Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Components Of Income Before Income Taxes

Income before income tax provision included the following components:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Domestic	$	544,979	$	458,581	$	504,797
Foreign	173,059		133,557		70,518
Total	$	718,038	$	592,138	$	575,315

Components Of Provision For Income Taxes

The provision for income taxes was composed of the following:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Current:
Federal	$	144,537	$	115,942	$	103,007
State	20,265		11,759		11,286
Foreign	57,947		55,332		68,028
Deferred:
Federal	(78,139)		(79,251)		(94,398)
State	(6,318)		(8,145)		(9,647)
Foreign	4,054		(3,911)		(26,671)
Total	$	142,346	$	91,726	$	51,605

Reconciliation Of U.S. Federal Statutory Tax Rate To Consolidated Effective Tax Rate

The reconciliation of the U.S. federal statutory tax rate to the consolidated effective tax rate was as follows:

	Year Ended December 31,
	2024		2023		2022
Federal statutory tax rate	21.0	%	21.0	%	21.0	%
Nondeductible expenses	3.5		2.1		2.3
State income taxes, net of federal benefit	1.5		0.6		0.9
Foreign rate differential	0.7		0.4		—
Stock-based compensation	0.3		—		(1.5)
U.S. federal tax (benefit) expense on foreign earnings	0.1		(1.2)		(2.4)
Benefit from tax planning and entity structuring activities	—		(0.3)		(2.5)
Research and development credits	(3.0)		(3.2)		(3.2)
Foreign-derived intangible income deduction	(4.2)		(4.1)		(5.7)
Other	(0.1)		0.2		0.1
	19.8	%	15.5	%	9.0	%

Components Of Deferred Tax Assets And Liabilities

The components of deferred tax assets and liabilities are as follows:

	December 31,
(in thousands)	2024		2023
Deferred tax assets:
Research and experimentation capitalization	$	211,192	$	148,355
Uncertain tax positions	55,583		52,685
Net operating loss carryforwards	31,304		34,907
Stock-based compensation	29,712		33,473
Operating lease liabilities	24,967		28,380
Debt obligation basis difference	20,289		30,289
Employee benefits	12,066		13,662
Other	13,459		9,752
Valuation allowance	(16,892)		(17,608)
Total deferred tax assets	381,680		333,895
Deferred tax liabilities:
Other intangible assets	(177,270)		(202,404)
Operating lease right-of-use assets	(23,407)		(26,878)
Deferred revenue	(11,367)		(12,080)
Property and equipment	(3,034)		(3,607)
Other	—		—
Total deferred tax liabilities	(215,078)		(244,969)
Net deferred tax assets	$	166,602	$	88,926

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a reconciliation of the total amounts of unrecognized tax benefits:

	Year Ended December 31,
(in thousands)	2024		2023		2022
Unrecognized tax benefit as of January 1	$	54,884	$	45,772	$	39,641
Gross changes—acquisitions	—		—		—
Gross increases—tax positions in prior period	146		—		403
Gross decreases—tax positions in prior period	(267)		(1,782)		(2,780)
Gross increases—tax positions in current period	12,302		14,814		13,905
Reductions due to a lapse of the applicable statute of limitations	(2,998)		(3,236)		(3,743)
Changes due to currency fluctuation	(6,516)		(684)		(1,654)
Settlements	—		—		—
Unrecognized tax benefit as of December 31	$	57,551	$	54,884	$	45,772