Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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:

	2021		2020		2019
	(In thousands)
Income before income taxes and equity in earnings in affiliates
United States	$	161,856	$	96,428	$	155,844
Foreign		30,966		27,700		17,684
Income before income taxes and equity in earnings in affiliates	$	192,822	$	124,128	$	173,528

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following components:

	2021			2020			2019
	(In thousands)
Federal income taxes:
Current	$	20,006		$	8,259		$	13,018
Deferred		71,202			(255	)		(7,028	)
		91,208			8,004			5,990
State income taxes:
Current		8,564			4,146			5,093
Deferred		18,587			47			(383	)
		27,151			4,193			4,710
Foreign income taxes:
Current		7,780			(3,163	)		(875	)
Deferred		(3,409	)		11,429			6,823
		4,371			8,266			5,948
Total U.S. and foreign provision for income taxes	$	122,730		$	20,463		$	16,648

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:

	2021			2020			2019
	(In thousands)
Provisions using statutory federal income tax rate	$	40,492		$	26,067		$	36,476
State income taxes, net of federal tax benefit		7,921			3,099			2,421
REIT benefit		—			(12,271	)		(22,395	)
Change in valuation allowance		389			(1,775	)		1,456
Federal tax credits		(1,414	)		(2,015	)		(2,118	)
Foreign income taxes		3,802			1,373			1,934
Tax impact of vested equity compensation		3,621			3,628			185
Impact of REIT termination		70,813			—			—
Change in contingent tax liability		(4,339	)		143			168
Other, net		1,445			2,214			(1,479	)
Total provision for income taxes	$	122,730		$	20,463		$	16,648

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, 2021 and 2020:

	2021			2020
	(In thousands)
Deferred tax assets - non-current	$	—		$	36,604
Deferred tax liabilities - non-current		(80,768	)		(30,726	)
Total net deferred tax assets	$	(80,768	)	$	5,878

The significant components of the Company's deferred tax assets and liabilities consisted of the following as of December 31, 2021 and 2020:

	2021			2020
Deferred tax assets:	(In thousands)
Net operating losses	$	18,022		$	25,260
Accrued liabilities		29,473			30,605
Deferred compensation		19,052			18,906
Accrued compensation		6,694			7,888
Deferred revenue		21,134			15,210
Tax credits		3,065			3,834
Equity awards		3,694			3,402
Depreciation		—			3,069
Operating lease liability		28,756			14,889
Other, net		1,212			777
Valuation allowance		(19,322	)		(21,012	)
Total deferred tax assets	$	111,780		$	102,828
Deferred tax liabilities:
Depreciation	$	(59,057	)	$	—
Intangible assets		(48,935	)		(21,885	)
Capitalized transaction costs		(15,229	)		(16,165	)
Accounting method change		(2,334	)		(4,667	)
Prepaid expenses and other		(39,739	)		(39,925	)
Lease right-of-use assets		(27,254	)		(14,308	)
Total deferred tax liabilities	$	(192,548	)	$	(96,950	)
Total net deferred tax assets (liabilities)	$	(80,768	)	$	5,878

Schedule of Unrecognized Tax Benefits

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

	2021			2020			2019
	(In thousands)
Balance at Beginning of Period	$	5,623		$	5,469		$	4,584
Additions based on tax positions related to the current year		133			44			—
Additions for tax positions of prior years		57			166			994
Reductions as a result of a lapse of applicable statutes of limitations		(4,708	)		(56	)		(109	)
Balance at End of Period	$	1,105		$	5,623		$	5,469