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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 198 |  |  | $ | 180 |  |  | $ | 124 |
State |  |  | 70 |  |  |  | 57 |  |  |  | 35 |
Foreign |  |  | 19 |  |  |  | 23 |  |  |  | 2 |
Total current provision |  |  | 287 |  |  |  | 260 |  |  |  | 161 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 14 |  |  |  | 26 |  |  |  | 39 |
State |  |  | 4 |  |  |  | 6 |  |  |  | 8 |
Foreign |  |  | (4 | ) |  |  | (17 | ) |  |  | (4 | )
Total deferred provision |  |  | 14 |  |  |  | 15 |  |  |  | 43 |
Total tax provision |  | $ | 301 |  |  | $ | 275 |  |  | $ | 204 |
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:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Federal statutory tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal income tax benefit |  |  | 4.6 |  |  |  | 4.5 |  |  |  | 4.7 |
Non-deductible employee stock purchase plan expense |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.2 |
Non-deductible meals and entertainment |  |  | 0.2 |  |  |  | 0.2 |  |  |  | 0.1 |
Non-deductible officers’ compensation |  |  | 0.4 |  |  |  | 0.4 |  |  |  | 0.6 |
Tax benefit from stock-based compensation |  |  | (1.9 | ) |  |  | (1.6 | ) |  |  | (3.1 | )
Effect of rates different than statutory |  |  | (1.1 | ) |  |  | — |  |  |  | — |
Other, net |  |  | (0.3 | ) |  |  | (0.6 | ) |  |  | (0.2 | )
Effective tax rate |  |  | 23.1 | % |  |  | 24.1 | % |  |  | 23.3 | %
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) |  | 2024 |  |  | 2023 |
Non-current deferred tax liabilities: |  |  |  |  |  |
Intangible assets |  | $ | 808 |  |  | $ | 701 |
Fixed assets |  |  | 22 |  |  |  | 23 |
Right-of-use assets |  |  | 41 |  |  |  | 43 |
Impact of adoption of ASC 606 revenue recognition |  |  | 31 |  |  |  | 25 |
Total non-current deferred tax liabilities |  |  | 902 |  |  |  | 792 |
Non-current deferred tax assets: |  |  |  |  |  |
Deferred compensation |  |  | 100 |  |  |  | 85 |
Accruals and reserves |  |  | 34 |  |  |  | 19 |
Lease liabilities |  |  | 49 |  |  |  | 50 |
Net operating loss carryforwards and other carryforwards |  |  | 9 |  |  |  | 23 |
Valuation allowance for deferred tax assets |  |  | (1 | ) |  |  | (1 | )
Total non-current deferred tax assets |  |  | 191 |  |  |  | 176 |
Net non-current deferred tax liability |  | $ | 711 |  |  | $ | 616 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) |  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized tax benefits balance at January 1 |  | $ | 5 |  |  | $ | 3 |  |  | $ | 1 |
Gross increases for tax positions of prior years |  |  | 3 |  |  |  | 3 |  |  |  | 2 |
Gross decreases for tax positions of prior years |  |  | — |  |  |  | — |  |  |  | — |
Settlements |  |  | (4 | ) |  |  | (1 | ) |  |  | — |
Unrecognized tax benefits balance at December 31 |  | $ | 4 |  |  | $ | 5 |  |  | $ | 3 |

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