Income Taxes (Tables)

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,
	2023		2022		2021
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	1.4		2.3		0.2

Impact of foreign operations	3.9		3.5		3.6
Other, including impact of war in Ukraine	—		1.3		(0.2)
Effective tax rate	26.3	%	28.1	%	24.6	%

Deferred tax assets and liabilities and balance sheet classification:


	December 31,
	2023		2022
Deferred tax assets:
Compensation	$	153.8	$	197.6
Tax loss and credit carryforwards	78.6		77.1
Basis differences from acquisitions	41.2		31.0
Basis differences from short-term assets and liabilities	33.3		20.5
Other, net	19.5		(18.6)
Deferred tax assets	326.4		307.6
Valuation allowance	(18.9)		(21.1)
Deferred tax assets, net	$	307.5	$	286.5
Deferred tax liabilities:
Goodwill and intangible assets	$	687.3	$	653.3
Unremitted foreign earnings	71.1		34.9
Basis differences from investments	3.8		6.9
Financial instruments	0.9		0.3
Deferred tax liabilities	$	763.1	$	695.4

Long-term deferred tax assets	$	73.5	$	66.8
Long-term deferred tax liabilities	$	529.1	$	475.7

Reconciliation of unrecognized tax benefits:


	December 31,
	2023		2022
January 1	$	167.6	$	162.8
Additions:
Current year tax positions	3.3		2.7
Prior year tax positions	4.3		4.7
Reduction of prior year tax positions	(7.9)		(1.5)
Settlements	—		(0.9)

Foreign currency translation	0.5		(0.2)
December 31	$	167.8	$	167.6