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INCOME TAXES (Tables)

12 Months Ended

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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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 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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