Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Income Tax Disclosure [Abstract] |
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Income (loss) before income taxes and equity income |
The United States and foreign components of income before income taxes and equity in earnings in affiliates are as follows: | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Income before income taxes and equity in earnings in affiliates | | | | | | | United States | | $ | 131,261 |
| | $ | 130,205 |
| | $ | 139,937 |
| Foreign | | 18,056 |
| | 21,732 |
| | 9,540 |
| Income before income taxes and equity in earnings in affiliates | | $ | 149,317 |
| | $ | 151,937 |
| | $ | 149,477 |
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Components of taxes on income (loss) |
The provision for income taxes consists of the following components: | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Federal income taxes: | | | | | | | Current | | $ | 9,340 |
| | $ | 13,928 |
| | $ | 5,801 |
| Deferred | | (2,195 | ) | | (3,803 | ) | | (3,541 | ) | | | 7,145 |
| | 10,125 |
| | 2,260 |
| State income taxes: | |
| |
| |
| Current | | 3,050 |
| | 3,337 |
| | 2,764 |
| Deferred | | (1,889 | ) | | (2,269 | ) | | (1,792 | ) | | | 1,161 |
| | 1,068 |
| | 972 |
| Foreign income taxes: | |
| |
| |
| Current | | 497 |
| | (11,545 | ) | | 5,302 |
| Deferred | | 5,314 |
| | 18,310 |
| | (630 | ) | | | 5,811 |
| | 6,765 |
| | 4,672 |
| Total U.S. and foreign provision for income taxes | | $ | 14,117 |
| | $ | 17,958 |
| | $ | 7,904 |
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Reconciliation of the statutory U.S. federal tax rate (35.0%) and the effective income tax rate |
A reconciliation of the statutory U.S. federal tax rate of 21% and the effective income tax rate is as follows: | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Provisions using statutory federal income tax rate | | $ | 31,340 |
| | $ | 53,175 |
| | $ | 52,317 |
| State income taxes (benefit), net of federal tax benefit | | 1,915 |
| | (776 | ) | | 1,161 |
| REIT Benefit | | (19,992 | ) | | (43,554 | ) | | (41,479 | ) | Change in valuation allowance | | (1,245 | ) | | 2,055 |
| | 243 |
| Federal tax credits | | (1,904 | ) | | (2,016 | ) | | (2,038 | ) | Tax Cut and Jobs Act Impact | | (301 | ) | | 9,584 |
| | — |
| Other, net | | 4,304 |
| | (510 | ) | | (2,300 | ) | Total provision for income taxes | | $ | 14,117 |
| | $ | 17,958 |
| | $ | 7,904 |
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Components of deferred tax assets and liabilities |
The following table presents the breakdown between non-current net deferred tax assets as of December 31, 2018 and 2017: | | | | | | | | | | | | 2018 | | 2017 | | | (In thousands) | Deferred tax assets - non current | | $ | 29,924 |
| | $ | 26,277 |
| Deferred tax liabilities - non current | | (13,681 | ) | | (8,757 | ) | Total net deferred tax assets | | $ | 16,243 |
| | $ | 17,520 |
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The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2018 and 2017: | | | | | | | | | | | | 2018 | | 2017 | Deferred tax assets: | | (In thousands) | Net operating losses | | $ | 35,924 |
| | $ | 45,041 |
| Accrued liabilities | | 23,719 |
| | 25,384 |
| Deferred compensation | | 12,031 |
| | 11,675 |
| Accrued compensation | | 6,881 |
| | 6,854 |
| Deferred revenue | | 8,458 |
| | 2,780 |
| Tax credits | | 6,850 |
| | 6,629 |
| Equity awards | | 4,419 |
| | 4,076 |
| Other, net | | — |
| | 959 |
| Valuation allowance | | (21,333 | ) | | (22,577 | ) | Total deferred tax assets | | $ | 76,949 |
| | $ | 80,821 |
| Deferred tax liabilities: | | | | | Intangible assets | | $ | (26,543 | ) | | $ | (30,084 | ) | Capitalized transaction costs | | (16,643 | ) | | (17,955 | ) | Depreciation | | (17,400 | ) | | (15,262 | ) | Other, net | | (120 | ) | | — |
| Total deferred tax liabilities | | $ | (60,706 | ) | | $ | (63,301 | ) | | | | | | Total net deferred tax assets | | $ | 16,243 |
| | $ | 17,520 |
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Reconciliation of unrecognized tax benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | | | | | | | | | | | | | | | | 2018 | | 2017 | | 2016 | | | (In thousands) | Balance at Beginning of Period | | $ | 4,461 |
| | $ | 1,640 |
| | $ | 1,571 |
| Additions based on tax positions related to the current year | | — |
| | — |
| | 1,290 |
| Additions for tax positions of prior years | | 298 |
| | — |
| | 341 |
| Additions from current year acquisitions | | — |
| | 4,121 |
| | — |
| Reductions for tax positions of prior years | | — |
| | (1,290 | ) | | — |
| Reductions as a result of a lapse of applicable statutes of limitations | | (175 | ) | | (10 | ) | | (1,562 | ) | Balance at End of Period | | $ | 4,584 |
| | $ | 4,461 |
| | $ | 1,640 |
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