Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense consists of the following (in millions):

	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	37.1	$	41.5	$	39.5
State		13.1		11.6		9.7
Foreign		1.0		1.0		0.9
Total current		51.2		54.1		50.1
Deferred:
Federal		(11.5)		(10.6)		(0.2)
State		(4.0)		(1.9)		(8.0)
Total deferred		(15.5)		(12.5)		(8.2)
Total income tax expense	$	35.7	$	41.6	$	41.9

Reconciliation of the Federal Statutory Rate to Effective Tax Rate

A reconciliation of our federal statutory income tax rate to our effective income tax rate is as follows:

	Year ended December 31,
	2021		2020		2019
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.7		4.2		4.1
Redeemable noncontrolling interests	1.4		1.3		—
Tax credits	(6.2)		(4.6)		(2.3)
Restricted share vesting	(2.7)		(2.6)		(1.1)
Effect of deferred revaluation related to lower blended state tax rate	—		—		(3.3)
Prior year return to provision adjustments	(2.8)		(5.0)		(0.9)
Effect of Optimal Blue acquisition and related transactions	—		1.4		—
Non-deductible executive compensation	1.2		1.2		—
Unrecognized tax benefit	—		1.9		(0.2)
Other	1.2		0.1		1.3
Effective tax rate	16.8	%	18.9	%	18.6	%

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities consist of the following (in millions):

	December 31,
	2021		2020
Deferred tax assets:
Equity method investments	$	2.6	$	5.2
Equity-based compensation		4.6		9.7
Deferred revenues		20.5		22.6
Interest rate swaps		3.8		9.5
Other		25.3		24.1
Total deferred tax assets		56.8		71.1
Deferred tax liabilities:
Goodwill and other intangible assets		(183.4)		(170.0)
Deferred contract costs		(44.1)		(42.1)
Property, equipment and software		(30.2)		(32.7)
Partnership basis		(80.1)		(105.4)
Other		(3.1)		(4.9)
Total deferred tax liabilities		(340.9)		(355.1)
Net deferred tax liability	$	(284.1)	$	(284.0)

Schedule of Unrecognized Tax Benefits Roll Forward

	December 31,
	2021		2020
Balance, January 1	$	4.1	$	—
Additions based on tax positions of prior years		3.3		2.8
Additions based on tax positions of current year		2.3		1.3
Balance, December 31	$	9.7	$	4.1