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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
|  | 2020 |  | 2021 |  | 2022
Controlling interest: |  |  |  |  |  |
Current taxes |  | $ | 44.6 |  |  | $ | 144.4 |  |  | $ | 315.4 |
Intangible-related deferred taxes |  | (9.9) |  |  | 52.5 |  |  | 32.0 |
Other deferred taxes |  | 34.8 |  |  | 32.7 |  |  | 0.0 |
Total controlling interest |  | 69.5 |  |  | 229.6 |  |  | 347.4 |
Non-controlling interests: |  |  |  |  |  |
Current taxes |  | $ | 10.0 |  |  | $ | 15.4 |  |  | $ | 10.9 |
Deferred taxes |  | 1.9 |  |  | 6.0 |  |  | — |
Total non-controlling interests |  | 11.9 |  |  | 21.4 |  |  | 10.9 |
Income tax expense |  | $ | 81.4 |  |  | $ | 251.0 |  |  | $ | 358.3 |
Income before income taxes (controlling interest) |  | $ | 271.7 |  |  | $ | 795.3 |  |  | $ | 1,493.3 |
Effective tax rate (controlling interest)(1) |  | 25.6 | % |  | 28.9 | % |  | 23.3 | %
__________________________ (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,
|  | 2020 |  | 2021 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | (9.6) |  |  | $ | 73.1 |  |  | $ | 222.9 |
State |  | 17.0 |  |  | 19.6 |  |  | 30.6 |
Foreign |  | 47.2 |  |  | 67.1 |  |  | 72.8 |
Total current |  | 54.6 |  |  | 159.8 |  |  | 326.3 |
Deferred: |  |  |  |  |  |
Federal |  | $ | 20.1 |  |  | $ | 55.9 |  |  | $ | 30.4 |
State |  | 5.4 |  |  | 13.0 |  |  | 9.0 |
Foreign |  | 1.3 |  |  | 22.3 |  |  | (7.4) |
Total deferred |  | 26.8 |  |  | 91.2 |  |  | 32.0 |
Income tax expense |  | $ | 81.4 |  |  | $ | 251.0 |  |  | $ | 358.3 |
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,
|  | 2020 |  | 2021 |  | 2022
Domestic |  | $ | 446.1 |  |  | $ | 698.2 |  |  | $ | 639.0 |
International |  | 62.2 |  |  | 442.8 |  |  | 1,107.4 |
Total |  | $ | 508.3 |  |  | $ | 1,141.0 |  |  | $ | 1,746.4 |
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,
|  | 2020 |  | 2021 |  | 2022
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 |  | (8.5) |  |  | (1.7) |  |  | (1.7) |
Compensation plans |  | 5.8 |  |  | 2.0 |  |  | 0.8 |
Changes in tax laws |  | 3.0 |  |  | 2.4 |  |  | — |
Change in valuation allowances |  | 6.9 |  |  | 1.1 |  |  | 0.3 |
Unrecognized tax benefits |  | (1.1) |  |  | 0.1 |  |  | 0.4 |
BPEA(1) |  | — |  |  | — |  |  | (1.0) |
Affiliate divestments |  | (6.2) |  |  | — |  |  | — |
Changes in U.S. tax provision to return |  | 0.8 |  |  | 0.4 |  |  | 0.0 |
Other |  | 0.4 |  |  | 0.1 |  |  | 0.0 |
Effective tax rate (controlling interest) |  | 25.6 | % |  | 28.9 | % |  | 23.3 | %
Effect of income from non-controlling interests |  | (9.6) |  |  | (6.9) |  |  | (2.8) |
Effective tax rate |  | 16.0 | % |  | 22.0 | % |  | 20.5 | %
__________________________ (1)Reflective of the BPEA Transaction gain of $641.9 million and realized and unrealized gains on EQT ordinary shares of $43.8 million and $57.9 million, respectively.
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,
|  | 2021 |  | 2022
Deferred Tax Assets |  |  |  |
Deferred compensation |  | $ | 12.5 |  |  | $ | 14.6 |
State loss carryforwards |  | 16.9 |  |  | 16.4 |
Foreign loss carryforwards |  | 22.2 |  |  | 20.0 |
Tax benefit of uncertain tax positions |  | 17.4 |  |  | 12.6 |
Lease liabilities |  | 7.6 |  |  | 6.6 |
Foreign tax credits |  | 8.7 |  |  | 15.4 |
Other |  | 1.3 |  |  | 0.3 |
Total deferred tax assets |  | 86.6 |  |  | 85.9 |
Valuation allowance |  | (43.9) |  |  | (48.1) |
Deferred tax assets, net of valuation allowance |  | $ | 42.7 |  |  | $ | 37.8 |
Deferred Tax Liabilities |  |  |  |
Intangible asset amortization |  | $ | (255.9) |  |  | $ | (280.9) |
Non-deductible intangible amortization |  | (149.2) |  |  | (109.8) |
Junior convertible securities interest |  | (101.7) |  |  | (72.4) |
Right-of-use assets |  | (5.9) |  |  | (5.1) |
Accrued expenses |  | — |  |  | (3.0) |
Deferred income |  | (27.3) |  |  | (23.4) |
Other |  | (4.0) |  |  | (4.4) |
Total deferred tax liabilities |  | (544.0) |  |  | (499.0) |
Deferred income tax liability (net)(1) |  | $ | (501.3) |  |  | $ | (461.2) |
__________________________ (1)As of December 31, 2021 and 2022, foreign loss carryforwards of $22.2 million (net of a $20.3 million valuation allowance) and $20.0 million (net of a $16.5 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,
|  | 2020 |  | 2021 |  | 2022
Balance, beginning of period |  | $ | 65.4 |  |  | $ | 63.5 |  |  | $ | 52.4 |
Additions based on current year tax positions |  | 1.1 |  |  | 0.8 |  |  | 0.6 |
Additions based on prior years’ tax positions |  | 1.7 |  |  | 4.6 |  |  | 4.4 |
Reduction for prior years’ tax positions |  | (0.4) |  |  | (5.6) |  |  | (1.0) |
Lapse of the statute of limitations |  | (7.6) |  |  | (5.7) |  |  | (5.5) |
Settlements |  | — |  |  | (5.5) |  |  | — |
Foreign currency translation |  | 3.3 |  |  | 0.3 |  |  | (1.3) |
Balance, end of period |  | $ | 63.5 |  |  | $ | 52.4 |  |  | $ | 49.6 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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