Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Sources of Income Before Income Taxes

The sources of income before income taxes were as follows (in millions):

	Year Ended December 31,
	2023		2022		2021
U.S.	$	751.6	$	790.5	$	831.0
Foreign		106.1		85.6		206.0
Income before income taxes	$	857.7	$	876.1	$	1,037.0

Component of Income Tax Provision

The income tax provision consists of the following (in millions):

	Year Ended December 31,
	2023			2022			2021
Current:
Federal	$	194.4		$	185.6		$	190.9
Foreign		63.7			45.5			60.8
State		73.9			73.0			72.7
Total		332.0			304.1			324.4
Deferred:
Federal		(53.9	)		(51.9	)		(64.6	)
Foreign		(20.8	)		(14.9	)		4.0
State		(8.2	)		(10.2	)		(27.4	)
Total		(82.9	)		(77.0	)		(88.0	)
Total	$	249.1		$	227.1		$	236.4

Summary of Reconciliation Between Expected Tax Expense and Actual Tax Provision

The reconciliation between the expected tax expense and the actual tax provision is computed by applying the U.S. federal corporate income tax rate of 21% to income before income taxes as follows (in millions):

	Year Ended December 31,
	2023			2022			2021
Computed “expected” tax expense	$	180.1		$	184.0		$	217.8
Increase (decrease) in income tax expense resulting from:
State income taxes (net of federal income tax benefit)		51.9			49.5			35.8
Foreign operations		34.6			8.7			(10.8	)
Effects of stock based compensation		(5.5	)		(9.3	)		(24.4	)
Effect of valuation allowance		(17.2	)		8.5			4.1
Uncertain tax positions		19.2			(7.9	)		8.9
Tax credits		(13.3	)		(2.0	)		(7.4	)
Change in rate		-			0.2			13.5
Other		(0.7	)		(4.6	)		(1.1	)
Provision for income taxes	$	249.1		$	227.1		$	236.4

Components of Deferred Income Taxes

The components of deferred income taxes at December 31, 2023 and 2022 are as follows (in millions):

	2023					2022
	Deferred			Deferred		Deferred			Deferred
	Tax			Tax		Tax			Tax
	Assets			Liabilities		Assets			Liabilities
Net operating loss carryforwards	$	87.8		$	—	$	113.4		$	—
Deferred compensation		85.8			—		74.0			—
Tax credit carryforwards		31.1			—		29.7			—
Accrued expenses		6.4			—		20.7			—
Leases		65.2			58.2		74.7			66.4
Other		76.1			13.7		81.3			15.4
Depreciable and amortizable property		—			837.8		—			943.7
Investments		—			171.1		—			155.9
Total		352.4			1,080.8		393.8			1,181.4
Valuation allowance		(51.4	)		—		(67.0	)		—
Total	$	301.0		$	1,080.8	$	326.8		$	1,181.4

Summary of Activity Related to Company's Unrecognized Tax Benefits

The following table summarizes the activity related to our unrecognized tax benefits for the years ended December 31, 2023 and 2022 (in millions):

Balance at December 31, 2021	$	132.9
Increases related to current year tax positions		10.8
Decreases related to prior tax positions		(12.0	)
Lapse in statute of limitation		(4.8	)
Foreign exchange translation adjustment		(0.8	)
Balance at December 31, 2022	$	126.1
Increases related to current year tax positions		14.6
Increases related to prior tax positions		7.3
Lapse in statute of limitation		(6.0	)
Balance at December 31, 2023	$	142.0