Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income before Income Taxes

The following is a summary of the components of the Company's income before income taxes for the years ended December 31 (in thousands):



	2016		2015		2014
U.S.	$	182,178	$	165,848	$	188,963
Non-U.S.	106,253		106,363		85,720
Income before income taxes	$	288,431	$	272,211	$	274,683

Schedule of Components of Income Tax

The expense for income taxes on the above income consists of the following components (in thousands):



	2016			2015			2014
Current tax expense:
U.S. federal	$	58,616		$	48,801		$	49,281
State and local	11,292			10,300			5,135
Foreign	27,536			23,225			16,653
Total current	97,444			82,326			71,069
Deferred tax (benefit) expense:
U.S. federal	(61		)	(884		)	(6,670		)
State and local	(349		)	(702		)	6,477
Foreign	(1,626		)	1,550			779
Total deferred	(2,036		)	(36		)	586
Total current and deferred	95,408			82,290			71,655
Benefit (expense) relating to interest rate swaps used to increase (decrease) equity	(1,113		)	893			(1,442		)
Benefit from stock transactions with employees used to increase equity	52			13,960			18,704
Benefit (expense) relating to defined-benefit pension adjustments used to increase (decrease) equity	502			(567		)	2,000
Total tax expense	$	94,849		$	96,576		$	90,917

Schedule of Deferred Tax Assets and Liabilities

Long-term deferred tax assets and liabilities are comprised of the following (in thousands):



	December 31,
	2016			2015
Accrued liabilities	$	62,439		$	67,888
Loss and credit carryforwards	7,766			8,522
Assets relating to equity compensation	25,569			22,686
Other assets	6,652			6,712
Gross deferred tax assets	102,426			105,808
Property, equipment, and leasehold improvements	(11,796		)	(9,904		)
Intangible assets	(43,548		)	(55,275		)
Prepaid expenses	(32,971		)	(28,535		)
Other liabilities	(7,925		)	(7,244		)
Gross deferred tax liabilities	(96,240		)	(100,958		)
Valuation allowance	(1,431		)	(1,828		)
Net deferred tax assets	$	4,755		$	3,022

Schedule of Effective Income Tax Rate Reconciliation

The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate on income before income taxes for the years ended December 31 follow:



	2016		2015		2014
Statutory tax rate	35.0	%	35.0	%	35.0	%
State income taxes, net of federal benefit	2.4		3.3		3.1
Effect of non-U.S. operations	(5.9	)	(6.5	)	(6.3	)
Record (release) reserve for tax contingencies	3.2		1.7		1.8
Excess tax benefits from stock based compensation	(3.8	)	—		—
Nondeductible acquisition costs	2.6		0.8		0.1
Record (release) valuation allowance	(0.2	)	0.5		—
Other items, net	(0.4	)	0.7		(0.6	)
Effective tax rate	32.9	%	35.5	%	33.1	%

Schedule of Reconciliation of Beginning and Ending Unrecognized Tax Benefits

The following is a reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest and penalties, for the years ended December 31 (in thousands):



	2016			2015
Beginning balance	$	25,911		$	20,645
Additions based on tax positions related to the current year	7,086			5,150
Additions for tax positions of prior years	6,443			7,839
Reductions for tax positions of prior years	(496		)	(3,880		)
Reductions for expiration of statutes	(1,006		)	(2,287		)
Settlements	(544		)	(960		)
Change in foreign currency exchange rates	(295		)	(596		)
Ending balance	$	37,099		$	25,911