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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
						2018						2019						2020
Controlling interest:
Current taxes						$	117.2					$	46.5					$	44.6
Intangible-related deferred taxes						79.7						(51.3)						(9.9)
Other deferred taxes						(27.5)						(4.3)						34.8
Total controlling interest						169.4						(9.1)						69.5
Non-controlling interests:
Current taxes						$	12.2					$	12.2					$	10.0
Deferred taxes						(0.3)						(0.2)						1.9
Total non-controlling interests						11.9						12.0						11.9
Income tax expense						$	181.3					$	2.9					$	81.4
Income before income taxes (controlling interest)						$	413.0					$	6.6					$	271.7
Effective tax rate (controlling interest)(1)						41.0		%				(137.0)		%				25.6		%

__________________________

(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,
						2018						2019						2020
Current:
Federal						$	52.2					$	(18.2)					$	(9.6)
State						28.6						(8.8)						17.0
Foreign						48.6						85.7						47.2
Total current						129.4						58.7						54.6
Deferred:
Federal						$	51.3					$	(23.9)					$	20.1
State						13.2						3.4						5.4
Foreign						(12.6)						(35.3)						1.3
Total deferred						51.9						(55.8)						26.8
Income tax expense						$	181.3					$	2.9					$	81.4

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,
						2018						2019						2020
Domestic						$	637.3					$	152.2					$	446.1
International						76.3						155.8						62.2
Total						$	713.6					$	308.0					$	508.3

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,
						2018						2019						2020
Statutory U.S. federal tax rate						21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit						3.7						3.5						3.5
Foreign operations						1.3						(471.2)						(8.5)
Compensation plans						1.6						240.6						5.8
Changes in tax laws						—						—						3.0
Change in valuation allowances						0.0						(107.2)						6.9
Unrecognized tax benefits						0.5						420.4						(1.1)
Affiliate divestments						—						(120.4)						(6.2)
Reduction in carrying value of Affiliates						13.0						—						—
Changes in U.S. tax provision to return						(1.0)						(195.7)						0.8
Other						0.9						72.0						0.4
Effective tax rate (controlling interest)						41.0		%				(137.0)		%				25.6		%
Effect of income from non-controlling interests						(15.6)						137.9						(9.6)
Effective tax rate						25.4		%				0.9		%				16.0		%

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,
						2019						2020
Deferred Tax Assets
Deferred compensation						$	13.8					$	15.4
State loss carryforwards						15.9						17.0
Foreign loss carryforwards						17.7						19.7
Tax benefit of uncertain tax positions						27.4						26.3
Deferred income						3.0						—
Lease liabilities						12.3						10.0
Foreign tax credits						—						8.2
Other						2.6						—
Total deferred tax assets						92.7						96.6
Valuation allowance						(16.9)						(35.6)
Deferred tax assets, net of valuation allowance						$	75.8					$	61.0
Deferred Tax Liabilities
Intangible asset amortization						$	(293.7)					$	(235.6)
Non-deductible intangible amortization						(110.9)						(116.6)
Junior convertible securities interest						(91.6)						(99.3)
Right-of-use assets						(10.3)						(7.3)
Deferred income						—						(10.7)
Other						(4.1)						(8.5)
Total deferred tax liabilities						(510.6)						(478.0)
Deferred income tax liability (net)(1)						$	(434.8)					$	(417.0)

__________________________

(1)As of December 31, 2019 and 2020, foreign loss carryforwards of $17.7 million and $19.7 million, respectively, net of a $2.3 million and a $13.3 million valuation allowance, respectively, are presented within Other assets as they represent a net deferred tax asset in a foreign jurisdiction.

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,
						2018						2019						2020
Balance, beginning of period						$	32.4					$	33.1					$	65.4
Additions based on current year tax positions						2.4						39.8						1.1
Additions based on prior years’ tax positions						8.4						3.2						1.7
Reduction for prior years’ tax positions						(2.0)						(3.5)						(0.4)
Lapse of the statute of limitations						(6.3)						(4.0)						(7.6)
Settlements						(1.3)						(0.4)						—
Foreign currency translation						(0.5)						(2.8)						3.3
Balance, end of period						$	33.1					$	65.4					$	63.5

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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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