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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of net deferred tax liabilities

Net deferred tax assets and liabilities consist of the following as of December 31, 2021 and 2020 (in millions):

​	​	​	​	​	​	​	​
​		As of December 31,
​	​	2021			2020		​
Deferred tax assets:	​	​	​	​	​	​	​
Accrued compensation and benefits	​	$	14.7	​	$	11.4	​
Property, equipment and technology, net	​		2.8	​		2.4	​
Operating leases	​	​	33.5	​	​	36.2	​
Other	​		54.4	​		39.3	​
Subtotal	​	​	105.4	​	​	89.3	​
Valuation allowance	​	​	(12.2)	​	​	(6.8)	​
Total deferred tax assets	​		93.2	​		82.5	​
Deferred tax liabilities:	​		​	​		​	​
Intangibles	​	​	(372.4)	​		(351.1)	​
Property, equipment and technology, net	​	​	(19.8)	​		(21.8)	​
Investments	​	​	(44.3)	​		(56.6)	​
Prepaid expenses or assets	​	​	(4.7)	​	​	(2.8)	​
Operating leases	​	​	(24.7)	​	​	(27.8)	​
Total deferred tax liabilities	​		(465.9)	​		(460.1)	​
Net deferred tax liabilities	​	$	(372.7)	​	$	(377.6)	​

​

Schedule of provision for income taxes

The provision for income taxes for the years ended December 31, 2021, 2020 and 2019 consists of the following (in millions):

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
​		2021			2020			2019
Current tax expense:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	148.4	​	$	143.7	​	$	98.7	​
State	​		83.4	​		70.5	​		61.2	​
Foreign	​		14.2	​		8.9	​		7.9	​
Total current tax expense	​		246.0	​		223.1	​		167.8	​
Deferred income tax expense/(benefit):	​	​	​	​	​	​	​	​	​	​
Federal	​	​	(24.3)	​	​	(25.2)	​	​	(28.7)	​
State	​	​	(7.3)	​	​	(9.1)	​	​	(3.8)	​
Foreign	​		12.7	​		3.4	​		(4.7)	​
Total deferred income tax benefit	​		(18.9)	​		(30.9)	​		(37.2)	​
Total	​	$	227.1	​	$	192.2	​	$	130.6	​

​

Schedule of income from continuing operations before taxes

For the years ended December 31, 2021, 2020, and 2019, income before taxes consists of the following (in millions):

​	​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​	​	2021			2020			2019		​
U.S. operations	​	$	714.0	​	$	601.9	​	$	480.0	​
Foreign operations	​		42.1	​		58.5	​		21.4	​
Total	​	$	756.1	​	$	660.4	​	$	501.4	​

​

Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate

A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2021, 2020, and 2019 is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
​	​	2021			2020			2019		​
Statutory U.S. federal income tax rate	​	21.0	%	​	21.0	%	​	21.0	%	​
Impact of federal, state and local tax law & rate changes, net	​	1.9	%	​	(0.2)	%	​	—	%	​
State taxes, net of federal benefit	​	4.3	%	​	4.2	%	​	5.0	%	​
Uncertain tax positions	​	3.2	%	​	2.9	%	​	2.6	%	​
Deduction for Foreign-Derived Intangible Income	​	(0.6)	%	​	(1.1)	%	​	(1.2)	%	​
Valuation allowance	​	—	%	​	0.8	%	​	—	%	​
Other, net		0.2	%	​	1.5	%	​	(1.4)	%	​
Effective income tax rate		30.0	%	​	29.1	%	​	26.0	%	​

Schedule of reconciliation of beginning and ending uncertain tax positions

A reconciliation of the beginning and ending uncertain tax positions, excluding interest and penalties, is as follows (in millions):

​	​	​	​	​	​	​	​	​	​	​
​	​	2021			2020			2019		​
Balance as of January 1	​	$	138.6	​	$	116.7	​	$	102.3	​
Gross increases on tax positions in prior period	​	​	3.4	​	​	3.3	​	​	3.1	​
Gross decreases on tax positions in prior period	​	​	(0.2)	​	​	—	​	​	(6.3)	​
Gross increases on tax positions in current period	​	​	26.5	​	​	24.3	​	​	18.5	​
Lapse of statute of limitations	​	​	(6.2)	​	​	(5.7)	​	​	(0.9)	​
Balance as of December 31		$	162.1	​	$	138.6	​	$	116.7	​

Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities

​

​	​	​
U.S. Federal		2008-2016, 2018-2021
California	​	2015-2021
Illinois		2018-2021
New York		2015-2021
New York City	​	2011-2021
United Kingdom		2018-2021
Netherlands		2015-2021

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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.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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