Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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).

	2023		2022		2021
U.S.	$	574,458	$	560,193	$	485,472
Non-U.S.	572,671		467,002		484,398
Income before income taxes	$	1,147,129	$	1,027,195	$	969,870

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).

	2023		2022		2021
Current tax expense:
U.S. federal	$	171,917	$	122,191	$	117,024
State and local	51,441		48,482		36,266
Foreign	107,421		91,596		64,835
Total current	330,779		262,269		218,125
Deferred tax (benefit) expense:
U.S. federal	(35,457)		(21,337)		(4,640)
State and local	(13,475)		(10,108)		3,156
Foreign	(12,845)		(4,232)		(33,389)
Total deferred	(61,777)		(35,677)		(34,873)
Total current and deferred	269,002		226,592		183,252
Expense relating to interest rate swaps used to increase equity	(4,976)		(5,569)		(7,281)
Benefit from stock transactions with employees used to increase equity	105		66		78
Benefit (expense) relating to defined-benefit pension adjustments used to increase equity	532		(1,693)		261
Total tax expense	$	264,663	$	219,396	$	176,310

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,
	2023		2022
Accrued liabilities	$	85,328	$	72,610
Operating leases	59,160		63,289
Intangible assets	92,612		35,803
Property, equipment and leasehold improvements	9,631		—
Loss and credit carryforwards	31,454		37,978
Assets relating to equity compensation	29,128		19,299
Other assets	13,126		16,638
Gross deferred tax assets	320,439		245,617
Valuation allowance	(177,132)		(152,808)
Net deferred tax assets	143,307		92,809
Property, equipment and leasehold improvements	—		(1,856)
Prepaid expenses	(69,556)		(69,230)
Other liabilities	(15,587)		(22,936)
Gross deferred tax liabilities	(85,143)		(94,022)
Net deferred tax assets (liabilities)	$	58,164	$	(1,213)

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.

	2023		2022		2021
Statutory tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.1		2.4		2.8
Effect of non-U.S. operations	(0.4)		(2.0)		(3.4)
Intercompany sale of intellectual property	—		—		(5.6)
Net activity in unrecognized tax benefits	1.3		(1.1)		1.3
Law changes	—		—		1.3
Stock-based compensation expense	(3.1)		(2.0)		(2.0)
Limitation on executive compensation	2.3		1.4		1.7
Global intangible low-taxed income, net of foreign tax credits	1.2		1.9		1.7
Foreign-derived intangible income	(0.3)		(0.4)		(0.3)
Change in the valuation allowance	(1.2)		0.3		0.4
Other items, net	0.2		(0.1)		(0.7)
Effective tax rate	23.1	%	21.4	%	18.2	%

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).

	2023		2022
Beginning balance	$	137,227	$	150,024
Additions based on tax positions related to the current year	22,822		10,989
Additions for tax positions of prior years	4,361		12,153
Reductions for tax positions of prior years	(14)		(485)
Reductions for expiration of statutes	(15,625)		(30,817)
Settlements	(441)		(2,177)
Change in foreign currency exchange rates	60		(2,460)
Ending balance	$	148,390	$	137,227