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Income Taxes (Tables)

12 Months Ended

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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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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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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