INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of components of income before income taxes and components of income tax expense

	Years Ended December 31,
	2019		2018		2017
	(in millions)
Components of income from continuing operations before income taxes:
Domestic	$	591.9	$	1,052.7	$	883.8
Foreign		146.5		162.3		178.7
Total	$	738.4	$	1,215.0	$	1,062.5
Components of income tax expense:
Current
Federal	$	126.0	$	152.2	$	295.0
State		35.8		58.0		17.5
Foreign		11.5		52.8		56.7
Total current		173.3		263.0		369.2
Deferred
Federal		(11.8)		48.0		(65.3)
State		6.7		14.7		6.2
Foreign		(2.4)		(56.2)		(16.8)
Total deferred		(7.5)		6.5		(75.9)
Total provision for income taxes	$	165.8	$	269.5	$	293.3

Summary of reconciliation of recorded federal provision for income taxes to the expected amount computed by applying the federal statutory rate

	Years Ended December 31,
	2019		2018		2017
	(in millions)
Expected expense at statutory rate	$	155.1	$	255.1	$	371.9
Increase (decrease) in income taxes resulting from:
State income taxes, net of federal benefit		33.6		57.4		14.5
Foreign rate differential		(2.3)		11.6		(26.0)
Foreign restructuring		—		(48.0)		—
Impact of 2017 Tax Reform		(30.2)		(29.7)		(64.9)
Global intangible low-taxed income		8.7		15.5		—
Non-deductible expenses (non-taxable income)		9.1		3.7		(4.6)
Other		(8.2)		3.9		2.4
Total	$	165.8	$	269.5	$	293.3

Summary of deferred tax assets and liabilities

	December 31,
	2019		2018
	(in millions)
Deferred tax assets
Deferred revenue	$	9.5	$	10.6
Allowance for doubtful accounts		267.6		267.0
Net operating loss carryforwards and other carryforwards		69.0		57.8
Stock-based compensation and other employee benefits		13.7		24.4
Lease liabilities		74.4		—
Accrued expenses and other		40.3		66.2
Intangible assets		23.2		—
Total deferred tax assets		497.7		426.0
Valuation allowance		(64.0)		(36.3)
Deferred tax assets, net of valuation allowance		433.7		389.7
Deferred tax liabilities
Deferred income	$	365.6	$	409.8
Depreciation		41.8		79.0
Right of use assets		61.1		—
Intangible assets		—		113.4
Total deferred tax liabilities		468.5		602.2
Net deferred tax liability	$	(34.8)	$	(212.5)
Amounts recognized in the consolidated balance sheets:
Non-current assets	$	45.2	$	44.0
Non-current liabilities		(80.0)		(256.5)
Total – Net deferred tax liability	$	(34.8)	$	(212.5)

Summary of reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

Balance at January 1, 2017	$	192.0
Increases related to prior years’ tax positions		9.3
Decreases related to prior years’ tax positions		(15.7)
Increases related to current year tax positions		33.0
Settlements during the period		(6.7)
Lapses of applicable statutes of limitation		(3.6)
Balance at December 31, 2017	$	208.3
Increases related to prior years’ tax positions		41.3
Decreases related to prior years’ tax positions		(9.6)
Increases related to current year tax positions		61.5
Settlements during the period		(1.0)
Lapses of applicable statutes of limitation		(4.2)
Balance at December 31, 2018	$	296.3
Increases related to prior years’ tax positions		2.7
Decreases related to prior years’ tax positions		(76.6)
Increases related to current year tax positions		58.3
Settlements during the period		(0.6)
Lapses of applicable statutes of limitation		(5.8)
Balance at December 31, 2019	$	274.3