Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
U.S.	$	698.7	$	751.6	$	790.5
Foreign		195.0		106.1		85.6
Income before income taxes	$	893.7	$	857.7	$	876.1

Component of Income Tax Provision

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

	Year Ended December 31,
	2024			2023			2022
Current:
Federal	$	128.0		$	194.4		$	185.6
Foreign		77.4			63.7			45.5
State		42.0			73.9			73.0
Total		247.4			332.0			304.1
Deferred:
Federal		(67.7	)		(53.9	)		(51.9	)
Foreign		(14.9	)		(20.8	)		(14.9	)
State		(32.8	)		(8.2	)		(10.2	)
Total		(115.4	)		(82.9	)		(77.0	)
Total	$	132.0		$	249.1		$	227.1

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,
	2024			2023			2022
Computed “expected” tax expense	$	187.7		$	180.1		$	184.0
Increase (decrease) in income tax expense resulting from:
State income taxes (net of federal income tax benefit)		7.2			51.9			49.5
Foreign operations		15.6			34.6			8.7
Effects of stock based compensation		(19.4	)		(5.5	)		(9.3	)
Effect of valuation allowance		(6.6	)		(17.2	)		8.5
Uncertain tax positions		(32.4	)		19.2			(7.9	)
Tax credits		(16.9	)		(13.3	)		(2.0	)
Change in rate		-			-			0.2
Other		(3.2	)		(0.7	)		(4.6	)
Provision for income taxes	$	132.0		$	249.1		$	227.1

Components of Deferred Income Taxes

The components of deferred income taxes at December 31, 2024 and 2023 are as follows (in millions):

	2024					2023
	Deferred			Deferred		Deferred			Deferred
	Tax			Tax		Tax			Tax
	Assets			Liabilities		Assets			Liabilities
Net operating loss carryforwards	$	68.3		$	—	$	87.8		$	—
Deferred compensation		87.2			—		85.8			—
Tax credit carryforwards		35.1			—		31.1			—
Interest expense carryforwards		43.1					31.0
Accrued expenses		2.1			—		6.4			—
Leases		54.7			48.0		65.2			58.2
Other		39.7			12.0		45.1			13.7
Depreciable and amortizable property		—			764.2		—			837.8
Investments		—			170.6		—			171.1
Total		330.2			994.8		352.4			1,080.8
Valuation allowance		(38.4	)		—		(51.4	)		—
Total	$	291.8		$	994.8	$	301.0		$	1,080.8

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, 2024 and 2023 (in millions):

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
Increases related to current year tax positions		10.2
Increases related to prior tax positions		25.0
Decreases related to prior tax positions		(23.2	)
Lapse in statute of limitation		(35.3	)
Foreign exchange translation adjustment		(0.2	)
Balance at December 31, 2024	$	118.5