Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Earning Before Income Taxes and Related Income Tax Expenses

The following table presents the U.S. and foreign components of earnings before income taxes and the related income tax expense (in thousands):

	Years Ended December 31,
	2023		2022		2021
Earnings before income taxes:
United States	$	263,421	$	274,415	$	200,657
Foreign	114,433		100,018		91,900
	$	377,854	$	374,433	$	292,557
Income tax expense:
Current:
U.S. Federal	$	62,575	$	61,245	$	29,478
U.S. State and local	16,764		15,788		7,391
Foreign	30,286		26,043		24,485
	109,625		103,076		61,354
Deferred:
U.S. Federal	(10,923)		(7,267)		11,104
U.S. State and local	(3,324)		(1,153)		3,239
Foreign	1,167		(831)		(2,485)
	(13,080)		(9,251)		11,858
	$	96,545	$	93,825	$	73,212

Schedule Reconciles Difference Between U.S. Federal Income Taxes at U.S. Statutory Rate and Our Income Tax Expense

The following schedule reconciles the differences between the U.S. federal income taxes at the U.S. statutory rate and our income tax expense (dollars in thousands):

	2023				2022				2021
Statutory federal income tax rate	$	79,349	21.0	%	$	78,631	21.0	%	$	61,437	21.0	%
State income tax expense, net of federal income tax benefit	12,113		3.2		13,962		3.7		10,666		3.6
Audits and adjustments, net	(925)		(0.2)		2,273		0.6		2,131		0.7
Change in valuation allowances	1,616		0.4		(2,551)		(0.7)		1,317		0.5
Foreign income taxed at different rates	6,133		1.6		5,660		1.5		4,308		1.5
Research and other credits	(3,036)		(0.8)		(3,870)		(1.0)		(4,352)		(1.5)
Other, net	1,295		0.4		(280)		—		(2,295)		(0.8)
Effective tax rate	$	96,545	25.6	%	$	93,825	25.1	%	$	73,212	25.0	%

Significant Components of Deferred Tax Assets and Liabilities

The significant components of deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Capitalized research expenses	$	33,569	$	17,682
Loss carryforwards	$	25,690	$	24,571
Foreign tax credits	9,976		10,681
Other	31,246		37,315
Gross deferred tax assets	100,481		90,249
Valuation allowances	(33,385)		(32,546)
Total deferred tax assets	67,096		57,703
Deferred tax liabilities:
Goodwill and other intangibles	(58,512)		(56,275)
Property and equipment	(31,194)		(26,905)
Other	(1,916)		(1,744)
Total deferred tax liabilities	(91,622)		(84,924)
Net deferred tax liabilities	$	(24,526)	$	(27,221)

Net Non-Current Deferred Tax Assets and Liabilities

The net non-current deferred tax assets and liabilities are as follows (in thousands):

	December 31,
	2023		2022
Net non-current deferred tax assets, which are included in "Other assets"	$	3,062	$	5,623
Net non-current deferred tax liabilities	(27,588)		(32,844)
Net deferred tax liabilities	$	(24,526)	$	(27,221)