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TAXATION (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Summary of (Provision) Benefit for Income Taxes
The components of the company's income tax expense (benefit) for the years ended December 31, 2022, 2021 and 2020 are as follows:
$ in millions202220212020
Current:
Federal214.1 287.5 125.1 
State50.2 68.7 19.7 
Foreign9.6 95.2 35.5 
273.9 451.4 180.3 
Deferred:
Federal35.2 72.7 57.6 
State(1.1)22.2 5.2 
Foreign14.2 (15.2)18.5 
48.3 79.7 81.3 
Total income tax expense (benefit)322.2 531.1 261.6 
Reconciliation Between Statutory and Effective Tax Rates on Income from Operations
A reconciliation between the statutory U.S. federal income tax rate and the effective tax rate per the Consolidated Statements of Income for the years ended December 31, 2022, 2021 and 2020 is as follows:
202220212020
Statutory rate21.0 %21.0 %21.0 %
Effect of foreign statutory income tax rates0.5 %(0.4)%0.5 %
State taxes, net of federal tax effect3.1 %2.9 %1.9 %
Share-based compensation(0.1)%(0.1)%1.3 %
Effect of income attributable to noncontrolling interests in consolidated entities(0.1)%(2.9)%(0.9)%
Effect of income attributable to equity method investments in corporate joint ventures
(1.7)%(0.9)%(1.0)%
Other3.1 %1.6 %1.7 %
Effective tax rate per Consolidated Statements of Income25.8 %21.2 %24.5 %
Division of Income/(Losses) Before Taxes Between U.S. and Foreign
The components of income before taxes for the years ended December 31, 2022, 2021 and 2020 are as follows:

$ in millions202220212020
Domestic1,212.0 2,089.5 845.8 
Foreign35.7 411.0 223.3 
Income before income taxes1,247.7 2,500.5 1,069.1 
Schedule of Deferred Tax Recognized on Balance Sheet
The components of the deferred tax assets and liabilities reflected in the Consolidated Balance Sheets at December 31, 2022 and 2021 include the following:
$ in millions20222021
Deferred tax assets:
Compensation and benefits97.8 175.1 
Lease obligations67.2 36.4 
Net operating loss carryforwards124.4 119.0 
Fixed Assets7.1 — 
Accrued liabilities37.1 29.7 
Other9.0 1.4 
Total deferred tax assets342.6 361.6 
Valuation allowance(93.5)(86.7)
Deferred tax assets, net of valuation allowance249.1 274.9 
Deferred tax liabilities:
Goodwill and intangibles(1,796.1)(1,787.1)
Leased assets(58.4)(33.3)
Fixed assets— (18.2)
Other(27.3)(42.7)
Total deferred tax liabilities(1,881.8)(1,881.3)
Net deferred tax liability(1,632.7)(1,606.4)
Reconciliation of Changes in Unrecognized Tax Benefits
A reconciliation of the gross unrecognized tax benefits (UTBs) for the years ended December 31, 2022, 2021 and 2020 is as follows:
$ in millions202220212020
Balance at January 186.6 61.9 69.9 
Additions for tax positions related to the current year16.2 15.9 6.6 
Additions for tax positions related to prior years3.1 14.2 2.2 
Reductions for tax positions related to prior years(1.2)(3.5)(9.9)
Reductions related to lapse of statute of limitations(2.1)(1.9)(6.9)
Reductions related to settlements(2.4)— — 
Balance at December 31100.2 86.6 61.9