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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Operating Loss Carryforwards [Line Items]  
Schedule of Income Tax Expense and Effective Tax Rate
The following table shows our income tax expense and our effective tax rate for the years ended December 31, 2024, 2023, and 2022:
(in millions)202420232022
Income before income taxes and equity in investments of unconsolidated entities$491.3 $181.5 $130.6 
Equity in investments of unconsolidated entities(17.4)(7.4)(3.6)
Income before income taxes$473.9 $174.1 $127.0 
Income tax expense$104.0 $33.0 $56.5 
Effective tax rate21.9 %19.0 %44.5 %
Schedule of Effective Income Tax Rate Reconciliation
The following table reconciles our income tax expense at the US federal income tax rate to income tax expense as recorded:
202420232022
(in millions, except percentages)Amount%Amount%Amount%
Income tax expense at US federal rate$99.5 21.0 %$36.6 21.0 %$26.7 21.0 %
State income taxes, net of federal income tax benefit18.4 3.9 %7.3 4.2 %6.4 5.0 %
Stock-based compensation activity(2.3)(0.5)%1.6 0.9 %(1.5)(1.2)%
Equity in net income (loss) of unconsolidated subsidiaries (including holding gains upon acquisition) 3.4 0.7 %1.1 0.6 %1.0 0.8 %
Gain on Sale of Business(9.7)(2.0)%— — %— — %
Acquisition earn-out— — %— — %1.8 1.4 %
Net change in valuation allowance related to deferred tax assets, including net operating losses0.5 0.1 %(3.2)(1.8)%7.7 6.1 %
Difference between US federal statutory and foreign tax rates and other impacts of foreign operations0.4 0.1 %1.7 1.0 %(1.9)(1.5)%
Change in unrecognized tax benefits2.9 0.6 %(9.8)(5.6)%14.1 11.1 %
Credits and incentives(5.9)(1.2)%(4.1)(2.4)%(3.8)(3.0)%
Foreign tax provisions (GILTI, FDII, and BEAT)(1)
(16.1)(3.4)%(0.2)(0.1)%(4.6)(3.6)%
Change in deferred taxes with respect to unremitted foreign earnings6.8 1.4 %— — %— — %
Non-deductible expenses and other, net6.1 1.2 %2.0 1.2 %10.6 8.4 %
Total income tax expense$104.0 21.9 %$33.0 19.0 %$56.5 44.5 %
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(1) The Tax Reform Act established the Global Intangible Low-Tax Income (GILTI) provision, which taxes US allocated expenses and certain income from foreign operations; the Foreign-Derived Intangible Income (FDII) provision, which allows a deduction against certain types of US taxable income resulting in a lower effective US tax rate on such income; and the Base Erosion Anti-Abuse Tax (BEAT), which is a minimum tax based on cross-border service payments by US entities.
Schedule of Components of Income Tax Expense
The following table shows the components of our income tax expense:
Year ended December 31,
(in millions)202420232022
Current tax expense:
US
Federal$74.3 $27.7 $49.1 
State30.0 13.4 14.9 
Non-US34.3 24.3 30.1 
Current tax expense138.6 65.4 94.1 
Deferred tax expense (benefit):
US
Federal(17.6)(15.6)(20.8)
State(6.5)(4.2)(6.8)
Non-US(10.5)(12.6)(10.0)
Deferred tax expense, net(34.6)(32.4)(37.6)
Income tax expense$104.0 $33.0 $56.5 
Schedule of Income before Income Tax
The following table provides our income before income taxes and equity in investments of unconsolidated entities, generated by our US and non-US operations:
Year ended December 31,
(in millions)202420232022
US$400.8 $101.4 $82.4 
Non-US90.5 80.1 48.2 
Income before income taxes and equity in investments of unconsolidated entities$491.3 $181.5 $130.6 
Schedule of Deferred Tax Assets and Liabilities The tax effects of the temporary differences that give rise to the deferred income tax assets and liabilities are as follows:
As of December 31,
(in millions)20242023
Deferred tax assets:
Stock-based compensation$7.8 $7.1 
Accrued liabilities33.5 27.5 
Deferred revenue6.7 8.5 
Net operating loss carryforwards - Non-US18.9 18.1 
Capitalized expenses102.7 69.2 
Allowance for doubtful accounts2.4 1.8 
Lease liabilities 35.9 35.0 
Capital loss and other carryforwards12.9 16.7 
Other— 0.1 
Total deferred tax assets220.8 184.0 
Deferred tax liabilities:
Acquired intangible assets(68.5)(73.2)
Property, equipment, and capitalized software(39.6)(39.2)
Lease right-of-use assets(31.4)(30.2)
Unrealized exchange gains, net(1.7)(1.0)
Prepaid expenses(19.3)(19.2)
Investments in unconsolidated entities(11.4)(14.6)
Withholding tax - foreign dividends(7.1)(1.3)
Total deferred tax liabilities(179.0)(178.7)
Net deferred tax asset before valuation allowance41.8 5.3 
Valuation allowance(26.2)(26.3)
Deferred tax asset (liability)$15.6 $(21.0)
Schedule of Deferred Tax Assets and Liabilities Included in Consolidated Balance Sheets
The deferred tax assets and liabilities are presented in our Consolidated Balance Sheets as follows:
As of December 31,
(in millions)20242023
Deferred tax asset, net$43.2 $14.6 
Deferred tax liability, net(27.6)(35.6)
Deferred tax asset (liability), net$15.6 $(21.0)
Summary of Income Tax Examinations The following table summarizes our gross liability for interest and penalties:
As of December 31,
(in millions)20242023
Liabilities for interest and penalties$1.3 $2.3 
Schedule of Unrecognized Tax Benefits Roll Forward
The table below reconciles the beginning and ending amount of the gross unrecognized tax benefits as follows:
(in millions)20242023
Gross unrecognized tax benefits - beginning of the year$13.0 $26.5 
Increases as a result of tax positions taken during a prior-year period0.9 0.6 
Decreases as a result of tax positions taken during a prior-year period(0.1)(14.3)
Increases as a result of tax positions taken during the current period2.1 1.9 
Decreases relating to settlements with tax authorities(4.7)(0.4)
Decreases as a result of lapse of the applicable statute of limitations(0.1)(1.3)
Gross unrecognized tax benefits - end of the year$11.1 $13.0 
Non-U.S. [Member]  
Operating Loss Carryforwards [Line Items]  
Summary of Operating Loss Carryforwards
The following table summarizes our NOL carryforwards for our non-US operations:
As of December 31,
(in millions)20242023
Non-US NOLs subject to expiration dates from 2027 through 2044$22.8 $17.8 
Non-US NOLs with no expiration date51.9 54.1 
Total$74.7 $71.9 
Non-US NOLs not subject to valuation allowances$15.3 $12.3 
In assessing the realizability of our deferred tax assets, we consider whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. We recorded a valuation allowance against approximately $59.4 million of the non-US NOLs, reflecting the likelihood that the benefit of these NOLs will not be realized.