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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision Attributable to Controlling and Non-Controlling Interests

The following table presents the consolidated provision for income taxes:

		For the Years Ended December 31,
		2016				2017				2018
Controlling interest:
Current tax		$	168.1			$	173.8			$	117.2
Intangible-related deferred taxes		84.3				(98.5		)		79.7
Other deferred taxes		(23.2		)		(24.9		)		(27.5		)
Total controlling interest		229.2				50.4				169.4
Non-controlling interests:
Current tax		$	8.2			$	8.2			$	12.2
Deferred taxes		(1.8		)		(0.2		)		(0.3		)
Total non-controlling interests		6.4				8.0				11.9
Income tax expense		$	235.6			$	58.4			$	181.3
Income before income taxes (controlling interest)		$	702.0			$	739.9			$	413.0
Effective tax rate (controlling interest)(1)		32.6		%		6.8		%		41.0		%

__________________________

⁽¹⁾  Taxes attributable to the controlling interest divided by Income before income taxes (controlling interest).

Schedule of Consolidated Provision for Income Taxes

The consolidated provision for income taxes consisted of the following:

		For the Years Ended December 31,
		2016				2017				2018
Current:
Federal		$	103.4			$	109.0			$	52.2
State		22.9				18.9				28.6
Foreign		50.0				54.1				48.6
Total current		176.3				182.0				129.4
Deferred:
Federal		62.3				(124.9		)		51.3
State		10.0				10.4				13.2
Foreign		(13.0		)		(9.1		)		(12.6		)
Total deferred		59.3				(123.6		)		51.9
Income tax expense		$	235.6			$	58.4			$	181.3

Schedule of Components of Income before Income Taxes

For financial reporting purposes, Income before income taxes consisted of the following:

		For the Years Ended December 31,
		2016				2017				2018
Domestic		$	688.1			$	756.5			$	637.3
International		286.5				310.6				76.3
		$	974.6			$	1,067.1			$	713.6

Schedule of Effective Income Tax Rate Computed Using Income before Income Taxes and Applying U.S. Federal Income Tax Rate

The following table reconciles the U.S. federal statutory tax rate to the Company’s effective tax rate:

	For the Years Ended December 31,
	2016			2017			2018
Statutory U.S. federal tax rate	35.0	%		35.0	%		21.0	%
State income taxes, net of federal benefit	2.9			2.7			3.7
Effect of foreign operations	(4.6	)		(5.4	)		1.3
Effect of changes in tax law, rates	(0.3	)		(25.2	)		—
Reduction in carrying value of an equity method investment	—			—			13.0
Other	(0.4	)		(0.3	)		2.0
Effective tax rate (controlling interest)	32.6	%		6.8	%		41.0	%
Effect of income from non-controlling interests	(8.4	)		(1.3	)		(15.6	)
Effective tax rate	24.2	%		5.5	%		25.4	%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of the Company’s Deferred income tax liability (net) are as follows:

		December 31,
		2017				2018
Deferred Tax Assets
Deferred compensation		$	10.4			$	18.0
State net operating loss carryforwards		16.8				18.2
Foreign loss carryforwards		16.3				16.7
Tax benefit of uncertain tax positions		11.4				10.9
Deferred income		—				8.8
Accrued expenses		1.3				3.6
Other		—				1.5
Total deferred tax assets		56.2				77.7
Valuation allowance		(24.1		)		(24.1		)
Deferred tax assets, net of valuation allowance		$	32.1			$	53.6
Deferred Tax Liabilities
Intangible asset amortization		$	(258.6	)		$	(337.1	)
Convertible securities interest		(77.9		)		(84.5		)
Non-deductible intangible amortization		(150.8		)		(141.0		)
Deferred income		(5.9		)		—
Other		(6.3		)		(2.6		)
Total deferred tax liabilities		(499.5		)		(565.2		)
Deferred income tax liability (net)		$	(467.4	)		$	(511.6	)

Schedule of Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the changes in unrecognized tax benefits is as follows:

		For the Years Ended December 31,
		2016				2017				2018
Balance, beginning of period		$	26.9			$	26.8			$	32.4
Additions based on current year tax positions		3.8				6.0				2.4
Additions based on prior years’ tax positions		0.6				1.5				8.4
Reduction for prior years’ tax positions		—				—				(2.0		)
Reductions related to lapses of statutes of limitations		(4.7		)		(2.3		)		(6.3		)
Settlements		—				—				(1.3		)
Additions (reductions) related to foreign exchange rates		0.2				0.4				(0.5		)
Balance, end of period		$	26.8			$	32.4			$	33.1

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Tabular disclosure of the components of income tax expense attributable to controlling and non-controlling interests for each year presented including, income before income taxes and effective tax rate attributable to controlling interests.

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