XML 60 R43.htm IDEA: XBRL DOCUMENT

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Income Before Provision of Income Taxes

Income before provision for income taxes based on geographic location is disclosed in the table below:


	For the Years Ended December 31,
	2022		2021		2020
Income before provision for income taxes:
United States	$	78,564	$	128,498	$	100,411
Foreign	428,694		404,894		278,068
Total	$	507,258	$	533,392	$	378,479

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:


	For the Years Ended December 31,
	2022		2021		2020
Current
Federal	$	20,044	$	22,742	$	19,249
State	10,116		6,735		7,022
Foreign	99,847		69,162		45,042
Deferred
Federal	(26,379)		(40,421)		(16,235)
State	(3,483)		(2,576)		(1,682)
Foreign	(12,303)		(3,902)		(2,077)
Total	$	87,842	$	51,740	$	51,319

Schedule of Effective Tax Rate Reconciliation

The reconciliation of the provision for income taxes at the federal statutory income tax rate to the Company’s effective income tax rate is as follows:


	For the Years Ended December 31,
	2022		2021		2020
Provision for income taxes at federal statutory rate	$	106,514	$	112,016	$	79,481
Increase/(decrease) in taxes resulting from:
GILTI and BEAT U.S. taxes	355		229		191
Excess tax benefits relating to stock-based compensation	(35,119)		(71,628)		(36,646)
Foreign tax expense and tax rate differential	4,902		(206)		(387)
Effect of permanent differences	7,812		4,756		3,507
State taxes, net of federal benefit	9,323		9,192		5,323
Stock-based compensation expense	3,869		1,102		44
Impact of election to change entity classification	(8,264)		—		—
Tax credits	(2,876)		(4,100)		—
Other	1,326		379		(194)
Provision for income taxes	$	87,842	$	51,740	$	51,319

Schedule of Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:


	As of December 31, 2022		As of December 31, 2021
Deferred tax assets:
Property and equipment	$	11,587	$	10,561
Accrued expenses	87,816		83,416
Accrued sales discounts	9,185		7,338
Stock-based compensation	33,078		31,959
Operating lease liabilities	43,662		52,806
R&D capitalization	36,915		—
Deferred consideration	14,030		—
Foreign currency exchange	11,284		11,750
Other	19,955		21,583
Deferred tax assets	$	267,512	$	219,413
Less: valuation allowance	(6,728)		(4,538)
Total deferred tax assets	$	260,784	$	214,875

Deferred tax liabilities:
Property and equipment	$	15,324	$	1,095
Intangible assets	24,523		26,124
Operating lease right-of-use assets	42,211		51,871
U.S. taxation of foreign subsidiaries	11,465		3,770
Other	7,232		6,402
Total deferred tax liabilities	$	100,755	$	89,262
Net deferred tax assets	$	160,029	$	125,613

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending balances of the gross unrecognized tax benefits changes for the years ended December 31, 2022, December 31, 2021 and December 31, 2020 are as follows:


	For the Years Ended December 31,
	2022		2021		2020
Beginning Balance	$	8,155	$	3,317	$	2,914
Increases in tax positions from current year	4,739		5,310		902
Increases in tax positions from acquisitions	393		—		—
Increases in tax positions from prior years	2,447		1,350		—
Decreases in tax positions from prior years	(6,945)		—		—
Decreases due to lapse of statute of limitations	(1,121)		(1,298)		(528)
Currency	197		(524)		29
Ending Balance	$	7,865	$	8,155	$	3,317