Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Summary of Components of Deferred Tax Assets and Liabilities

The table below summarizes significant components of deferred tax assets and liabilities:


	December 31,
	2021		2020
Deferred tax assets
Allowance for expected credit losses	$	2,048	$	14,676
Accrued vacation and bonus	40,608		30,694

Share-based compensation	14,374		13,522
Notes receivable from employees	12,911		13,333
State net operating loss carryforward	1,125		2,090
Foreign net operating and capital loss carryforward	8,357		9,437


Foreign tax credit carryforward	3,536		—
Deferred compensation	534		240
Operating lease assets	64,482		41,283
Employee benefits obligations	340		2,339
Other, net	4,037		3,701
Total deferred tax assets	152,352		131,315
Deferred tax liabilities
Revenue recognition	(6,779)		(8,351)
Operating lease liabilities	(52,087)		(28,523)
Property and equipment, net	(14,766)		(7,663)
Equity debt discount	(4,214)		(6,623)
Goodwill and intangible assets	(206,105)		(202,842)
Total deferred tax liabilities	(283,951)		(254,002)
Foreign withholding tax	(1,537)		(1,980)
Valuation allowance	(10,315)		(13,300)
Net deferred tax liabilities	$	(143,451)	$	(137,967)

Summary of Components of Income Before Income Tax Provision from Continuing Operations

The table below summarizes the components of income before income tax provision from continuing operations:


	Year Ended December 31,
	2021		2020		2019
Domestic	$	136,008	$	122,800	$	150,860
Foreign	161,939		139,646		137,590
Total	$	297,947	$	262,446	$	288,450

Summary of Components of Income Tax Provision from Continuing Operations

The table below summarizes the components of income tax provision from continuing operations:


	Year Ended December 31,
	2021		2020		2019
Current
Federal	$	11,050	$	22,164	$	30,651
State	8,328		10,257		7,702
Foreign	37,656		29,390		37,083
	57,034		61,811		75,436
Deferred
Federal	10,766		3,936		(1,767)
State	3,458		362		785
Foreign	(8,277)		(14,345)		(2,730)
	5,947		(10,047)		(3,712)
Income tax provision	$	62,981	$	51,764	$	71,724

Summary of Income Tax Provision from Continuing Operations Resulted in Effective Tax Rates

Our income tax provision from continuing operations resulted in effective tax rates that varied from the federal statutory income tax rate as summarized below:


	Year Ended December 31,
	2021		2020		2019
Income tax expense at federal statutory rate	$	62,569	$	55,114	$	60,575
State income taxes, net of federal benefit	8,643		10,567		8,430
Detriment from foreign tax rates	4,375		1,175		3,425

Other expenses not deductible for tax purposes	2,819		3,079		4,362
Adjustment to reserve for uncertain tax positions	2,665		(1,231)		2,504

Impact of 2017 U.S. tax reform	—		—		(1,088)
Sale of Ringtail business	—		—		(2,097)
Share-based compensation	(6,167)		(6,560)		(4,447)
Release of valuation allowance on foreign tax credits	—		(7,336)		—
Income tax benefit related to the License Agreement, net	—		(3,899)		—
Release of valuation allowance on Australian deferred tax asset	(5,063)		—		—
U.S. foreign tax credits	(4,859)		—		—
Valuation allowance on U.S. foreign tax credit carryforwards	3,536		—		—
Deferred tax benefit of U.K. tax rate change	(3,167)		—		—
Other adjustments, net	(2,370)		855		60
Income tax provision	$	62,981	$	51,764	$	71,724