Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Significant components of the provision for income taxes for the years ended December 31 are as follows:

(in thousands)	2020			2019			2018
Current:
Federal	$	93,620		$	85,507		$	77,694
State		34,123			28,905			25,096
Foreign		325			620			409
Total current provision		128,068			115,032			103,199
Deferred:
Federal		11,655			14,994			8,483
State		4,119			(2,587	)		6,519
Foreign		(226	)		(24	)		6
Total deferred provision		15,548			12,383			15,008
Total tax provision	$	143,616		$	127,415		$	118,207

Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate

A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:

	2020			2019			2018
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		5.3			3.8			5.7
Non-deductible employee stock purchase plan expense		0.3			0.3			0.2
Non-deductible meals and entertainment		0.1			0.3			0.3
Non-deductible officers’ compensation		0.3			0.2			0.3
Tax Reform Act deferred tax revaluation and transition tax impact		0.0			0.0			(0.3	)
Stock Vesting under ASU 2016-19		(3.5	)		(1.1	)		(1.4	)
Other, net		(0.5	)		(0.3	)		(0.2	)
Effective tax rate		23.0	%		24.2	%		25.6	%

Schedule of Components of Net Deferred Tax Liabilities

Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:

(in thousands)	2020			2019
Non-current deferred tax liabilities:
Intangible assets	$	400,335		$	360,660
Fixed assets		11,740			10,325
ASC 842 ROU Asset		46,730			46,188
Impact of adoption of ASC 606 revenue recognition		19,928			24,687
Net unrealized holding (loss)/gain on available-for-sale securities		176			36
Total non-current deferred tax liabilities		478,909			441,896
Non-current deferred tax assets:
Deferred compensation		59,897			52,566
Accruals and reserves		19,497			7,743
ASC 842 lease liabilities		53,150			52,185
Net operating loss carryforwards and 163(j) disallowed carryforwards		3,168			2,377
Valuation allowance for deferred tax assets		(1,025	)		(1,252	)
Total non-current deferred tax assets		134,687			113,619
Net non-current deferred tax liability	$	344,222		$	328,277

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in thousands)	2020			2019			2018
Unrecognized tax benefits balance at January 1	$	1,127		$	1,639		$	1,694
Gross increases for tax positions of prior years		848			778			594
Gross decreases for tax positions of prior years		(708	)		(791	)		(5	)
Settlements		—			(499	)		(644	)
Unrecognized tax benefits balance at December 31	$	1,267		$	1,127		$	1,639