Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
	2019			2018			2017
	(In thousands)
Current:
Federal	$	28,928		$	31,617		$	36,045
State and local		7,686			5,928			3,848
Foreign		13,234			8,862			7,234
Total current provision		49,848			46,407			47,127
Deferred:
Federal		2,579			(1,416	)		6,171
State and local		403			(272	)		661
Foreign		(308	)		515			(280	)
Total deferred provision		2,674			(1,173	)		6,552
Provision for income taxes	$	52,522		$	45,234		$	53,679

Difference Between the Company's Reported Provision for Income Taxes and the U.S. Federal Statutory Rate

The difference between the Company’s reported provision for income taxes and the U.S. federal statutory rate of 21% is as follows:

	Year Ended December 31,
	2019				2018				2017
U.S. federal tax at statutory rate		21.0		%		21.0		%		35.0		%
State and local taxes - net of federal benefit		2.5				2.0				1.5
Credits and deductions related to research activities		(0.3	)			(0.3	)			(1.2	)
Foreign rate differential benefit		(0.5	)			(0.5	)			(2.9	)
Excess tax benefit from stock-based compensation		(3.5	)			(2.1	)			(11.6	)
Tax Cuts and Jobs Act provisional tax charge		—				(0.2	)			5.8
Other, net		1.2				0.8				—
Provision for income taxes		20.4		%		20.7		%		26.6		%

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,
	2019			2018
	(In thousands)
Deferred tax assets:
Stock compensation expense	$	4,926		$	4,967
Operating lease liabilities		20,227			—
Other		892			3,569
Total deferred tax assets		26,045			8,536
Valuation allowance		—			—
Net deferred tax assets		26,045			8,536
Deferred tax liabilities:
Depreciation and amortization		(4,085	)		(1,847	)
Capitalized software development costs		(5,306	)		(3,776	)
Goodwill and intangible assets		(1,120	)		(898	)
Operating lease right-of-use assets		(16,515	)		—
Deferred tax (liability) asset, net	$	(981	)	$	2,015

Summary of Changes in Valuation Allowance

A summary of the changes in the valuation allowance is as follows:

	Year Ended December 31,
	2019		2018			2017
	(In thousands)
Valuation allowance at beginning of year	$	—	$	4,648		$	7,235
(Decrease) to valuation allowance attributable to:
Expiration of capital loss carryforwards		—		(4,648	)		—
Federal and state tax rate changes		—		—			(2,587	)
Valuation allowance at end of year	$	—	$	—		$	4,648

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
	2019		2018		2017
	(In thousands)
Balance at beginning of year	$	4,718	$	2,650	$	29
Additions attributable to state and local apportionment		2,113		2,068		2,650
Reductions for tax positions of prior years		—		—		(29	)
Balance at end of year	$	6,831	$	4,718	$	2,650