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Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
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,
|  | 2022 |  | 2023 |  | 2024
Controlling interest(1) |  | $347.4 |  | $178.3 |  | $174.8
Non-controlling interests |  | 10.9 |  | 7.0 |  | 7.8
Income tax expense |  | $358.3 |  | $185.3 |  | $182.6
Income before income taxes (controlling interest) |  | $1,493.3 |  | $851.2 |  | $686.4
Effective tax rate (controlling interest)(2) |  | 23.3% |  | 20.9% |  | 25.5%
___________________________ (1)For the years ended December 31, 2022, 2023, and 2024, income tax expense (controlling interest) included intangible- related deferred tax expense of $32.0 million, $29.8 million, and $66.7 million, respectively. (2)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,
|  | 2022 |  | 2023 |  | 2024
Current |  |  |  |  |  |
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $222.9 |  | $105.2 |  | $59.6
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 30.6 |  | 10.8 |  | 16.6
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 72.8 |  | 37.9 |  | 45.8
Total current . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 326.3 |  | 153.9 |  | 122.0
Deferred |  |  |  |  |  |
Federal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $30.4 |  | $27.3 |  | $52.5
State . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 9.0 |  | 7.0 |  | 11.9
Foreign . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (7.4) |  | (2.9) |  | (3.8)
Total deferred . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 32.0 |  | 31.4 |  | 60.6
Income tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $358.3 |  | $185.3 |  | $182.6
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,
|  | 2022 |  | 2023 |  | 2024
Domestic . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $639.0 |  | $782.3 |  | $678.5
International . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 1,107.4 |  | 309.1 |  | 244.7
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $1,746.4 |  | $1,091.4 |  | $923.2
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,
|  | 2022 |  | 2023 |  | 2024
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) |  | (4.1) |  | (0.1)
Compensation plans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.8 |  | 1.1 |  | 0.7
Change in valuation allowances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.3 |  | (0.1) |  | (0.5)
Unrecognized tax benefits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.4 |  | 0.6 |  | 0.2
BPEA Transaction(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (1.0) |  | — |  | —
Changes in U.S. tax provision to return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.0 |  | (0.7) |  | 0.5
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.0 |  | (0.4) |  | 0.2
Effective tax rate (controlling interest) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 23.3% |  | 20.9% |  | 25.5%
Effect of income from non-controlling interests . . . . . . . . . . . . . . . . . . . . . . . . |  | (2.8) |  | (3.9) |  | (5.7)
Effective tax rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 20.5% |  | 17.0% |  | 19.8%
___________________________ (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 tax liability (net) are as follows:
|  | December 31,
|  | 2023 |  | 2024
Deferred Tax Assets |  |  |  |
Deferred compensation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $15.9 |  | $13.7
State loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 14.7 |  | 13.8
Foreign loss carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 19.8 |  | 17.7
Federal carryforwards . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | — |  | 3.4
Tax benefit of uncertain tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 10.0 |  | 9.4
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | — |  | 4.6
Lease liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 4.8 |  | 2.4
Foreign tax credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 16.0 |  | 16.3
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.3 |  | —
Total deferred tax assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 81.5 |  | 81.3
Valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (47.6) |  | (44.8)
Deferred tax assets, net of valuation allowance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $33.9 |  | $36.5
Deferred Tax Liabilities |  |  |  |
Intangible asset amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $(295.8) |  | $(353.0)
Non-deductible intangible amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (97.0) |  | (101.4)
Junior convertible securities interest . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (83.1) |  | (92.6)
Right-of-use assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (3.7) |  | (1.9)
Accrued expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (2.0) |  | (4.1)
Deferred income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (10.4) |  | —
Other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (2.9) |  | (2.0)
Total deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (494.9) |  | (555.0)
Deferred tax liability (net)(1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $(461.0) |  | $(518.5)
___________________________ (1)As of December 31, 2023 and 2024, foreign loss carryforwards of $19.8 million (net of a $17.0 million valuation allowance) and $17.7 million (net of a $15.7 million valuation allowance), respectively, are included in Other assets as they represent a net deferred tax asset in a foreign jurisdiction.
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the changes in unrecognized tax benefits is as follows:
|  | For the Years Ended December 31,
|  | 2022 |  | 2023 |  | 2024
Balance, beginning of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $52.4 |  | $49.6 |  | $37.8
Additions based on current year tax positions . . . . . . . . . . . . . . . . . . . . . . . . . |  | 0.6 |  | 6.4 |  | 0.5
Additions based on prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . |  | 4.4 |  | 1.0 |  | 3.5
Reduction for prior years’ tax positions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (1.0) |  | (13.5) |  | (0.8)
Lapse of the statute of limitations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (5.5) |  | (4.8) |  | (2.5)
Settlements . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | — |  | (1.3) |  | —
Foreign currency translation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | (1.3) |  | 0.4 |  | (1.2)
Balance, end of period . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . |  | $49.6 |  | $37.8 |  | $37.3

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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