Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2022			2021		2020
	(In thousands)
Current:
Federal	$	52,865		$	36,661	$	30,215
State and local		20,716			17,238		19,130
Foreign		21,030			19,018		15,538
Total current provision		94,611			72,917		64,883
Deferred:
Federal		(5,830	)		2,249		7,474
State and local		(1,350	)		778		1,439
Foreign		633			91		1,186
Total deferred provision		(6,547	)		3,118		10,099
Provision for income taxes	$	88,064		$	76,035	$	74,982

Difference between the U.S. federal statutory tax rate and the Company's effective tax rate

The difference between the U.S. federal statutory tax rate of 21% and the Company's effective tax rate is as follows:

	Year Ended December 31,
	2022				2021				2020
U.S. federal statutory tax rate		21.0		%		21.0		%		21.0		%
State and local taxes - net of federal benefit		4.6				4.4				4.4
Credits and deductions related to research activities		(0.4	)			(0.4	)			(0.3	)
Foreign rate differential benefit		(0.1	)			(0.2	)			(0.4	)
Excess tax benefit from stock-based compensation		(0.1	)			(2.9	)			(5.4	)
Other, net		1.0				0.9				0.7
Effective tax rate		26.0		%		22.8		%		20.0		%

Summary of Company's Net Deferred Tax Assets

The following is a summary of the Company’s net deferred tax assets:

	As of December 31,
	2022			2021
	(In thousands)
Deferred tax assets:
Stock compensation expense	$	3,451		$	2,683
Operating lease liabilities		17,842			18,688
Deferred Compensation		2,425			2,876
Other		1,774			128
Total deferred tax assets		25,492			24,375
Valuation allowance		—			—
Net deferred tax assets		25,492			24,375
Deferred tax liabilities:
Depreciation		(9,956	)		(9,847	)
Capitalized software development costs		(3,923	)		(9,417	)
Goodwill and intangible assets		(4,829	)		(4,311	)
Operating lease right-of-use assets		(14,176	)		(14,940	)
Deferred tax (liability) asset, net	$	(7,392	)	$	(14,140	)

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
	2022			2021			2020
	(In thousands)
Balance at beginning of year	$	15,089		$	16,317		$	6,831
Increases based on tax positions related to the current period		—			—			—
Increases based on tax positions related to prior periods		160			—			9,486
(Decreases) based on tax positions related to prior periods		—			(1,228	)		—
(Decreases) related to cash settlements with taxing authorities		(5,414	)		—			—
Balance at end of year	$	9,835		$	15,089		$	16,317