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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Provision for Income Tax | The continuing operations income tax (expense) benefit consisted of the following (in thousands):
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | (42,698) |  |  | $ | 8,435 |  |  | $ | (15,112) |
State | (12,184) |  |  | 248 |  |  | (4,300) |
Foreign | (16,066) |  |  | (15,931) |  |  | (18,631) |
Total current | (70,948) |  |  | (7,248) |  |  | (38,043) |
Deferred: |  |  |  |  |
Federal | 12,667 |  |  | 17,132 |  |  | 6,022 |
State | (1,577) |  |  | 5,044 |  |  | 67 |
Foreign | 1,901 |  |  | (729) |  |  | (6,396) |
Total deferred | 12,991 |  |  | 21,447 |  |  | (307) |
Income tax (expense) benefit from continuing operations | $ | (57,957) |  |  | $ | 14,199 |  |  | $ | (38,350) |
Reconciliation of Statutory Federal Income Tax Rate with Effective Income Tax Rate | A reconciliation of the statutory federal income tax rate with the Company’s continuing operations effective income tax rate is as follows:
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net | 5.0 |  |  | (1.3) |  |  | 1.8 |
Foreign rate differential | 1.0 |  |  | (0.3) |  |  | 2.8 |
Foreign income inclusion | 5.4 |  |  | 0.7 |  |  | 5.2 |
Foreign tax credit | (5.1) |  |  | (0.8) |  |  | (4.3) |
Reserve for uncertain tax positions | (3.2) |  |  | (2.4) |  |  | 11.5 |
Valuation allowance | — |  |  | (1.7) |  |  | 9.9 |
Impact on deferred taxes of enacted tax law and rate changes | 1.4 |  |  | (0.5) |  |  | 3.3 |
Tax credits and incentives | (5.0) |  |  | (1.5) |  |  | (7.2) |
Mark-to market on investment in Consensus | 22.1 |  |  | (18.0) |  |  | — |
Return to provision adjustments | 1.1 |  |  | 0.5 |  |  | 2.4 |
Executive compensation | 1.5 |  |  | 0.7 |  |  | 2.7 |
Other | (1.0) |  |  | (0.4) |  |  | (0.2) |
Effective tax rates | 44.2 | % |  | (4.0) | % |  | 48.9 | %
Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Temporary differences and carryforwards which give rise to deferred tax assets and liabilities from continuing operations are as follows (in thousands):
| Years Ended December 31,
| 2022 |  | 2021
Deferred tax assets: |  |  |
Net operating loss and other carryforwards | $ | 19,513 |  |  | $ | 28,393 |
Tax credit carryforwards | 4,222 |  |  | 2,801 |
Accrued expenses | 10,702 |  |  | 12,548 |
Allowance for bad debt | 1,445 |  |  | 2,116 |
Share-based compensation expense | 3,885 |  |  | 3,545 |
Operating lease liabilities | 16,756 |  |  | 21,771 |
Basis difference in fixed assets | 14,642 |  |  | — |
Deferred revenue | 2,994 |  |  | 4,331 |
State taxes | 4,447 |  |  | 3,771 |
Other | 3,920 |  |  | 4,351 |
| 82,526 |  |  | 83,627 |
Less: valuation allowance | (1,699) |  |  | (1,812) |
Total deferred tax assets | $ | 80,827 |  |  | $ | 81,815 |
Deferred tax liabilities: |  |  |
Basis difference in property and equipment | $ | — |  |  | $ | (8,337) |
Operating lease right-of-use assets | (14,008) |  |  | (16,696) |
Basis difference in intangible assets | (101,797) |  |  | (117,244) |
Unrealized gains on investments | (24,123) |  |  | (11,291) |
Prepaid insurance | (2,744) |  |  | (3,121) |
Convertible debt | — |  |  | (21,972) |
Other | (8,639) |  |  | (6,219) |
Total deferred tax liabilities | (151,311) |  |  | (184,880) |
Net deferred tax liabilities | $ | (70,484) |  |  | $ | (103,065) |
Reconciliation of Unrecognized Tax Benefits | The aggregate changes in the balance of unrecognized tax benefits, which excludes interest and penalties, for 2022, 2021 and 2020, is as follows (in thousands):
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning balance | $ | 39,527 |  |  | $ | 46,032 |  |  | $ | 43,687 |
Increases related to tax positions during a prior year | — |  |  | 3,448 |  |  | 3,953 |
Decreases related to tax positions taken during a prior year | (2,816) |  |  | (5,511) |  |  | (244) |
Increases related to tax positions taken in the current year | 819 |  |  | 4,675 |  |  | 4,264 |
Settlements | — |  |  | — |  |  | (5,628) |
Decreases related to expiration of statute of limitations | (3,322) |  |  | (9,117) |  |  | — |
Ending balance | $ | 34,208 |  |  | $ | 39,527 |  |  | $ | 46,032 |
Summary of Valuation Allowance on Deferred Tax Assets From Continuing Operations | The rollforward of the valuation allowance on the deferred tax assets from continuing operations is as follows (in thousands):
| Year ended December 31,
| 2022 |  | 2021 |  | 2020
Beginning balance | $ | 1,812 |  |  | $ | 8,262 |  |  | $ | 563 |
Charges to costs and expenses | — |  |  | 178 |  |  | 9,456 |
Write-offs and recoveries | (113) |  |  | (6,628) |  |  | (1,757) |
Ending balance | $ | 1,699 |  |  | $ | 1,812 |  |  | $ | 8,262 |

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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 https://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 https://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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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