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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2021						2022						2023
Controlling interest:
Current taxes						$	144.4					$	315.4					$	146.9
Intangible-related deferred taxes						52.5						32.0						29.8
Other deferred taxes						32.7						0.0						1.6
Total controlling interest						229.6						347.4						178.3
Non-controlling interests:
Current taxes						$	15.4					$	10.9					$	7.0
Deferred taxes						6.0						—						—
Total non-controlling interests						21.4						10.9						7.0
Income tax expense						$	251.0					$	358.3					$	185.3
Income before income taxes (controlling interest)						$	795.3					$	1,493.3					$	851.2
Effective tax rate (controlling interest)(1)						28.9		%				23.3		%				20.9		%

___________________________

(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,
						2021						2022						2023
Current:
Federal						$	73.1					$	222.9					$	105.2
State						19.6						30.6						10.8
Foreign						67.1						72.8						37.9
Total current						159.8						326.3						153.9
Deferred:
Federal						$	55.9					$	30.4					$	27.3
State						13.0						9.0						7.0
Foreign						22.3						(7.4)						(2.9)
Total deferred						91.2						32.0						31.4
Income tax expense						$	251.0					$	358.3					$	185.3

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,
						2021						2022						2023
Domestic						$	698.2					$	639.0					$	782.3
International						442.8						1,107.4						309.1
Total						$	1,141.0					$	1,746.4					$	1,091.4

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,
						2021						2022						2023
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						(1.7)						(1.7)						(4.1)
Compensation plans						2.0						0.8						1.1
Changes in tax laws						2.4						—						—
Change in valuation allowances						1.1						0.3						(0.1)
Unrecognized tax benefits						0.1						0.4						0.6
BPEA Transaction(1)						—						(1.0)						—
Changes in U.S. tax provision to return						0.4						0.0						(0.7)
Other						0.1						0.0						(0.4)
Effective tax rate (controlling interest)						28.9		%				23.3		%				20.9		%
Effect of income from non-controlling interests						(6.9)						(2.8)						(3.9)
Effective tax rate						22.0		%				20.5		%				17.0		%

___________________________

(1)The year ended December 31, 2022 is 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,
						2022						2023
Deferred Tax Assets
Deferred compensation						$	14.6					$	15.9
State loss carryforwards						16.4						14.7
Foreign loss carryforwards						20.0						19.8
Tax benefit of uncertain tax positions						12.6						10.0
Lease liabilities						6.6						4.8
Foreign tax credits						15.4						16.0
Other						0.3						0.3
Total deferred tax assets						85.9						81.5
Valuation allowance						(48.1)						(47.6)
Deferred tax assets, net of valuation allowance						$	37.8					$	33.9
Deferred Tax Liabilities
Intangible asset amortization						$	(280.9)					$	(295.8)
Non-deductible intangible amortization						(109.8)						(97.0)
Junior convertible securities interest						(72.4)						(83.1)
Right-of-use assets						(5.1)						(3.7)
Accrued expenses						(3.0)						(2.0)
Deferred income						(23.4)						(10.4)
Other						(4.4)						(2.9)
Total deferred tax liabilities						(499.0)						(494.9)
Deferred income tax liability (net)(1)						$	(461.2)					$	(461.0)

___________________________

(1)As of December 31, 2022 and 2023, foreign loss carryforwards of $20.0 million (net of a $16.5 million valuation allowance) and $19.8 million (net of a $17.0 million valuation allowance), respectively, are included in 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,
						2021						2022						2023
Balance, beginning of period						$	63.5					$	52.4					$	49.6
Additions based on current year tax positions						0.8						0.6						6.4
Additions based on prior years’ tax positions						4.6						4.4						1.0
Reduction for prior years’ tax positions						(5.6)						(1.0)						(13.5)
Lapse of the statute of limitations						(5.7)						(5.5)						(4.8)
Settlements						(5.5)						—						(1.3)
Foreign currency translation						0.3						(1.3)						0.4
Balance, end of period						$	52.4					$	49.6					$	37.8

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