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