Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

Below is a summary of the components of the Company’s income before income taxes for the years ended December 31 (in thousands).

	2021		2020		2019
U.S.	$	485,472	$	111,880	$	115,543
Non-U.S.	484,398		214,253		160,196
Income before income taxes	$	969,870	$	326,133	$	275,739

Schedule of Components of Income Tax

The components of the expense (benefit) for income taxes on the above income are summarized in the table below (in thousands).

	2021		2020		2019
Current tax expense:
U.S. federal	$	117,024	$	14,480	$	30,208
State and local	36,266		16,360		11,630
Foreign	64,835		62,993		53,105
Total current	218,125		93,833		94,943
Deferred tax (benefit) expense:
U.S. federal	(4,640)		(7,206)		(16,389)
State and local	3,156		(13,121)		(6,897)
Foreign	(33,389)		(22,673)		(48,186)
Total deferred	(34,873)		(43,000)		(71,472)
Total current and deferred	183,252		50,833		23,471
(Expense) benefit relating to interest rate swaps used to increase equity	(7,281)		8,257		17,666
Benefit from stock transactions with employees used to increase equity	78		56		54
Benefit relating to defined-benefit pension adjustments used to increase equity	261		242		1,258
Total tax expense	$	176,310	$	59,388	$	42,449

Schedule of Deferred Tax Assets and Liabilities

The components of long-term deferred tax assets (liabilities) are summarized in the table below (in thousands).

	December 31,
	2021		2020
Accrued liabilities	$	90,384	$	81,302
Operating leases	60,226		51,450
Loss and credit carryforwards	31,662		23,852
Assets relating to equity compensation	15,863		14,981
Other assets	12,195		16,290
Gross deferred tax assets	210,330		187,875
Valuation allowance	(23,331)		(15,717)
Net deferred tax assets	186,999		172,158
Property, equipment and leasehold improvements	(14,576)		(9,852)
Intangible assets	(123,523)		(172,723)
Prepaid expenses	(70,149)		(46,105)
Other liabilities	(20,536)		(13,152)
Gross deferred tax liabilities	(228,784)		(241,832)
Net deferred tax liabilities	$	(41,785)	$	(69,674)

Schedule of Effective Income Tax Rate Reconciliation

The items comprising the differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 are summarized in the table below.

	2021		2020		2019
Statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.8		1.7		1.5
Effect of non-U.S. operations	(3.4)		(1.8)		2.7
Intercompany sale of intellectual property	(5.6)		(8.7)		(13.8)
Net activity in recognized tax benefits	1.3		6.4		4.7
Law changes	1.3		1.8		—
Stock-based compensation expense	(2.0)		(2.8)		(3.9)
Nondeductible meals and entertainment costs	—		0.3		1.7
Limitation on executive compensation	1.7		1.3		2.4
Global intangible low-taxed income, net of foreign tax credits	1.7		1.4		1.9
Foreign-derived intangible income	(0.3)		(0.8)		(1.0)
Other items, net	(0.3)		(1.6)		(1.8)
Effective tax rate	18.2	%	18.2	%	15.4	%

Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits

The table below is a reconciliation of the beginning and ending amounts of gross unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands).

	2021		2020
Beginning balance	$	127,080	$	102,770
Additions based on tax positions related to the current year	29,636		20,177
Additions for tax positions of prior years	2,756		14,085
Reductions for tax positions of prior years	(4,592)		(2,301)
Reductions for expiration of statutes	(3,240)		(8,191)
Settlements	(147)		(390)
Change in foreign currency exchange rates	(1,469)		930
Ending balance	$	150,024	$	127,080