabilities			$	(41,384)					$	(28,918)

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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.

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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.

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-Publisher FASB
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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.

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-SubTopic 10
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