Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income before income taxes:

Income tax expense (benefit):

Reconciliation from the statutory U.S. federal income tax rate to effective tax rate:


	Year Ended December 31,
	2024		2023		2022
Statutory U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
U.S. state and local income taxes, net of U.S. federal income tax benefit	1.7		1.4		2.3

Impact of foreign operations	3.8		3.9		3.5
Other, including impact of war in Ukraine	(0.2)		—		1.3
Effective tax rate	26.3	%	26.3	%	28.1	%

Deferred tax assets and liabilities and balance sheet classification:


	December 31,
	2024		2023
Deferred tax assets:
Compensation	$	136.1	$	153.8
Tax loss and credit carryforwards	78.2		78.6
Basis differences from acquisitions	53.2		41.2
Basis differences from short-term assets and liabilities	27.6		33.3
Capitalized research and development expenditures	106.8		64.8
Deferred tax assets	401.9		371.7
Valuation allowance	(17.0)		(18.9)
Deferred tax assets, net	$	384.9	$	352.8
Deferred tax liabilities:
Goodwill and intangible assets	$	707.5	$	687.3
Unremitted foreign earnings	44.1		71.1
Basis differences from investments	5.2		3.8
Financial instruments	—		0.9
Other	44.4		45.3
Deferred tax liabilities	$	801.2	$	808.4

Long-term deferred tax assets	$	75.5	$	73.5
Long-term deferred tax liabilities	$	491.8	$	529.1

Reconciliation of unrecognized tax benefits:


	December 31,
	2024		2023
January 1	$	167.8	$	167.6
Additions:
Current year tax positions	15.7		3.3
Prior year tax positions	4.4		4.3
Reduction of prior year tax positions	(2.5)		(7.9)
Settlements	(2.6)		—

Foreign currency translation	(1.3)		0.5
December 31	$	181.5	$	167.8