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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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)			2023						2022						2021
Current income taxes
U.S. federal			$	554.0					$	574.7					$	745.0
State and local			68.1						115.4						179.3
Foreign			23.9						15.5						28.1
Deferred income taxes (benefits)			8.6						(207.0)						(56.3)
Total			$	654.6					$	498.6					$	896.1

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

(in millions)			2023						2022						2021
Property and equipment			$	(43.2)					$	(64.1)					$	11.8
Asset impairments			—						4.6						2.0
Operating lease assets			(6.3)						24.8						(10.6)
Operating lease liabilities			3.8						(24.3)						10.6
Stock-based compensation			1.9						(9.0)						(8.1)
Accrued compensation			(4.1)						(0.5)						(1.6)
Supplemental savings plan liability			(26.4)						21.3						(29.3)
Acquisition-related retention liability			(14.8)						(13.6)						—
Contingent consideration liability			15.4						32.4						—
Acquired investments			(19.5)						(73.0)						—
Unrealized holding gains recognized in non-operating income			43.8						(114.6)						(26.1)
Foreign net operating losses			(31.5)						(11.0)						—
Change in valuation allowance			86.4						16.4						—
Other			3.1						3.6						(5.0)
Total net deferred income taxes (benefits)			$	8.6					$	(207.0)					$	(56.3)

Schedule of Effective Income Tax Rate Reconciliation

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

			2023						2022						2021
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)			2.3						3.4						3.7
Net income attributable to redeemable non-controlling interests(2)			(0.5)						1.3						(0.1)
Net excess tax benefits from stock-based compensation plans activity			0.1						(0.4)						(2.1)
Valuation allowance			3.4						—						—
Other items			—						0.3						(0.1)
Effective income tax rate			26.3		%				25.6		%				22.4		%

(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)			2023						2022
Deferred tax assets
Stock-based compensation			$	94.5					$	96.4
Property and equipment			30.6						—
Operating lease liabilities			44.8						48.6
Accrued compensation			13.7						9.6
Acquired investments			40.3						20.8
Supplemental savings plan			195.3						168.9
Net operating loss carry-forwards			42.5						11.0
Net unrealized holding losses recognized in income			—						10.6
Currency translation adjustment			6.6						8.5
Other			9.4						17.3
Total deferred tax assets			477.7						391.7
Valuation allowance			(102.8)						(16.4)
Total deferred tax assets, net of valuation allowance			374.9						375.3
Deferred tax liabilities
Acquisition-related retention liability			(39.5)						(54.3)
Contingent consideration liability			(47.8)						(32.4)
Property and equipment			—						(12.6)
Operating lease assets			(42.8)						(49.1)
Net unrealized holding gains recognized in income			(33.2)						—
Other			(17.8)						(10.8)
Total deferred tax liabilities			(181.1)						(159.2)
Net deferred tax assets			$	193.8					$	216.1

Schedule of Unrecognized Tax Benefits

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

(in millions)			2023						2022						2021
Balance at beginning of year			$	35.4					$	29.3					$	26.7
Changes in tax positions related to
Current year			7.8						5.5						8.9
Prior years			0.5						1.3						(1.0)
Expired statute of limitations			(1.0)						(0.7)						(5.3)
Balance at end of year			$	42.7					$	35.4					$	29.3

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