Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of income tax (benefit)/expense on income/(loss)

Income tax (benefit)/expense analyzed by jurisdiction is as follows:

	Year Ended December 31,
	2022		2021		2020
Current
U.K.	$	9.7	$	4.4	$	1.3
U.S. Federal	(1.1)		4.8		17.5
U.S. State	2.8		0.3		2.9
Other	25.4		20.2		15.8
Total current	36.8		29.7		37.5
Deferred
U.K.	2.2		(8.3)		(15.9)
U.S. Federal(1)	(56.0)		6.0		(15.0)
U.S. State	(3.8)		(2.8)		(1.0)
Other	(8.1)		(12.3)		(8.3)
Total deferred	(65.7)		(17.4)		(40.2)
Total provision (benefit) for income taxes	$	(28.9)	$	12.3	$	(2.7)
(1) The $(56.0) for the year ended December 31, 2022 is inclusive of a release of valuation allowance in the amount of $(56.2) associated with an internal legal entity restructuring executed during the fourth quarter of 2022.

Schedule of components of pre-tax loss

The components of pre-tax income (loss) are as follows:

	Year Ended December 31,
	2022		2021		2020
U.K. income (loss)	$	174.7	$	(13.1)	$	(347.1)
U.S. income (loss)	(3,721.5)		(284.9)		(47.2)
Other income (loss)	(442.3)		39.8		41.0
Pre-tax loss	$	(3,989.1)	$	(258.2)	$	(353.3)

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

A reconciliation of the statutory U.K. income tax rate to the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2022			2021			2020
Loss before tax:	$	(3,989.1)		$	(258.2)		$	(353.3)
Income tax (benefit) provision	(28.9)			12.3			(2.7)
Statutory rate	19.0		%	19.0		%	19.0		%
Effect of different tax rates	1.5		%	3.2		%	1.8		%
BEAT	(0.2)		%	(3.8)		%	(1.9)		%
Tax rate modifications	—		%	17.4		%	—		%
Valuation Allowances	(15.2)		%	(39.0)		%	(21.1)		%
Share-based compensation	(0.2)		%	(2.7)		%	6.6		%
Other permanent differences	—		%	2.3		%	(1.9)		%
Non-deductible transaction costs	—		%	(0.8)		%	(1.4)		%
Withholding tax	—		%	(0.4)		%	(0.2)		%
Impairments	(6.0)		%	—		%	—		%
Tax Exempt Gain	1.3		%	—		%	—		%
Other	0.5		%	—		%	(0.1)		%
Effective rate	0.7		%	(4.8)		%	0.8		%

Schedule of deferred income tax assets and liabilities

The tax effects of the significant components of temporary differences giving rise to the Company’s deferred income tax assets and liabilities are as follows:

	December 31,
	2022		2021
Accounts receivable	$	2.6	$	2.6
Accrued expenses	19.7		24.1
Deferred revenue	10.0		5.2
Partnerships outside basis difference(1)	97.3		—
Other assets	32.6		33.0
Debt issuance costs	11.6		17.0
Lease liabilities	12.6		13.5
Goodwill(1)	547.0		73.8
Operating losses and tax attributes	601.8		533.3
Total deferred tax assets	1,335.2		702.5
Valuation Allowances(1)	(1,179.3)		(546.8)
Net deferred tax assets	155.9		155.7
Other identifiable intangible assets, net	(398.6)		(407.9)
Other liabilities	(19.7)		(20.0)
Partnerships outside basis difference	—		(49.1)
Right of use assets	(7.2)		(9.4)
Fixed assets, net	(22.3)		(21.5)
Total deferred tax liabilities	(447.8)		(507.9)
Net deferred tax liabilities	$	(291.9)	$	(352.2)
(1) Goodwill impairment, recorded during the third quarter of 2022, drove the increase in the Goodwill deferred tax asset and the Partnership outside basis difference deferred tax asset; these increases were primarily offset by increases in Valuation Allowances.

In the Consolidated Balance Sheets, deferred tax assets and liabilities are shown net if they are in the same jurisdiction. The components of the net deferred tax liabilities as reported on the Consolidated Balance Sheets are as follows:

	December 31,
	2022		2021
Deferred tax asset	$	24.2	$	27.9
Deferred tax liability	(316.1)		(380.1)
Net deferred tax liability	$	(291.9)	$	(352.2)

Summary of Valuation Allowance

The following table shows the change in the deferred tax valuation as follows:

	December 31,
	2022		2021		2020
Beginning Balance, January 1	$	546.8	$	368.0	$	173.3
Change Charged to Expense/(Income)	657.5		100.7		52.1
Change Charged to CTA	(17.0)		(4.7)		1.8
Change Charged to Goodwill	(8.0)		82.8		140.8
Ending Balance, December 31	$	1,179.3	$	546.8	$	368.0

Summary of unrecognized tax benefits, excluding interest and penalties:

The following table summarizes the Company’s unrecognized tax benefits, excluding interest and penalties:

	December 31,
	2022		2021		2020
Balance at the beginning of the year	$	100.2	$	13.7	$	1.1
Increases for tax positions taken in prior years	2.9		—		12.1
Increases for tax positions taken in the current year	1.5		5.0		0.5
Increases for acquisitions (recorded against goodwill)	1.4		70.8		—
Increases for return to provisions	—		11.0		—
Decreases for tax positions taken in prior years	(19.3)		—		—
Decreases due to statute expirations	(2.9)		(0.3)		—
Balance at the end of the year	$	83.8	$	100.2	$	13.7