Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Taxes

The provision for income taxes for the years ended December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	137,862	$	79,926	$	107,699
State	47,226		27,401		39,028
Foreign	41,464		20,018		33,227
Deferred:
Federal and state	(22,515)		(9,089)		(9,959)
Foreign	1,117		(2,650)		1,087
	$	205,154	$	115,606	$	171,082

Income Before Provision for Income Taxes

Income before the provision for income taxes for the years ended December 31, 2021, 2020 and 2019, consisted of the following (in thousands):

	Year Ended December 31,
	2021		2020		2019
Domestic	$	676,445	$	378,876	$	545,695
Foreign	127,335		43,006		79,820
	$	803,780	$	421,882	$	625,515

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,
	2021		2020		2019
Federal U.S. income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	4.5		4.9		4.9
Permanent book/tax differences	(0.4)		0.3		0.5
Compensation book/tax differences	0.7		1.3		0.6
Non-U.S. income taxed at different rates, net of foreign tax credits	1.9		1.7		2.1
Federal tax credits	(1.6)		(1.5)		(1.4)
Tax impact of uncertain tax positions	0.3		0.1		0.2
Other, net	(0.9)		(0.4)		(0.5)
Effective tax rate	25.5	%	27.4	%	27.4	%

Deferred Portion of Tax Provision (Benefit)

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

	Year Ended December 31,
	2021		2020		2019
Accrued expenses, deducted for tax when paid	$	(32,741)	$	(33,997)	$	(29,471)
Capitalized costs for books, deducted for tax	462		1,904		3,246
Depreciation	(2,286)		6,732		3,526
Unrealized gains from investments held in employee deferred compensation trusts	8,167		14,882		11,674
Other, net	5,000		(1,260)		2,153
	$	(21,398)	$	(11,739)	$	(8,872)

Components of Deferred Income Tax Amounts

The components of the deferred income tax amounts at December 31, 2021 and 2020, were as follows (in thousands):

	December 31,
	2021		2020
Deferred income tax assets
Employee deferred compensation and other benefit obligations	$	155,064	$	128,702
Deferred revenues, foreign royalties and management fees	16,034		—
Deferred Payroll Taxes (CARES Act)	13,355		27,086
Credits and net operating loss carryforwards	24,811		30,651
Stock-based compensation	3,843		3,637
Allowance for credit losses	6,557		5,272
Workers’ compensation	3,623		3,774
Operating lease liabilities	52,614		59,249
Other	18,565		13,361
Total deferred income tax assets	294,466		271,732
Deferred income tax liabilities
Amortization of intangible assets	(24,391)		(24,163)
Property and equipment basis differences	(23,305)		(25,555)
Unrealized gains from investments held in employee deferred compensation trusts	(34,001)		(26,224)
Right-of-use assets	(43,986)		(49,833)
Other	(10,549)		(8,922)
Total deferred income tax liabilities	(136,232)		(134,697)
Valuation allowance	(24,198)		(24,132)
Total deferred income tax assets, net	$	134,036	$	112,903

Reconciliation of Total Amounts of Gross Unrecognized Tax Benefits

The following table reconciles the total amounts of gross unrecognized tax benefits from January 1, 2019 to December 31, 2021 (in thousands): 

	December 31,
	2021		2020		2019
Balance at beginning of period	$	9,785	$	9,354	$	8,418
Gross increases—tax positions in prior years	3		220		—
Gross decreases—tax positions in prior years	0		0		(760)
Gross increases—tax positions in current year	3,370		1,678		1,703
Settlements	—		—		(4)
Lapse of statute of limitations	(1,894)		(1,467)		(3)
Balance at end of period	$	11,264	$	9,785	$	9,354