Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Significant components of the provision for income taxes for the years ended December 31 are as follows:

(in millions)	2023			2022			2021
Current:
Federal	$	179.7		$	124.1		$	106.8
State		57.0			35.3			32.6
Foreign		23.6			2.1			1.8
Total current provision		260.3			161.5			141.2
Deferred:
Federal		26.6			38.9			28.0
State		5.7			8.2			5.0
Foreign		(17.0	)		(4.3	)		1.5
Total deferred provision		15.3			42.8			34.5
Total tax provision	$	275.6		$	204.3		$	175.7

Schedule of Reconciliation of Effective Tax Rate and Federal Statutory Tax Rate

A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the years ended December 31 is as follows:

	2023			2022			2021
Federal statutory tax rate		21.0	%		21.0	%		21.0	%
State income taxes, net of federal income tax benefit		4.5			4.7			4.7
Non-deductible employee stock purchase plan expense		0.2			0.2			0.2
Non-deductible meals and entertainment		0.2			0.1			—
Non-deductible officers’ compensation		0.4			0.6			0.4
Tax benefit from stock-based compensation		(1.6	)		(3.1	)		(3.6	)
Other, net		(0.6	)		(0.2	)		0.3
Effective tax rate		24.1	%		23.3	%		23.0	%

Schedule of Components of Net Deferred Tax Liabilities

Significant components of the Company’s net deferred tax liabilities as of December 31 are as follows:

(in millions)	2023			2022
Non-current deferred tax liabilities:
Intangible assets	$	700.7		$	631.6
Fixed assets		23.0			21.1
Right-of-use assets		43.1			48.3
Impact of adoption of ASC 606 revenue recognition		25.0			19.8
Net unrealized holding (loss)/gain on available-for-sale    securities		(0.3	)		(0.4	)
Total non-current deferred tax liabilities		791.5			720.4
Non-current deferred tax assets:
Deferred compensation		85.1			67.4
Accruals and reserves		19.4			12.5
Lease liabilities		48.9			54.6
Net operating loss carryforwards and other carryforwards		23.3			3.0
Valuation allowance for deferred tax assets		(1.4	)		(1.1	)
Total non-current deferred tax assets		175.3			136.4
Net non-current deferred tax liability	$	616.2		$	584.0

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	2023			2022		2021
Unrecognized tax benefits balance at January 1	$	3.1		$	0.9	$	1.3
Gross increases for tax positions of prior years		3.2			2.2		0.3
Gross decreases for tax positions of prior years		—			—		(0.5	)
Settlements		(1.0	)		—		(0.2	)
Unrecognized tax benefits balance at December 31	$	5.3		$	3.1	$	0.9