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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provisions by Controlling and Noncontrolling Interests

The following table presents the consolidated provision for income taxes:

						For the Years Ended December 31,
						2019						2020						2021
Controlling interest:
Current taxes						$	46.5					$	44.6					$	144.4
Intangible-related deferred taxes						(51.3)						(9.9)						52.5
Other deferred taxes						(4.3)						34.8						32.7
Total controlling interest						(9.1)						69.5						229.6
Non-controlling interests:
Current taxes						$	12.2					$	10.0					$	15.4
Deferred taxes						(0.2)						1.9						6.0
Total non-controlling interests						12.0						11.9						21.4
Income tax expense						$	2.9					$	81.4					$	251.0
Income before income taxes (controlling interest)						$	6.6					$	271.7					$	795.3
Effective tax rate (controlling interest)(1)						(137.0)		%				25.6		%				28.9		%

__________________________

(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,
						2019						2020						2021
Current:
Federal						$	(18.2)					$	(9.6)					$	73.1
State						(8.8)						17.0						19.6
Foreign						85.7						47.2						67.1
Total current						58.7						54.6						159.8
Deferred:
Federal						$	(23.9)					$	20.1					$	55.9
State						3.4						5.4						13.0
Foreign						(35.3)						1.3						22.3
Total deferred						(55.8)						26.8						91.2
Income tax expense						$	2.9					$	81.4					$	251.0

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,
						2019						2020						2021
Domestic						$	152.2					$	446.1					$	698.2
International						155.8						62.2						442.8
Total						$	308.0					$	508.3					$	1,141.0

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,
						2019						2020						2021
Statutory U.S. federal tax rate						21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit						3.5						3.5						3.5
Foreign operations						(471.2)						(8.5)						(1.7)
Compensation plans						240.6						5.8						2.0
Changes in tax laws						—						3.0						2.4
Change in valuation allowances						(107.2)						6.9						1.1
Unrecognized tax benefits						420.4						(1.1)						0.1
Affiliate divestments						(120.4)						(6.2)						—
Changes in U.S. tax provision to return						(195.7)						0.8						0.4
Other						72.0						0.4						0.1
Effective tax rate (controlling interest)						(137.0)		%				25.6		%				28.9		%
Effect of income from non-controlling interests						137.9						(9.6)						(6.9)
Effective tax rate						0.9		%				16.0		%				22.0		%

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,
						2020						2021
Deferred Tax Assets
Deferred compensation						$	15.4					$	12.5
State loss carryforwards						17.0						16.9
Foreign loss carryforwards						19.7						22.2
Tax benefit of uncertain tax positions						26.3						17.4
Lease liabilities						10.0						7.6
Foreign tax credits						8.2						8.7
Other						—						1.3
Total deferred tax assets						96.6						86.6
Valuation allowance						(35.6)						(43.9)
Deferred tax assets, net of valuation allowance						$	61.0					$	42.7
Deferred Tax Liabilities
Intangible asset amortization						$	(235.6)					$	(255.9)
Non-deductible intangible amortization						(116.6)						(149.2)
Junior convertible securities interest						(99.3)						(101.7)
Right-of-use assets						(7.3)						(5.9)
Deferred income						(10.7)						(27.3)
Other						(8.5)						(4.0)
Total deferred tax liabilities						(478.0)						(544.0)
Deferred income tax liability (net)(1)						$	(417.0)					$	(501.3)

__________________________

(1)As of December 31, 2020 and 2021, foreign loss carryforwards of $19.7 million (net of a $13.3 million valuation allowance) and $22.2 million (net of a $20.3 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 Unrecognized Tax Benefits

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

						For the Years Ended December 31,
						2019						2020						2021
Balance, beginning of period						$	33.1					$	65.4					$	63.5
Additions based on current year tax positions						39.8						1.1						0.8
Additions based on prior years’ tax positions						3.2						1.7						4.6
Reduction for prior years’ tax positions						(3.5)						(0.4)						(5.6)
Lapse of the statute of limitations						(4.0)						(7.6)						(5.7)
Settlements						(0.4)						—						(5.5)
Foreign currency translation						(2.8)						3.3						0.3
Balance, end of period						$	65.4					$	63.5					$	52.4

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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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