XML 53 R37.htm IDEA: XBRL DOCUMENT v3.24.0.1

INCOME TAXES (Tables)

12 Months Ended

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

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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-9

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-12

+ 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
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration