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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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)			2024						2023						2022
Current income taxes
U.S. federal			$	634.7					$	554.0					$	574.7
State and local			112.4						68.1						115.4
Foreign			24.7						23.9						15.5
Deferred income taxes (benefits)			(88.0)						8.6						(207.0)
Total			$	683.8					$	654.6					$	498.6

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

(in millions)			2024						2023						2022
Property, equipment and software			$	(60.3)					$	(43.2)					$	(64.1)
Accrued, deferred, and long-term incentive compensation			(14.2)						(28.6)						11.8
Operating lease assets			(1.7)						(6.3)						24.8
Operating lease liabilities			5.0						3.8						(24.3)
Acquisition-related retention liability			(12.9)						(14.8)						(13.6)
Contingent consideration liability			3.1						15.4						32.4
Acquired investments			(27.9)						(19.5)						(73.0)
Unrealized gains (losses) recognized in non-operating income			16.8						43.8						(114.6)
Net operating losses			(11.2)						(31.5)						(11.0)
Change in valuation allowance			16.1						86.4						16.4
Other			(0.8)						3.1						8.2
Total net deferred income taxes (benefits)			$	(88.0)					$	8.6					$	(207.0)

Schedule of Effective Income Tax Rate Reconciliation

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

			2024						2023						2022
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)			2.9						2.3						3.4
Net income attributable to redeemable non-controlling interests(2)			(0.3)						(0.5)						1.3
Net excess tax benefits from stock-based compensation plans activity			(0.2)						0.1						(0.4)
Valuation allowance			0.2						3.4						—
Other items			0.7						—						0.3
Effective income tax rate			24.3		%				26.3		%				25.6		%

(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)			2024						2023
Deferred tax assets
Accrued, deferred, and long-term incentive compensation			$	317.7					$	303.5
Property, equipment and software			90.9						30.6
Acquired investments			66.4						40.3
Net operating loss carry-forwards			53.7						42.5
Operating lease liability			39.8						44.8
Other			12.9						16.0
Total deferred tax assets			581.4						477.7
Valuation allowance			(118.9)						(102.8)
Total deferred tax assets, net of valuation allowance			462.5						374.9
Deferred tax liabilities
Contingent consideration liability			(50.9)						(47.8)
Unrealized gains (losses) recognized in non-operating income			(50.0)						(33.2)
Operating lease assets			(41.1)						(42.8)
Acquisition-related retention liability			(26.6)						(39.5)
Other			(15.9)						(17.8)
Total deferred tax liabilities			(184.5)						(181.1)
Net deferred tax assets			$	278.0					$	193.8

Schedule of Unrecognized Tax Benefits

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

(in millions)			2024						2023						2022
Balance at beginning of year			$	42.7					$	35.4					$	29.3
Changes in tax positions related to
Current year			4.2						7.8						5.5
Prior years			(2.9)						0.5						1.3
Expired statute of limitations			(1.0)						(1.0)						(0.7)
Balance at end of year			$	43.0					$	42.7					$	35.4

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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.

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