Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following:

	Year Ended December 31,
		2023			2022			2021
	(In thousands)
Current:
Federal	$		49,028		$	52,865		$	36,661
State and local			4,047			20,716			17,238
Foreign			27,385			21,030			19,018
Total current provision			80,460			94,611			72,917
Deferred:
Federal			(2,823	)		(5,830	)		2,249
State and local			(754	)		(1,350	)		778
Foreign			(2,238	)		633			91
Total deferred provision			(5,815	)		(6,547	)		3,118
Provision for income taxes	$		74,645		$	88,064		$	76,035

Difference between the U.S. federal statutory tax rate and the Company's effective tax rate

The difference between the U.S. federal statutory tax rate of 21.0% and the Company's effective tax rate is as follows:

	Year Ended December 31,
	2023				2022				2021
U.S. federal statutory tax rate		21.0		%		21.0		%		21.0		%
State and local taxes - net of federal benefit		0.8				4.6				4.4
Tax credits		(1.0	)			(0.4	)			(0.4	)
Foreign rate differential benefit		0.9				(0.1	)			(0.2	)
Excess tax benefit from stock-based compensation		0.1				(0.1	)			(2.9	)
Other, net		0.6				1.0				0.9
Effective tax rate		22.4		%		26.0		%		22.8		%

Summary of Company's Net Deferred Tax Assets

The following is a summary of the Company’s net deferred tax assets:

		As of December 31,
		2023				2022
		(In thousands)
Deferred tax assets:
Stock compensation expense	$		4,441		$		3,451
Operating lease liabilities			17,128				17,842
Deferred Compensation			2,596				2,425
Other			1,015				1,774
Total deferred tax assets			25,180				25,492
Valuation allowance			—				—
Net deferred tax assets			25,180				25,492
Deferred tax liabilities:
Depreciation			(8,617	)			(9,956	)
Capitalized software development costs			—				(3,923	)
Goodwill and intangible assets			(3,987	)			(4,829	)
Operating lease right-of-use assets			(13,507	)			(14,176	)
Other deferred tax liabilities			(276	)			—
Deferred tax (liability) asset, net	$		(1,207	)	$		(7,392	)

Reconciliation of the Unrecognized Tax Benefits

A reconciliation of the unrecognized tax benefits is as follows:

	Year Ended December 31,
		2023			2022				2021
	(In thousands)
Balance at beginning of year		$	9,835			$	15,089			$	16,317
Increase/(decrease) based on tax positions related to prior periods			—				160				(1,228	)
(Decrease) related to settlements with taxing authorities			(6,705	)			(5,414	)			—
Balance at end of year		$	3,130			$	9,835			$	15,089