XML 61 R37.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedules of Provision for Income Taxes and Deferred Income Taxes (Tax Benefits) | The provision for income taxes consists of:
(in millions) | 2021 |  | 2020 |  | 2019
Current income taxes |  |  |  |  |
U.S. federal | $ | 745.0 |  |  | $ | 547.1 |  |  | $ | 490.9 |
State and local | 179.3 |  |  | 135.2 |  |  | 135.9 |
Foreign | 28.1 |  |  | 22.9 |  |  | 18.3 |
Deferred income taxes (benefits) | (56.3) |  |  | 13.7 |  |  | 33.3 |
Total | $ | 896.1 |  |  | $ | 718.9 |  |  | $ | 678.4 |
The deferred income taxes (benefits) recognized as part of our provision for income taxes is related to:
(in millions) | 2021 |  | 2020 |  | 2019
Property and equipment | $ | 11.8 |  |  | $ | 15.6 |  |  | $ | 3.0 |
Asset impairments | 2.0 |  |  | 2.9 |  |  | (2.4) |
Stock-based compensation | (8.1) |  |  | 1.8 |  |  | 4.5 |
Accrued compensation | (1.6) |  |  | (2.2) |  |  | 1.3 |
Supplemental savings plan liability | (29.3) |  |  | (43.3) |  |  | (33.6) |
Unrealized holding gains recognized in non-operating income | (26.1) |  |  | 46.8 |  |  | 63.0 |
Other | (5.0) |  |  | (7.9) |  |  | (2.5) |
Total deferred income taxes (benefits) | $ | (56.3) |  |  | $ | 13.7 |  |  | $ | 33.3 |
Schedule of Effective Income Tax Rate Reconciliation | The following table reconciles the statutory federal income tax rate to our effective income tax rate.
| 2021 |  | 2020 |  | 2019
Statutory U.S. federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes for current year, net of federal income tax benefits(1) | 3.7 |  |  | 3.8 |  |  | 4.3 |
Net income attributable to redeemable non-controlling interests(2) | (.1) |  |  | (1.2) |  |  | (1.0) |
Net excess tax benefits from stock-based compensation plans activity | (2.1) |  |  | (1.9) |  |  | (1.5) |
Other items | (.1) |  |  | .5 |  |  | .4 |
Effective income tax rate | 22.4 | % |  | 22.2 | % |  | 23.2 | %
(1) State income tax benefits are reflected in the total benefits for net income attributable to redeemable non-controlling interests and stock-based compensation plans activity. (2) Net income attributable to redeemable non-controlling interests represents the portion of earnings held in the firm's consolidated investment products, which are not taxable to the firm despite being included in pre-tax income.
Schedule of Deferred Tax Assets and Liabilities | The net deferred tax assets recognized in our consolidated balance sheets in other assets as of December 31 relate to the following:
(in millions) | 2021 |  | 2020
Deferred tax assets |  |  |
Stock-based compensation | $ | 87.4 |  |  | $ | 79.3 |
Asset impairments | 5.4 |  |  | 7.4 |
Operating lease liabilities | 24.3 |  |  | 34.9 |
Accrued compensation | 9.1 |  |  | 7.5 |
Supplemental savings plan | 190.2 |  |  | 160.9 |
Currency translation adjustment | 2.0 |  |  | .2 |
Other | 24.6 |  |  | 13.5 |
| 343.0 |  |  | 303.7 |
Deferred tax liabilities |  |  |
Acquisition-related retention liability | (68.4) |  |  | — |
Acquired Investments | (59.2) |  |  | — |
Property and equipment | (76.7) |  |  | (64.9) |
Operating lease assets | (24.3) |  |  | (34.9) |
Net unrealized holding gains recognized in income | (104.8) |  |  | (130.9) |
Other | (16.6) |  |  | (12.4) |
| (350.0) |  |  | (243.1) |
Net deferred tax (liability) asset | $ | (7.0) |  |  | $ | 60.6 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the changes in our unrecognized tax benefits.
(in millions) | 2021 |  | 2020 |  | 2019
Balance at beginning of year | $ | 26.7 |  |  | $ | 23.9 |  |  | $ | 16.1 |
Changes in tax positions related to |  |  |  |  |
Current year | 8.9 |  |  | 7.7 |  |  | 8.1 |
Prior years | (1.0) |  |  | (2.6) |  |  | .5 |
Expired statute of limitations | (5.3) |  |  | (2.3) |  |  | (.8) |
Balance at end of year | $ | 29.3 |  |  | $ | 26.7 |  |  | $ | 23.9 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=124434304&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration