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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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)			2022						2021						2020
Current income taxes
U.S. federal			$	574.7					$	745.0					$	547.1
State and local			115.4						179.3						135.2
Foreign			15.5						28.1						22.9
Deferred income taxes (benefits)			(207.0)						(56.3)						13.7
Total			$	498.6					$	896.1					$	718.9

The deferred income taxes (benefits) recognized as part of our provision for income taxes is related to:

(in millions)			2022						2021						2020
Property and equipment			$	(64.0)					$	11.8					$	15.6
Asset impairments			4.6						2.0						2.9
Operating lease assets			24.7						(10.6)						1.0
Operating lease liabilities			(24.2)						10.6						(1.0)
Stock-based compensation			(8.7)						(8.1)						1.8
Accrued compensation			(.5)						(1.6)						(2.2)
Supplemental savings plan liability			21.3						(29.3)						(43.3)
Acquisition-related retention liability			(13.6)						—						—
Contingent consideration liability			32.4						—						—
Acquired investments			(73.0)						—						—
Unrealized holding gains recognized in non-operating income			(114.6)						(26.1)						46.8
Other			8.6						(5.0)						(7.9)
Total deferred income taxes (benefits)			$	(207.0)					$	(56.3)					$	13.7

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the statutory federal income tax rate to our effective income tax rate. 

			2022						2021						2020
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)			3.4						3.7						3.8
Net income attributable to redeemable non-controlling interests(2)			1.3						(.1)						(1.2)
Net excess tax benefits from stock-based compensation plans activity			(.4)						(2.1)						(1.9)
Other items			.3						(.1)						.5
Effective income tax rate			25.6		%				22.4		%				22.2		%

(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)			2022						2021
Deferred tax assets
Stock-based compensation			$	96.1					$	87.4
Asset impairments			—						5.4
Operating lease liabilities			48.5						24.3
Accrued compensation			9.6						9.1
Acquired investments			20.8						—
Supplemental savings plan			168.9						190.2
Net unrealized holding losses recognized in income			10.6						—
Currency translation adjustment			8.5						2.0
Other			14.3						24.6
			377.3						343.0
Deferred tax liabilities
Acquisition-related retention liability			(54.3)						(68.4)
Contingent consideration liability			(32.4)						—
Acquired Investments			—						(59.2)
Property and equipment			(12.7)						(76.7)
Operating lease assets			(49.0)						(24.3)
Net unrealized holding gains recognized in income			—						(104.8)
Other			(12.8)						(16.6)
			(161.2)						(350.0)
Net deferred tax (liability) asset			$	216.1					$	(7.0)

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes in our unrecognized tax benefits. 

(in millions)			2022						2021						2020
Balance at beginning of year			$	29.3					$	26.7					$	23.9
Changes in tax positions related to
Current year			5.5						8.9						7.7
Prior years			1.3						(1.0)						(2.6)
Expired statute of limitations			(.7)						(5.3)						(2.3)
Balance at end of year			$	35.4					$	29.3					$	26.7

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