Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Earnings Before Income Taxes

Earnings before income taxes were as follows:

(in thousands)	For the Years Ended December 31,
	2020		2019		2018
Domestic	$	483,694	$	377,964	$	337,437
International	178,291		144,254		120,305
	$	661,985	$	522,218	$	457,742

Schedule of Components of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes comprised the following:

(in thousands)	For the Years Ended December 31,
	2020		2019		2018
Current
Federal	$	72,921	$	52,194	$	47,130
State	17,346		11,967		10,415
International	26,301		24,239		22,015
	116,568		88,400		79,560
Deferred
Federal	(14,126)		4,826		3,970
State	(2,863)		269		(937)
International	(19,725)		931		(1,898)
	(36,714)		6,026		1,135
	$	79,854	$	94,426	$	80,695

Schedule of Effective Income Tax Rate Reconciliation

The provision for income taxes differs from the amounts computed by applying the statutory federal income tax rate as follows:

	For the Years Ended December 31,
	2020		2019		2018
U.S. federal statutory rate	21.0	%	21.0	%	21.0	%
State income tax, net of federal tax benefit	2.4		2.3		2.6
Taxation on international earnings	(1.0)		(1.1)		(0.8)
Foreign derived intangible income	(1.1)		(1.1)		(1.3)
Share-based compensation from settlements	(5.9)		(3.6)		(4.7)
Research and development credit	(0.8)		(0.8)		(0.9)
Impact of Switzerland tax reform	(3.3)		—		—
State income tax carryforwards	—		—		(0.2)
Other, net	0.8		1.4		1.9
Effective tax rate	12.1	%	18.1	%	17.6	%

Schedule of Components of Net Deferred Tax Assets and Liabilities

The components of the net deferred tax assets (liabilities) included in the accompanying consolidated balance sheets are as follows:

(in thousands)	December 31, 2020		December 31, 2019
Assets
Accrued expenses	$	46,830	$	25,296
Accounts receivable reserves	2,505		617
Deferred revenue	7,629		6,073
Inventory basis differences	4,272		3,315
Property-based differences	14,865		3,113
Intangible asset basis differences	51,319		—
Share-based compensation	10,011		10,593
Other	1,484		1,160
Net operating loss carryforwards	5,427		4,045
Tax credit carryforwards	13,385		12,276
Unrealized losses on foreign currency exchange contracts and investments	5,060		20
Total assets	162,787		66,508
Valuation allowance	(40,262)		(9,454)
Total assets, net of valuation allowance	122,525		57,054
Liabilities
Customer acquisition costs	(34,449)		(28,519)
Property-based differences	(49,547)		(33,802)
Intangible asset basis differences	(16,134)		(14,513)
Other	(2,241)		(3,961)
Unrealized gains on foreign currency exchange contracts and investments	(312)		(1,183)
Total liabilities	(102,683)		(81,978)
Net deferred tax assets (liabilities)	$	19,842	$	(24,924)

Schedule of Changes in Unrecognized Tax Benefits

The following table summarizes the changes in unrecognized tax positions:

(in thousands)	For the Years Ended December 31,
	2020		2019		2018
Total amounts of unrecognized tax benefits, beginning of period	$	26,841	$	24,247	$	21,417
Gross (decreases) increases in unrecognized tax positions as a result of tax positions taken during a prior period	(1,755)		(276)		2,991
Gross increases in unrecognized tax positions as a result of tax positions taken in the current period	4,199		4,083		461
Decreases in unrecognized tax positions relating to settlements with taxing authorities	(6,446)		—		—
Decreases in unrecognized tax positions as a result of a lapse of the applicable statutes of limitations	(355)		(1,213)		(622)
Total amounts of unrecognized tax benefits, end of period	$	22,484	$	26,841	$	24,247

Summary of Valuation Allowance

The following table summarizes the changes in valuation allowance for deferred tax assets:

(in thousands)	For the Years Ended December 31,
	2020		2019		2018
Balance at beginning of year	$	9,454	$	6,212	$	6,211
Charges to costs and expense	31,076		3,489		402
Write-off/cash payments	(34)		(226)		—
Foreign currency translation	(234)		(21)		(401)
Balance at the end of the year	$	40,262	$	9,454	$	6,212