Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

The provision for income taxes for the years ended December 31, 2020, 2019 and 2018, consisted of the following (in thousands):

	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	79,926	$	107,699	$	99,830
State	27,401		39,028		38,356
Foreign	20,018		33,227		35,007
Deferred:
Federal and state	(9,089)		(9,959)		(15,849)
Foreign	(2,650)		1,087		(30)
	$	115,606	$	171,082	$	157,314

Income Before Provision for Income Taxes

Income before the provision for income taxes for the years ended December 31, 2020, 2019 and 2018, consisted of the following (in thousands):

	Year Ended December 31,
	2020		2019		2018
Domestic	$	378,876	$	545,695	$	485,489
Foreign	43,006		79,820		106,113
	$	421,882	$	625,515	$	591,602

Difference of Income Taxes from Statutory Federal Income Tax Rates

The income taxes shown above varied from the statutory federal income tax rates for these periods as follows:

	Year Ended December 31,
	2020		2019		2018
Federal U.S. income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	4.9		4.9		4.7
Permanent book/tax differences	0.3		0.5		0.2
Compensation book/tax differences	1.3		0.6		0.4
Non-U.S. income taxed at different rates, net of foreign tax credits	1.7		2.1		2.0
Federal tax credits	(1.5)		(1.4)		(1.7)
Tax impact of uncertain tax positions	0.1		0.2		0.8
Tax effects of TCJA	—		—		0.4
Other, net	(0.4)		(0.5)		(1.2)
Effective tax rate	27.4	%	27.4	%	26.6	%

Deferred Portion of Tax Provision (Benefit)

The deferred portion of the tax (benefit) provision consisted of the following (in thousands):

	Year Ended December 31,
	2020		2019		2018
Accrued expenses, deducted for tax when paid	$	(19,115)	$	(17,797)	$	(21,884)
Capitalized costs for books, deducted for tax	1,904		3,246		(4,832)
Depreciation	6,732		3,526		10,071
Other, net	(1,260)		2,153		766
	$	(11,739)	$	(8,872)	$	(15,879)

Components of Deferred Income Tax Amounts

The components of the deferred income tax amounts at December 31, 2020 and 2019, were as follows (in thousands):

	December 31,
	2020		2019
Deferred Income Tax Assets
Employee deferred compensation and other benefit obligations	$	102,478	$	105,096
Deferred Payroll Taxes (CARES Act)	27,086		—
Credits and net operating loss carryforwards	30,651		25,130
Stock-based compensation	3,637		7,805
Allowance for credit losses	5,272		7,944
Workers’ compensation	3,774		3,929
Operating lease liabilities	59,249		51,932
Other	13,361		10,256
Total deferred income tax assets	245,508		212,092
Deferred Income Tax Liabilities
Amortization of intangible assets	(24,163)		(22,009)
Property and equipment basis differences	(25,555)		(16,981)
Right-of-use assets	(49,833)		(44,448)
Other	(8,922)		(7,278)
Total deferred income tax liabilities	(108,473)		(90,716)
Valuation allowance	(24,132)		(21,618)
Total deferred income tax assets, net	$	112,903	$	99,758

Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits

The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2018 to December 31, 2020 (in thousands): 

	December 31,
	2020		2019		2018
Balance at beginning of period	$	9,354	$	8,418	$	2,886
Gross increases—tax positions in prior years	220		—		3,259
Gross decreases—tax positions in prior years	—		(760)		(8)
Gross increases—tax positions in current year	1,678		1,703		2,284
Settlements	—		(4)		—
Lapse of statute of limitations	(1,467)		(3)		(3)
Balance at end of period	$	9,785	$	9,354	$	8,418