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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

INCOME TAXES

Schedule of net deferred tax liabilities

Net deferred tax assets and liabilities consist of the following as of December 31, 2022 and 2021 (in millions):

​	​	​	​	​	​	​	​
​		As of December 31,
​	​	2022			2021		​
Deferred tax assets:	​	​	​	​	​	​	​
Accrued compensation and benefits	​	$	16.1	​	$	14.7	​
Property, equipment and technology, net	​		16.0	​		2.8	​
Investments	​	​	95.1	​	​	—	​
Operating leases	​	​	37.1	​	​	33.5	​
Other	​		75.7	​		54.4	​
Subtotal	​	​	240.0	​	​	105.4	​
Valuation allowance	​	​	(17.5)	​	​	(12.2)	​
Total deferred tax assets	​		222.5	​		93.2	​
Deferred tax liabilities:	​		​	​		​	​
Intangibles	​	​	(390.1)	​		(372.4)	​
Property, equipment and technology, net	​	​	(20.4)	​		(19.8)	​
Investments	​	​	—	​		(44.3)	​
Prepaid expenses or assets	​	​	(4.4)	​	​	(4.7)	​
Operating leases	​	​	(28.2)	​	​	(24.7)	​
Total deferred tax liabilities	​		(443.1)	​		(465.9)	​
Net deferred tax liabilities	​	$	(220.6)	​	$	(372.7)	​

​

Schedule of provision for income taxes

The provision for income taxes for the years ended December 31, 2022, 2021 and 2020 consists of the following (in millions):

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,								​
​		2022			2021			2020
Current tax expense:	​	​	​	​	​	​	​	​	​	​
Federal	​	$	210.4	​	$	148.4	​	$	143.7	​
State	​		130.2	​		83.4	​		70.5	​
Foreign	​		13.0	​		14.2	​		8.9	​
Total current tax expense	​		353.6	​		246.0	​		223.1	​
Deferred income tax (benefit) expense:	​	​	​	​	​	​	​	​	​	​
Federal	​	​	(126.2)	​	​	(24.3)	​	​	(25.2)	​
State	​	​	(22.7)	​	​	(7.3)	​	​	(9.1)	​
Foreign	​		(6.8)	​		12.7	​		3.4	​
Total deferred income tax benefit	​		(155.7)	​		(18.9)	​		(30.9)	​
Total	​	$	197.9	​	$	227.1	​	$	192.2	​

​

Schedule of income from continuing operations before taxes

For the years ended December 31, 2022, 2021, and 2020, income before taxes consists of the following (in millions):

​	​	​	​	​	​	​	​	​	​	​
​		Year Ended December 31,
​	​	2022			2021			2020		​
U.S. operations	​	$	401.3	​	$	714.0	​	$	601.9	​
Foreign operations	​		31.6	​		42.1	​		58.5	​
Total	​	$	432.9	​	$	756.1	​	$	660.4	​

​

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, 2022, 2021, and 2020 is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,							​	​
​	​	2022	​		2021	​		2020	​	​
Statutory U.S. federal income tax rate	​	21.0	%	​	21.0	%	​	21.0	%	​
Impact of federal, state and local tax law & rate changes, net	​	(0.5)	%	​	1.9	%	​	(0.2)	%	​
State taxes, net of federal benefit	​	4.5	%	​	4.3	%	​	4.2	%	​
Uncertain tax positions	​	20.6	%	​	3.2	%	​	2.9	%	​
Deduction for foreign-derived intangible income	​	(1.0)	%	​	(0.6)	%	​	(1.1)	%	​
Valuation allowance	​	0.6	%	​	—	%	​	0.8	%	​
Other, net		0.5	%	​	0.2	%	​	1.5	%	​
Effective income tax rate		45.7	%	​	30.0	%	​	29.1	%	​

​

Schedule of reconciliation of beginning and ending unrecognized tax benefits

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

​	​	​	​	​	​	​	​	​	​	​
​	​	2022			2021			2020		​
Balance as of January 1	​	$	162.1	​	$	138.6	​	$	116.7	​
Gross increases on unrecognized tax benefits in prior period	​	​	21.8	​	​	3.4	​	​	3.3	​
Gross decreases on unrecognized tax benefits in prior period	​	​	—	​	​	(0.2)	​	​	—	​
Gross increases on unrecognized tax benefits in current period	​	​	32.9	​	​	26.5	​	​	24.3	​
Settlements	​	​	(3.7)	​	​	—	​	​	—	​
Lapse of statute of limitations	​	​	(1.0)	​	​	(6.2)	​	​	(5.7)	​
Balance as of December 31		$	212.1	​	$	162.1	​	$	138.6	​

​

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

​

​	​	​
U.S. Federal		2008-2016, 2019-2022
California	​	2015-2022
Illinois		2019-2022
New York		2015-2022
New York City	​	2015-2022
United Kingdom		2019-2022
Netherlands		2016-2022

​

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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.

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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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