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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense | The components of the provision for income taxes attributable to operations consist of the following (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 126.3 |  |  | $ | 116.3 |  |  | $ | 61.3 |
State | 36.6 |  |  | 31.2 |  |  | 24.6 |
Foreign | 0.9 |  |  | 0.7 |  |  | 1.3 |
Total current | 163.8 |  |  | 148.2 |  |  | 87.2 |
Deferred: |  |  |  |  |
Federal | (31.7) |  |  | (20.4) |  |  | 22.9 |
State | (2.9) |  |  | (9.6) |  |  | 8.5 |
Foreign | (2.6) |  |  | (1.2) |  |  | (7.2) |
Total deferred | (37.2) |  |  | (31.2) |  |  | 24.2 |
Total provision for income taxes | $ | 126.6 |  |  | $ | 117.0 |  |  | $ | 111.4 |
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities consist of the following (in millions):
| December 31,
| 2023 |  | 2022
Deferred tax assets: |  |  |
Allowance for credit losses | $ | 5.8 |  |  | $ | 3.4 |
Accrued compensation | 11.9 |  |  | 4.6 |
Stock compensation | 15.3 |  |  | 20.4 |
Net operating losses | 34.7 |  |  | 26.8 |
Accrued reserve and other | 5.8 |  |  | 6.7 |
Lease liabilities | 21.8 |  |  | 26.4 |
Capitalized research and development costs | 92.4 |  |  | 45.4 |
Research and development credits | 4.5 |  |  | 6.1 |
Total deferred tax assets, prior to valuation allowance | 192.2 |  |  | 139.8 |
Valuation allowance | (9.0) |  |  | (5.2) |
Total deferred tax assets, net of valuation allowance | 183.2 |  |  | 134.6 |
Deferred tax liabilities: |  |  |
Deferred commission costs, net | (42.3) |  |  | (36.1) |
Lease right-of-use assets | (16.0) |  |  | (18.2) |
Prepaid expenses | (4.1) |  |  | (3.2) |
Property and equipment, net | (25.1) |  |  | (25.8) |
Intangible assets, net | (128.1) |  |  | (117.8) |
Total deferred tax liabilities | (215.6) |  |  | (201.1) |
Net deferred tax liabilities | $ | (32.4) |  |  | $ | (66.5) |
Schedule of Effective Income Tax Rate Reconciliation | The Company’s provision for income taxes resulted in effective tax rates that varied from the statutory federal income tax rate as follows (in millions):
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Expected federal income tax provision at statutory rate | $ | 105.3 |  |  | $ | 102.1 |  |  | $ | 84.8 |
State income taxes, net of federal benefit | 27.4 |  |  | 21.5 |  |  | 21.0 |
Increase (decrease) in valuation allowance | 1.9 |  |  | (0.5) |  |  | (5.0) |
Research credits | (20.2) |  |  | (17.5) |  |  | (13.1) |
Excess tax benefit | (5.9) |  |  | (1.8) |  |  | (10.9) |
Tax reserves | 4.2 |  |  | 1.5 |  |  | (12.8) |
Nondeductible compensation | 8.8 |  |  | 11.4 |  |  | 10.4 |
International restructuring | 0.1 |  |  | (3.9) |  |  | 34.9 |
Other adjustments | 5.0 |  |  | 4.2 |  |  | 2.1 |
Income tax expense | $ | 126.6 |  |  | $ | 117.0 |  |  | $ | 111.4 |
Schedule of Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):
Unrecognized tax benefit as of December 31, 2020 | $ | 28.9 |  |
Increase for current year tax positions | 3.1 |  |
Decrease for prior year tax positions | (5.4) |  |
Decrease for settlements with taxing authorities | (9.9) |  |
Expiration of the statute of limitation for assessment of taxes | (1.9) |  |
Unrecognized tax benefit as of December 31, 2021 | 14.8 |  |
Increase for current year tax positions | 3.4 |  |
Increase for prior year tax positions | 0.3 |  |
Expiration of the statute of limitation for assessment of taxes | (2.3) |  |
Unrecognized tax benefit as of December 31, 2022 | 16.2 |  |
Increase for current year tax positions | 4.4 |  |
Increase for prior year tax positions | 1.7 |  |
Expiration of the statute of limitation for assessment of taxes | (2.4) |  |
Unrecognized tax benefit as of December 31, 2023 | $ | 19.9 |  |

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