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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of net deferred tax liabilities | Net deferred tax assets and liabilities consist of the following as of December 31, 2023 and 2022 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | As of December 31, |
​ | ​ | 2023 |  | 2022 | ​
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued compensation and benefits | ​ | $ | 19.3 | ​ | $ | 16.1 | ​
Property, equipment and technology, net | ​ |  | 12.7 | ​ |  | 16.0 | ​
Investments | ​ | ​ | 83.7 | ​ | ​ | 95.1 | ​
Operating leases | ​ | ​ | 42.6 | ​ | ​ | 37.1 | ​
Other | ​ |  | 84.2 | ​ |  | 75.7 | ​
Subtotal | ​ | ​ | 242.5 | ​ | ​ | 240.0 | ​
Valuation allowances | ​ | ​ | (11.8) | ​ | ​ | (17.5) | ​
Total deferred tax assets | ​ |  | 230.7 | ​ |  | 222.5 | ​
Deferred tax liabilities: | ​ |  | ​ | ​ |  | ​ | ​
Intangibles | ​ | ​ | (384.7) | ​ |  | (390.1) | ​
Property, equipment and technology, net | ​ | ​ | (17.4) | ​ |  | (20.4) | ​
Prepaid expenses or assets | ​ | ​ | (4.4) | ​ | ​ | (4.4) | ​
Operating leases | ​ | ​ | (33.9) | ​ | ​ | (28.2) | ​
Total deferred tax liabilities | ​ |  | (440.4) | ​ |  | (443.1) | ​
Net deferred tax liabilities | ​ | $ | (209.7) | ​ | $ | (220.6) | ​
​
Schedule of provision for income taxes | The provision for income taxes for the years ended December 31, 2023, 2022 and 2021 consists of the following (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Current tax expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 188.1 | ​ | $ | 210.4 | ​ | $ | 148.4 | ​
State | ​ |  | 97.8 | ​ |  | 130.2 | ​ |  | 83.4 | ​
Foreign | ​ |  | 15.5 | ​ |  | 13.0 | ​ |  | 14.2 | ​
Total current tax expense | ​ |  | 301.4 | ​ |  | 353.6 | ​ |  | 246.0 | ​
Deferred income tax (benefit) expense: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | (3.4) | ​ | ​ | (126.2) | ​ | ​ | (24.3) | ​
State | ​ | ​ | 1.5 | ​ | ​ | (22.7) | ​ | ​ | (7.3) | ​
Foreign | ​ |  | (13.3) | ​ |  | (6.8) | ​ |  | 12.7 | ​
Total deferred income tax benefit | ​ |  | (15.2) | ​ |  | (155.7) | ​ |  | (18.9) | ​
Total | ​ | $ | 286.2 | ​ | $ | 197.9 | ​ | $ | 227.1 | ​
​
Schedule of income from continuing operations before taxes | For the years ended December 31, 2023, 2022, and 2021, income before taxes consists of the following (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, |
​ | ​ | 2023 |  | 2022 |  | 2021 | ​
U.S. operations | ​ | $ | 1,010.5 | ​ | $ | 401.3 | ​ | $ | 714.0 | ​
Foreign operations | ​ |  | 37.1 | ​ |  | 31.6 | ​ |  | 42.1 | ​
Total | ​ | $ | 1,047.6 | ​ | $ | 432.9 | ​ | $ | 756.1 | ​
​
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, 2023, 2022, and 2021 is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​ | ​
​ | ​ | 2023 | ​ |  | 2022 | ​ |  | 2021 | ​ | ​
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 | % | ​
State taxes, net of federal benefit | ​ | 4.3 | % | ​ | 4.5 | % | ​ | 4.3 | % | ​
Uncertain tax positions | ​ | 2.9 | % | ​ | 20.6 | % | ​ | 3.2 | % | ​
Deduction for foreign-derived intangible income | ​ | (0.4) | % | ​ | (1.0) | % | ​ | (0.6) | % | ​
Valuation allowances | ​ | (0.5) | % | ​ | 0.6 | % | ​ | — | % | ​
Other, net |  | — | % | ​ | 0.5 | % | ​ | 0.2 | % | ​
Effective income tax rate |  | 27.3 | % | ​ | 45.7 | % | ​ | 30.0 | % | ​
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 |  | 2022 |  | 2021 | ​
Balance as of January 1 | ​ | $ | 212.1 | ​ | $ | 162.1 | ​ | $ | 138.6 | ​
Gross increases related to prior year tax positions | ​ | ​ | — | ​ | ​ | 21.8 | ​ | ​ | 3.4 | ​
Gross decreases related to prior year tax positions | ​ | ​ | (1.5) | ​ | ​ | — | ​ | ​ | (0.2) | ​
Gross increases related to current year tax positions | ​ | ​ | 31.1 | ​ | ​ | 32.9 | ​ | ​ | 26.5 | ​
Settlements | ​ | ​ | (2.5) | ​ | ​ | (3.7) | ​ | ​ | — | ​
Lapse of statute of limitations | ​ | ​ | (1.7) | ​ | ​ | (1.0) | ​ | ​ | (6.2) | ​
Balance as of December 31 |  | $ | 237.5 | ​ | $ | 212.1 | ​ | $ | 162.1 | ​
Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities | ​
​ | ​ | ​
U.S. Federal |  | 2020-2023
California | ​ | 2015-2023
Illinois |  | 2020-2023
New York |  | 2015-2023
New York City | ​ | 2015-2023
United Kingdom |  | 2020-2023
Netherlands |  | 2017-2023

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- 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
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 + Details
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