Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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:

	2020		2019		2018
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	96,428	$	155,844	$	131,261
Foreign		27,700		17,684		18,056
Income before income taxes and equity in earnings in affiliates	$	124,128	$	173,528	$	149,317

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following components:

	2020			2019			2018
	(In thousands)
Federal income taxes:
Current	$	8,259		$	13,018		$	9,340
Deferred		(255	)		(7,028	)		(2,195	)
		8,004			5,990			7,145
State income taxes:
Current		4,146			5,093			3,050
Deferred		47			(383	)		(1,889	)
		4,193			4,710			1,161
Foreign income taxes:
Current		(3,163	)		(875	)		497
Deferred		11,429			6,823			5,314
		8,266			5,948			5,811
Total U.S. and foreign provision for income taxes	$	20,463		$	16,648		$	14,117

Reconciliation of the Statutory U.S. Federal Tax Rate (21%) 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:

	2020			2019			2018
	(In thousands)
Provisions using statutory federal income tax rate	$	26,067		$	36,476		$	31,340
State income taxes, net of federal tax benefit		3,099			2,421			1,915
REIT benefit		(12,271	)		(22,395	)		(19,992	)
Change in valuation allowance		(1,775	)		1,456			(1,245	)
Federal tax credits		(2,015	)		(2,118	)		(1,904	)
Tax Cut and Jobs Act impact		—			—			(301	)
Foreign income taxes		1,373			1,934			1,479
Tax impact of vested equity compensation		3,628			185			949
Other, net		2,357			(1,311	)		1,876
Total provision for income taxes	$	20,463		$	16,648		$	14,117

Schedule 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, 2020 and 2019:

	2020			2019
	(In thousands)
Deferred tax assets - non-current	$	36,604		$	36,278
Deferred tax liabilities - non-current		(30,726	)		(19,254	)
Total net deferred tax assets	$	5,878		$	17,024

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2020 and 2019:

	2020			2019
Deferred tax assets:	(In thousands)
Net operating losses	$	25,260		$	32,394
Accrued liabilities		30,605			24,452
Deferred compensation		18,906			15,052
Accrued compensation		7,888			7,239
Deferred revenue		15,210			13,219
Tax credits		3,834			5,223
Equity awards		3,402			4,894
Depreciation		3,069			15,424
Operating lease liability		14,889			13,140
Other, net		777			1,817
Valuation allowance		(21,012	)		(22,786	)
Total deferred tax assets	$	102,828		$	110,068
Deferred tax liabilities:
Intangible assets	$	(21,885	)	$	(24,097	)
Capitalized transaction costs		(16,165	)		(16,797	)
Accounting method change		(4,667	)		(7,019	)
Prepaid expenses and other		(39,925	)		(32,493	)
Lease right-of-use assets		(14,308	)		(12,638	)
Total deferred tax liabilities	$	(96,950	)	$	(93,044	)
Total net deferred tax assets	$	5,878		$	17,024

Schedule of Unrecognized Tax Benefits

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

	2020			2019			2018
	(In thousands)
Balance at Beginning of Period	$	5,469		$	4,584		$	4,461
Additions based on tax positions related to the current year		44			—			—
Additions for tax positions of prior years		166			994			298
Additions from current year acquisitions		—			—			—
Reductions for tax positions of prior years		—			—			—
Reductions as a result of a lapse of applicable statutes of limitations		(56	)		(109	)		(175	)
Balance at End of Period	$	5,623		$	5,469		$	4,584