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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 Provision for Income Taxes | Significant components of the provision for income taxes for the years ended December 31 are as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 179.7 |  |  | $ | 124.1 |  |  | $ | 106.8 |
State |  |  | 57.0 |  |  |  | 35.3 |  |  |  | 32.6 |
Foreign |  |  | 23.6 |  |  |  | 2.1 |  |  |  | 1.8 |
Total current provision |  |  | 260.3 |  |  |  | 161.5 |  |  |  | 141.2 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 26.6 |  |  |  | 38.9 |  |  |  | 28.0 |
State |  |  | 5.7 |  |  |  | 8.2 |  |  |  | 5.0 |
Foreign |  |  | (17.0 | ) |  |  | (4.3 | ) |  |  | 1.5 |
Total deferred provision |  |  | 15.3 |  |  |  | 42.8 |  |  |  | 34.5 |
Total tax provision |  | $ | 275.6 |  |  | $ | 204.3 |  |  | $ | 175.7 |
Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate | A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 4.5 |  |  |  | 4.7 |  |  |  | 4.7 |
Non-deductible employee stock purchase plan expense |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Non-deductible meals and entertainment |  |  | 0.2 |  |  |  | 0.1 |  |  |  | — |
Non-deductible officers’ compensation |  |  | 0.4 |  |  |  | 0.6 |  |  |  | 0.4 |
Tax benefit from stock-based compensation |  |  | (1.6 | ) |  |  | (3.1 | ) |  |  | (3.6 | )
Other, net |  |  | (0.6 | ) |  |  | (0.2 | ) |  |  | 0.3 |
Effective tax rate |  |  | 24.1 | % |  |  | 23.3 | % |  |  | 23.0 | %
Schedule of Components of Net Deferred Tax Liabilities | Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:
(in millions) |  | 2023 |  |  | 2022 |
Non-current deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  | $ | 700.7 |  |  | $ | 631.6 |
Fixed assets |  |  | 23.0 |  |  |  | 21.1 |
Right-of-use assets |  |  | 43.1 |  |  |  | 48.3 |
Impact of adoption of ASC 606 revenue recognition |  |  | 25.0 |  |  |  | 19.8 |
Net unrealized holding (loss)/gain on available-for-sale securities |  |  | (0.3 | ) |  |  | (0.4 | )
Total non-current deferred tax liabilities |  |  | 791.5 |  |  |  | 720.4 |
Non-current deferred tax assets: |  |  |  |  |  |
Deferred compensation |  |  | 85.1 |  |  |  | 67.4 |
Accruals and reserves |  |  | 19.4 |  |  |  | 12.5 |
Lease liabilities |  |  | 48.9 |  |  |  | 54.6 |
Net operating loss carryforwards and other carryforwards |  |  | 23.3 |  |  |  | 3.0 |
Valuation allowance for deferred tax assets |  |  | (1.4 | ) |  |  | (1.1 | )
Total non-current deferred tax assets |  |  | 175.3 |  |  |  | 136.4 |
Net non-current deferred tax liability |  | $ | 616.2 |  |  | $ | 584.0 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) |  | 2023 |  |  | 2022 |  |  | 2021 |
Unrecognized tax benefits balance at January 1 |  | $ | 3.1 |  |  | $ | 0.9 |  |  | $ | 1.3 |
Gross increases for tax positions of prior years |  |  | 3.2 |  |  |  | 2.2 |  |  |  | 0.3 |
Gross decreases for tax positions of prior years |  |  | — |  |  |  | — |  |  |  | (0.5 | )
Settlements |  |  | (1.0 | ) |  |  | — |  |  |  | (0.2 | )
Unrecognized tax benefits balance at December 31 |  | $ | 5.3 |  |  | $ | 3.1 |  |  | $ | 0.9 |

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