INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of net deferred tax liabilities

Net deferred tax assets and liabilities consist of the following as of December 31, 2024 and 2023 (in millions):

	As of December 31,
	2024		2023
Deferred tax assets:
Accrued compensation and benefits	$	20.2	$	19.3
Property, equipment and technology, net	14.6		12.7
Investments	—		83.7
Operating leases	40.4		42.6
Other	88.7		84.2
Subtotal	163.9		242.5
Valuation allowances	(17.0)		(11.8)
Total deferred tax assets	146.9		230.7
Deferred tax liabilities:
Intangibles	(240.2)		(384.7)
Property, equipment and technology, net	(19.0)		(17.4)
Investments	(33.8)		—
Prepaid expenses or assets	(4.5)		(4.4)
Operating leases	(31.9)		(33.9)
Total deferred tax liabilities	(329.4)		(440.4)
Net deferred tax liabilities	$	(182.5)	$	(209.7)

Schedule of provision for income taxes

The provision for income taxes for the years ended December 31, 2024, 2023, and 2022 consists of the following (in millions):

	Year Ended December 31,
	2024		2023		2022
Current tax expense:
Federal	$	208.8	$	188.1	$	210.4
State	117.7		97.8		130.2
Foreign	16.0		15.5		13.0
Total current tax expense	342.5		301.4		353.6
Deferred income tax (benefit) expense:
Federal	(19.5)		(3.4)		(126.2)
State	(2.4)		1.5		(22.7)
Foreign	(1.7)		(13.3)		(6.8)
Total deferred income tax benefit	(23.6)		(15.2)		(155.7)
Total	$	318.9	$	286.2	$	197.9

Schedule of income from continuing operations before taxes

For the years ended December 31, 2024, 2023, and 2022, income before taxes consists of the following (in millions):

	Year Ended December 31,
	2024		2023		2022
U.S. operations	$	1,060.2	$	1,010.5	$	401.3
Foreign operations	23.6		37.1		31.6
Total	$	1,083.8	$	1,047.6	$	432.9

Schedule of reconciliation of the statutory federal income tax rate to the effective income tax rate

A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2024, 2023, and 2022 is as follows:

	Year Ended December 31,
	2024		2023		2022
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
Impact of federal, state and local tax law & rate changes, net	0.1	%	—	%	(0.5)	%
State taxes, net of federal benefit	4.5	%	4.3	%	4.5	%
Uncertain tax positions	3.9	%	2.9	%	20.6	%
Deduction for Foreign Derived Intangible Income	(0.4)	%	(0.4)	%	(1.0)	%
Valuation allowances	0.4	%	(0.5)	%	0.6	%
Other, net	(0.1)	%	—	%	0.5	%
Effective income tax rate	29.4	%	27.3	%	45.7	%

Schedule of reconciliation of beginning and ending unrecognized tax benefits

A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):

	2024		2023		2022
Balance as of January 1	$	237.5	$	212.1	$	162.1
Gross increases related to prior year tax positions	0.2		—		21.8
Gross decreases related to prior year tax positions	(3.1)		(1.5)		—
Gross increases related to current year tax positions	34.4		31.1		32.9
Settlements	(49.9)		(2.5)		(3.7)
Lapse of statute of limitations	—		(1.7)		(1.0)
Balance as of December 31	$	219.1	$	237.5	$	212.1

Schedule of tax years currently under audit or remain open and subject to examination by the tax authorities

The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates:

U.S. Federal	2021-2024
California	2015-2024
Illinois	2021-2024
New York	2015-2024
New York City	2015-2024
United Kingdom	2021-2024
Netherlands	2018-2024