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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense From Continuing Operations | The components of the Company’s income tax expense from continuing operations are as follows:
years ended December 31 (in millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Federal income taxes: |  |  |  |  |  |  |  |  |
Current |  | $ | 174.9 |  |  | $ | 66.3 |  |  | $ | 91.9 |
Deferred |  |  | 18.0 |  |  |  | 61.4 |  |  |  | 45.4 |
Total federal income taxes |  |  | 192.9 |  |  |  | 127.7 |  |  |  | 137.3 |
State income taxes: |  |  |  |  |  |  |  |  |
Current |  |  | 35.1 |  |  |  | 18.7 |  |  |  | 21.0 |
Deferred |  |  | 5.3 |  |  |  | 6.5 |  |  |  | 8.7 |
Total state income taxes |  |  | 40.4 |  |  |  | 25.2 |  |  |  | 29.7 |
Foreign income taxes: |  |  |  |  |  |  |  |  |
Current |  |  | 1.2 |  |  |  | — |  |  |  | 1.2 |
Deferred |  |  | 0.3 |  |  |  | 0.3 |  |  |  | — |
Total foreign income taxes |  |  | 1.5 |  |  |  | 0.3 |  |  |  | 1.2 |
Income tax expense |  | $ | 234.8 |  |  | $ | 153.2 |  |  | $ | 168.2 |
Summary of Effective Income Tax Rate On Continuing Operations | The Company’s effective income tax rate on continuing operations varied from the statutory United States income tax rate because of the following tax differences:
years ended December 31 |  | 2022 |  |  | 2021 |  |  | 2020 |
Statutory income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
(Reduction) increase resulting from: |  |  |  |  |  |  |  |  |
Effect of statutory depletion |  |  | (2.4 | ) |  |  | (3.5 | ) |  |  | (2.8 | )
State income taxes, net of federal tax benefit |  |  | 2.9 |  |  |  | 2.3 |  |  |  | 2.6 |
Federal tax credits |  |  | (0.9 | ) |  |  | (1.4 | ) |  |  | (1.3 | )
Other items |  |  | 0.9 |  |  |  | (0.5 | ) |  |  | (0.6 | )
Effective income tax rate |  |  | 21.5 | % |  |  | 17.9 | % |  |  | 18.9 | %
The higher 2022 effective tax rate versus 2021 and 2020 was primarily driven by the impact of the divestiture of the Colorado and Central Texas ready mixed concrete businesses.
Components of Deferred Tax Assets and Liabilities | The principal components of the Company’s deferred tax assets and liabilities are as follows:
December 31 |  | Deferred Assets (Liabilities) |
(in millions) |  | 2022 |  |  | 2021 |
Deferred tax assets related to: |  |  |  |  |  |
Inventories |  | $ | 85.5 |  |  | $ | 100.2 |
Valuation and other reserves |  |  | 30.9 |  |  |  | 23.3 |
Net operating loss carryforwards |  |  | 3.6 |  |  |  | 2.6 |
Accumulated other comprehensive loss |  |  | 50.1 |  |  |  | 69.7 |
Lease liabilities |  |  | 139.6 |  |  |  | 150.1 |
Other items, net |  |  | 1.9 |  |  |  | 2.2 |
Gross deferred tax assets |  |  | 311.6 |  |  |  | 348.1 |
Valuation allowance on deferred tax assets |  |  | (2.6 | ) |  |  | (2.8 | )
Total net deferred tax assets |  |  | 309.0 |  |  |  | 345.3 |
Deferred tax liabilities related to: |  |  |  |  |  |
Property, plant and equipment |  |  | (843.8 | ) |  |  | (840.6 | )
Goodwill and other intangibles |  |  | (143.9 | ) |  |  | (160.2 | )
Right-of-use assets |  |  | (140.8 | ) |  |  | (155.2 | )
Partnerships and joint ventures |  |  | (32.5 | ) |  |  | (29.1 | )
Employee benefits |  |  | (62.3 | ) |  |  | (55.5 | )
Total deferred tax liabilities |  |  | (1,223.3 | ) |  |  | (1,240.6 | )
Deferred income taxes, net |  | $ | (914.3 | ) |  | $ | (895.3 | )
Schedule of Unrecognized Tax Benefits Excluding Interest Correlative Effects | The followi ng table summarizes the Company’s unrecognized tax benefits, excluding interest and correlative effects of $0.2 million for the years ended December 31, 2022, 2021 and 2020:
years ended December 31 (in millions) |  | 2022 |  |  | 2021 |  |  | 2020 |
Unrecognized tax benefits at beginning of year |  | $ | 5.4 |  |  | $ | 8.2 |  |  | $ | 25.5 |
Gross increases – tax positions in prior years |  |  | — |  |  |  | 0.5 |  |  |  | 0.2 |
Gross decreases – tax positions in prior years |  |  | — |  |  |  | — |  |  |  | — |
Gross increases – tax positions in current year |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.1 |
Gross decreases – tax positions in current year |  |  | — |  |  |  | — |  |  |  | (0.2 | )
Lapse of statute of limitations |  |  | (2.0 | ) |  |  | (3.4 | ) |  |  | (17.4 | )
Unrecognized tax benefits at end of year |  | $ | 3.6 |  |  | $ | 5.4 |  |  | $ | 8.2 |
Amount that, if recognized, would favorably impact the effective tax rate |  | $ | 3.7 |  |  | $ | 5.5 |  |  | $ | 6.4 |

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