INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022		2021
Income before provision for income taxes:
United States	$	210,875	$	78,564	$	128,498
Foreign	325,710		428,694		404,894
Total	$	536,585	$	507,258	$	533,392

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:


	For the Years Ended December 31,
	2023		2022		2021
Current
Federal	$	54,763	$	20,044	$	22,742
State	15,922		10,116		6,735
Foreign	86,012		99,847		69,162
Deferred
Federal	(20,519)		(26,379)		(40,421)
State	(5,206)		(3,483)		(2,576)
Foreign	(11,470)		(12,303)		(3,902)
Total	$	119,502	$	87,842	$	51,740

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,
	2023		2022		2021
Provision for income taxes at federal statutory rate	$	112,690	$	106,514	$	112,016
Increase/(decrease) in taxes resulting from:
GILTI and BEAT U.S. taxes	391		355		229
Excess tax benefits relating to stock-based compensation	(19,829)		(35,119)		(71,628)
Foreign tax expense and tax rate differential	5,208		4,902		(206)
Effect of permanent differences	4,210		7,812		4,756
State taxes, net of federal benefit	12,347		9,323		9,192
Stock-based compensation expense	5,869		3,869		1,102
Impact of election to change entity classification	(2,109)		(8,264)		—
Tax credits	(1,824)		(2,876)		(4,100)
Other	2,549		1,326		379
Provision for income taxes	$	119,502	$	87,842	$	51,740

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, 2023		As of December 31, 2022
Deferred tax assets:
Property and equipment	$	13,359	$	11,587
Accrued expenses	77,757		87,816
Accrued sales discounts	11,148		9,185
Stock-based compensation	36,488		33,078
Operating lease liabilities	40,549		43,662
R&D capitalization	77,601		36,915
Deferred consideration	13,762		14,030
Foreign currency exchange	2,688		11,284
Other	27,149		19,955
Deferred tax assets	$	300,501	$	267,512
Less: valuation allowance	(7,622)		(6,728)
Total deferred tax assets	$	292,879	$	260,784

Deferred tax liabilities:
Property and equipment	$	13,590	$	15,324
Intangible assets	27,914		24,523
Operating lease right-of-use assets	39,551		42,211
U.S. taxation of foreign subsidiaries	13,955		11,465
Other	8,711		7,232
Total deferred tax liabilities	$	103,721	$	100,755
Net deferred tax assets	$	189,158	$	160,029

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, 2023, December 31, 2022 and December 31, 2021 are as follows:


	For the Years Ended December 31,
	2023		2022		2021
Beginning Balance	$	7,865	$	8,155	$	3,317
Increases in tax positions from current year	3,307		4,739		5,310
Increases in tax positions from acquisitions	—		393		—
Increases in tax positions from prior years	716		2,447		1,350
Decreases in tax positions from prior years	(47)		(6,945)		—
Decreases due to lapse of statute of limitations	(438)		(1,121)		(1,298)
Currency	68		197		(524)
Ending Balance	$	11,471	$	7,865	$	8,155