INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedules of Provision for Income Taxes and Deferred Income Taxes (Tax Benefits)

The provision for income taxes consists of:

(in millions)	2025		2024		2023
Current income taxes
U.S. federal	$	434.5	$	634.7	$	554.0
State and local	91.2		112.4		68.1
Foreign	44.7		24.7		23.9
Deferred income taxes (benefits)	96.8		(88.0)		8.6
Total	$	667.2	$	683.8	$	654.6

The deferred income taxes (benefits) recognized as part of our provision for income taxes is related to:

(in millions)	2025		2024		2023
Property, equipment and software	$	149.8	$	(60.3)	$	(43.2)
Accrued, deferred, and long-term incentive compensation	(20.0)		(14.2)		(28.6)
Operating lease assets	33.9		(1.7)		(6.3)
Operating lease liabilities	(41.7)		5.0		3.8
Acquisition-related liabilities	(13.5)		(9.8)		0.6
Acquired investments	(5.3)		(27.9)		(19.5)
Unrealized gains (losses) recognized in non-operating income	16.6		16.8		43.8
Net operating losses	(15.8)		(11.2)		(31.5)
Change in valuation allowances	11.2		16.1		86.4
Other	(18.4)		(0.8)		3.1
Total net deferred income taxes (benefits)	$	96.8	$	(88.0)	$	8.6

Schedule of Effective Income Tax Rate Reconciliation

The following table reconciles the statutory federal income tax rate to our effective income tax rate. 

	2025				2024				2023
	Amount		Percent		Amount		Percent		Amount		Percent
Statutory U.S. federal income tax rate	$	603.8	21.0	%	$	592.1	21.0	%	$	523.0	21.0	%
U.S. federal
Net income (loss) attributable to redeemable non-controlling interests(1)	(25.5)		(0.9)		(7.5)		(0.3)		(9.9)		(0.4)
Net excess tax benefits from stock-based compensation plans activity	1.4		—		(4.0)		(0.1)		2.8		0.1
Other	(0.7)		—		(0.5)		(0.1)		(7.8)		(0.3)
State and local income taxes, net of federal effect	58.2		2.1		79.9		2.9		55.8		2.3
Foreign tax effects
United Kingdom: changes in valuation allowances	13.1		0.4		10.8		0.4		81.1		3.3
Other	16.9		0.6		13.0		0.5		9.6		0.3
Effective income tax	$	667.2	23.2	%	$	683.8	24.3	%	$	654.6	26.3	%

(1) Net income attributable to redeemable non-controlling interests represents the portion of earnings held in the firm's consolidated investment products, which are not taxable to the firm despite being included in pre-tax income.

Schedule of Deferred Tax Assets and Liabilities

The net deferred tax assets recognized in our consolidated balance sheets in other assets as of December 31 relate to the following: 

(in millions)	2025		2024
Deferred tax assets
Accrued, deferred, and long-term incentive compensation	$	337.7	$	317.7
Operating lease liability	81.5		39.8
Acquired investments	71.7		66.4
Net operating loss carry-forwards	64.8		53.7
Property, equipment and software	—		90.9
Other	27.0		12.9
Total deferred tax assets	582.7		581.4
Valuation allowances	(130.1)		(118.9)
Total deferred tax assets, net of valuation allowances	452.6		462.5
Deferred tax liabilities
Operating lease assets	(75.0)		(41.1)
Unrealized gains (losses) recognized in non-operating income	(66.6)		(50.0)
Acquisition-related liabilities	(64.0)		(77.5)
Property, equipment and software	(58.9)		—
Other	—		(15.9)
Total deferred tax liabilities	(264.5)		(184.5)
Net deferred tax assets	$	188.1	$	278.0

Schedule of Income Taxes Paid

The following table summarizes the net income taxes paid:

(in millions)	2025		2024		2023
U.S. federal taxes	$	469.8	$	610.5	$	529.4
All other jurisdictions	125.6		112.7		102.6
Total taxes paid	$	595.4	$	723.2	$	632.0

Schedule of Unrecognized Tax Benefits

The following table summarizes the changes in our unrecognized tax benefits. 

(in millions)	2025		2024		2023
Balance at beginning of year	$	43.0	$	42.7	$	35.4
Changes in tax positions related to
Current year	2.5		4.2		7.8
Prior years	(18.1)		(2.9)		0.5
Expired statute of limitations	(1.3)		(1.0)		(1.0)
Balance at end of year	$	26.1	$	43.0	$	42.7