Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

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:

	2019		2018		2017
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	155,844	$	131,261	$	130,205
Foreign	17,684		18,056		21,732
Income before income taxes and equity in earnings in affiliates	$	173,528	$	149,317	$	151,937

Components of Taxes on Income (loss)

The provision for income taxes consists of the following components:

	2019			2018			2017
	(In thousands)
Federal income taxes:
Current	$	13,018		$	9,340		$	13,928
Deferred	(7,028		)	(2,195		)	(3,803		)
	5,990			7,145			10,125
State income taxes:
Current	5,093			3,050			3,337
Deferred	(383		)	(1,889		)	(2,269		)
	4,710			1,161			1,068
Foreign income taxes:
Current	(875		)	497			(11,545		)
Deferred	6,823			5,314			18,310
	5,948			5,811			6,765
Total U.S. and foreign provision for income taxes	$	16,648		$	14,117		$	17,958

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:

	2019			2018			2017
	(In thousands)
Provisions using statutory federal income tax rate	$	36,476		$	31,340		$	53,175
State income taxes (benefit), net of federal tax benefit	2,421			1,915			(776		)
REIT benefit	(22,395		)	(19,992		)	(43,554		)
Change in valuation allowance	1,456			(1,245		)	2,055
Federal tax credits	(2,118		)	(1,904		)	(2,016		)
Tax Cut and Jobs Act impact	—			(301		)	9,584
Foreign income taxes (benefit)	1,934			1,479			(1,830		)
Other, net	(1,126		)	2,825			1,320
Total provision for income taxes	$	16,648		$	14,117		$	17,958

Components of Deferred Tax Assets and Liabilities

The following table presents the breakdown between non-current net deferred tax assets as classified on the balance sheets as of December 31, 2019 and 2018:

	2019			2018
	(In thousands)
Deferred tax assets - non current	$	36,278		$	29,924
Deferred tax liabilities - non current	(19,254		)	(13,681		)
Total net deferred tax assets	$	17,024		$	16,243

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2019 and 2018:

	2019			2018
Deferred tax assets:	(In thousands)
Net operating losses	$	32,394		$	35,924
Accrued liabilities	24,452			23,719
Deferred compensation	15,052			12,031
Accrued compensation	7,239			7,735
Deferred revenue	13,219			8,458
Tax credits	5,223			6,850
Equity awards	4,894			4,419
Depreciation	15,424			9,960
Operating lease liability	13,140			—
Other, net	1,817			—
Valuation allowance	(22,786		)	(21,333		)
Total deferred tax assets	$	110,068		$	87,763
Deferred tax liabilities:
Intangible assets	$	(24,097	)	$	(26,543	)
Capitalized transaction costs	(16,797		)	(16,643		)
Accounting method change	(7,019		)	—
Prepaid expenses and other	(32,493		)	(28,214		)
Lease right-of-use assets	(12,638		)	—
Other, net	—			(120		)
Total deferred tax liabilities	$	(93,044	)	$	(71,520	)
Total net deferred tax assets	$	17,024		$	16,243

Reconciliation of Unrecognized Tax Benefits

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

 

	2019			2018			2017
	(In thousands)
Balance at Beginning of Period	$	4,584		$	4,461		$	1,640
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	994			298			—
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	(109		)	(175		)	(10		)
Balance at End of Period	$	5,469		$	4,584		$	4,461