INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income Tax Expense (Benefit)

Income before taxes and income tax expense (benefit) was comprised of the following:



	Year Ended December 31,
(in thousands)	2019		2018			2017
Income (loss) before taxes:
U.S. tax jurisdictions	$	119,241	$	16,759		$	67,771
Non-U.S. tax jurisdictions	23,214		1,359			34,485
Total income (loss) before taxes	$	142,455	$	18,118		$	102,256
Current tax provision (benefit)
Federal	$	3,160	$	(7,983	)	$	19,935
State	395		(1,518		)	2,409
Foreign	930		7,748			10,542
Total current provision (benefit)	4,485		(1,753		)	32,886
Deferred tax provision (benefit)
Federal	22,978		7,471			6,283
State	5,145		631			2,647
Foreign	5,949		(4,690		)	(169		)
Total deferred tax provision (benefit)	34,072		3,412			8,761
Total provision for income taxes	$	38,557	$	1,659		$	41,647

Schedule of Deferred Income Tax Assets (Liabilities)

The sources of deferred income tax assets (liabilities) are summarized as follows:



	Year Ended December 31,
(in thousands)	2019			2018
Deferred tax assets related to:
Accrued expenses and other reserves	$	2,092		$	3,267
Lease liability	32,009			—
Compensation accruals	6,354			4,954
Deferred revenue	461			78
Federal net operating loss and capital loss carryforwards	13,693			—
State and provincial net operating loss carryforwards	3,228			1,611
Foreign net operating loss and capital loss carryforwards	4,754			3,592
Tax credit carryforwards	158			—
Gross deferred tax assets	62,749			13,502
Less: Valuation allowance	(8,328		)	(6,996		)
Net deferred tax assets	$	54,421		$	6,506
Deferred tax liabilities related to:
Property and equipment	$	(3,339	)	$	(3,870	)
Right of use asset	(29,251		)	—
Goodwill and other intangible assets	(14,986		)	(14,508		)
Prepaid expenses and other assets	(628		)	(197		)
Loans receivable	(5,614		)	(127		)
Gross deferred tax liabilities	(53,818		)	(18,702		)
Net deferred tax liabilities	$	603		$	(12,196	)

Deferred tax assets and liabilities are included in the following line items in the Consolidated Balance Sheets:



	Year Ended December 31,
(in thousands)	2019			2018
Net current deferred tax assets	$	5,055		$	1,534
Net long-term deferred tax liabilities	(4,452		)	(13,730		)
Net deferred tax liabilities	$	603		$	(12,196	)

Schedule of Effective Tax Rate

Differences between the Company's effective income tax rate computed on net earnings or loss before income taxes and the statutory federal income tax rate were as follows (dollars in thousands):



	Year Ended December 31,
	2019			2018			2017
Income tax expense using the statutory federal rate in effect	$	29,916		$	3,805		$	35,790
Tax effect of:
Effects of foreign rates different than U.S. statutory rate	(1,393		)	(65		)	(6,993		)
State, local and provincial income taxes, net of federal benefit	8,959			313			7,128
Tax credits	(138		)	(116		)	(450		)
Nondeductible expenses	33			77			409
Valuation allowance	1,609			1,983			631
Deferred remeasurement	—			—			683
Repatriation tax	—			(1,610		)	8,100
Deferred remeasurement due to the 2017 Tax Act	—			—			(4,162		)
Share-based compensation	150			(2,944		)	—
Other	(579		)	216			511
Total provision for income taxes	$	38,557		$	1,659		$	41,647
Effective income tax rate	27.1		%	8.4		%	40.7		%
Statutory federal income tax rate	21.0		%	21.0		%	35.0		%

Summary of Valuation Allowance

A summary of the valuation allowance was as follows (in thousands):



	Year Ended December 31,
	2019			2018		2017
Balance at the beginning of year	$	6,996		$	4,375	$	3,717
Increase to balance charged as expense	1,609			1,983		631
Effect of foreign currency translation	(277		)	638		27
Balance at end of year	$	8,328		$	6,996	$	4,375