Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Before Tax

The components of income before provision for income taxes were as follows for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	2021		2020		2019
U.S.	$	70,300	$	45,074	$	24,253
Foreign	657,921		571,008		508,228
Income before provision for income taxes	$	728,221	$	616,082	$	532,481

Schedule of Provision for Income Tax

The provision for income taxes consisted of the following for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	2021		2020		2019
Current tax (benefit) provision:
Federal	$	11,824	$	(1,765)	$	(22,704)
State	8,515		5,346		3,835
Foreign	90,026		76,162		71,286
Deferred tax (benefit) provision:
Federal	(33,366)		(19,845)		(13,987)
State	(14,611)		(14,509)		(12,212)
Foreign	(4,358)		(6,023)		4,968
Change in valuation allowance	4,541		6,556		22,164
Total	$	62,571	$	45,922	$	53,350

Schedule of Difference Between Effective and Statutory

The Company’s effective tax rate differed from the U.S. federal statutory tax rate as follows for the years ended December 31, 2021, 2020 and 2019:

	2021		2020		2019
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State taxes	0.7		1.0		1.0
Stock-based compensation	0.1		(0.6)		0.3
U.S. federal, state and foreign research and development credits	(3.7)		(4.4)		(6.0)
Foreign earnings	(7.3)		(7.7)		(6.1)
Nondeductible (nontaxable) foreign items	—		(0.4)		0.7
Release of uncertain tax position reserve	(1.0)		(0.9)		(5.9)
Intercompany sale of intellectual property	—		0.2		1.9
Valuation allowance	0.6		1.1		4.2
Other	(1.8)		(1.8)		(1.1)
	8.6	%	7.5	%	10.0	%

Net Deferred Tax and Valuation Allowance

The components of the net deferred tax assets and liabilities and the related valuation allowance as of December 31, 2021 and 2020 were as follows (in thousands):

	2021		2020
Accrued bonus	$	26,261	$	25,480
Deferred revenue	6,683		11,146
Operating lease liability	133,298		141,212
Stock-based compensation	21,507		23,629
NOLs	53,088		25,255
Tax credit carryforwards	88,710		110,254
Convertible senior notes interest	18,552		20,953
Depreciation and amortization	85,438		—
Other	15,679		11,531
Deferred tax assets	449,216		369,460
Depreciation and amortization	—		(6,974)
Acquired intangible assets	(86,567)		(59,128)
Operating lease right-of-use asset	(124,833)		(127,524)
Deferred commissions	(13,468)		(14,952)
Internal-use software development costs capitalized	(59,837)		(58,820)
Deferred tax liabilities	(284,705)		(267,398)
Valuation allowance	(37,143)		(32,602)
Net deferred tax assets	$	127,368	$	69,460

Schedule of Operating Loss Carryforwards

The table below summarizes the Company's NOL and tax credit carryforwards in U.S. federal, state and foreign jurisdictions as of December 31, 2021 and 2020 (in thousands, except years):

	2021		2020		Expirations at Various Dates Through:
NOL carryforwards:
Federal	$	44,000	$	59,200	2037
State	15,500		24,800		2041
Foreign	180,100		40,800		2035
Federal and state research and development tax credit and other credit carryforwards	113,500		132,800		2037

Unrecognized Tax Benefits

The following is a roll forward of the Company’s unrecognized tax benefits for the years ended December 31, 2021, 2020 and 2019 (in thousands):

	2021		2020		2019
Balance at beginning of year	$	24,105	$	27,359	$	64,892
Gross increases – tax positions of prior periods	4,293		2,539		74
Gross increases – current period tax positions	3,607		1,946		2,006
Gross decreases – tax positions of prior periods	(816)		(3,540)		(5,201)
Gross decreases – lapse of applicable statute of limitations	(8,626)		(4,199)		(28,672)
Gross decreases – settlements	—		—		(5,740)
Balance at end of year	$	22,563	$	24,105	$	27,359