INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Before Provision of Income Taxes

Income before provision for income taxes based on geographic location is disclosed in the table below:

	For the Years Ended December 31,
	2021		2020		2019
Income before provision for income taxes:
United States	$	128,498	$	100,411	$	65,370
Foreign	404,894		278,068		234,156
Total	$	533,392	$	378,479	$	299,526

Provision for Income Taxes

The provision for income taxes consists of the following:

	For the Years Ended December 31,
	2021		2020		2019
Current
Federal	$	22,742	$	19,249	$	16,943
State	6,735		7,022		3,610
Foreign	69,162		45,042		25,680
Deferred
Federal	(40,421)		(16,235)		(9,425)
State	(2,576)		(1,682)		(358)
Foreign	(3,902)		(2,077)		2,019
Total	$	51,740	$	51,319	$	38,469

Effective Tax Rate Reconciliation

The reconciliation of the provision for income taxes at the federal statutory income tax rate to the Company’s effective income tax rate is as follows:

	For the Years Ended December 31,
	2021		2020		2019
Provision for income taxes at federal statutory rate	$	112,016	$	79,481	$	62,898
Increase/(decrease) in taxes resulting from:
GILTI and BEAT U.S. taxes	229		191		(926)
Excess tax benefits relating to stock-based compensation	(71,628)		(36,646)		(28,385)
Foreign tax expense and tax rate differential	(206)		(387)		(1,402)
Effect of permanent differences	4,756		3,507		3,264
State taxes, net of federal benefit	9,192		5,323		2,971
Stock-based compensation expense	1,102		44		571
Tax credits	(4,100)		—		—
Other	379		(194)		(522)
Provision for income taxes	$	51,740	$	51,319	$	38,469

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows:

	As of December 31, 2021		As of December 31, 2020
Deferred tax assets:
Property and equipment	$	10,561	$	8,164
Intangible assets	2,220		827
Accrued expenses	90,754		50,639
Net operating loss carryforward	4,988		6,089
Deferred revenue	4,551		9,796
Stock-based compensation	31,959		30,112
Operating lease liabilities	52,806		51,519
Foreign tax credit	7,589		2,168
Foreign currency exchange	11,750		4,890
Other assets	2,235		1,252
Deferred tax assets	$	219,413	$	165,456
Less: valuation allowance	(4,538)		(5,485)
Total deferred tax assets	$	214,875	$	159,971
Deferred tax liabilities:
Property and equipment	$	1,095	$	3,818
Intangible assets	26,124		12,018
Operating lease right-of-use assets	51,871		50,149
Accrued revenue and expenses	2,953		991
U.S. taxation of foreign subsidiaries	3,770		1,608
Foreign currency exchange	239		1,153
Other liabilities	3,210		1,095
Total deferred tax liabilities	$	89,262	$	70,832
Net deferred tax assets	$	125,613	$	89,139