XML 58 R44.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Note 13 - Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Notes Tables |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. |  | $ | 1,021.9 |  |  | $ | 1,277.1 |  |  | $ | 784.1 |
Foreign |  |  | 5.3 |  |  |  | (14.7 | ) |  |  | 2.4 |
Total income before income taxes |  | $ | 1,027.2 |  |  | $ | 1,262.4 |  |  | $ | 786.5 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 226.8 |  |  | $ | 247.8 |  |  | $ | 123.8 |
State and local |  |  | 52.0 |  |  |  | 64.7 |  |  |  | 19.5 |
Foreign |  |  | 9.0 |  |  |  | 1.1 |  |  |  | 3.0 |
Total current provision for income taxes |  |  | 287.8 |  |  |  | 313.6 |  |  |  | 146.3 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (23.4 | ) |  |  | (43.3 | ) |  |  | 20.6 |
State and local |  |  | (3.4 | ) |  |  | (11.2 | ) |  |  | 10.5 |
Foreign |  |  | (2.2 | ) |  |  | (38.8 | ) |  |  | 2.0 |
Total deferred provision for income taxes |  |  | (29.0 | ) |  |  | (93.3 | ) |  |  | 33.1 |
Provision for income taxes |  | $ | 258.8 |  |  | $ | 220.3 |  |  | $ | 179.4 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of federal tax benefit |  |  | 3.7 |  |  |  | 3.4 |  |  |  | 2.8 |
Impact of dispositions |  |  | - |  |  |  | (3.0 | ) |  |  | - |
UK valuation allowance release |  |  | - |  |  |  | (2.4 | ) |  |  | - |
Global Intangible Low-taxed Income |  |  | 1.3 |  |  |  | 0.4 |  |  |  | 2.6 |
Stock-based compensation |  |  | (1.8 | ) |  |  | (1.7 | ) |  |  | (3.5 | )
Other |  |  | 1.0 |  |  |  | (0.2 | ) |  |  | (0.1 | )
Effective tax rate |  |  | 25.2 | % |  |  | 17.5 | % |  |  | 22.8 | %
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Employee wages and other benefits |  | $ | 49.9 |  |  | $ | 54.9 |
Lease liabilities |  |  | 55.4 |  |  |  | 53.3 |
Net operating loss carryover |  |  | 9.4 |  |  |  | 12.0 |
Interest expense |  |  | 31.0 |  |  |  | 31.1 |
Book/tax energy basis difference |  |  | - |  |  |  | 112.2 |
Other |  |  | 17.1 |  |  |  | 22.0 |
Total |  |  | 162.8 |  |  |  | 285.5 |
Less valuation allowance |  |  | (5.6 | ) |  |  | (45.3 | )
Deferred tax assets |  |  | 157.2 |  |  |  | 240.2 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Right of use assets |  |  | (48.3 | ) |  |  | (44.1 | )
Fixed assets and intangible assets |  |  | (194.1 | ) |  |  | (223.9 | )
Commissions |  |  | (18.2 | ) |  |  | (16.8 | )
Pensions |  |  | (57.0 | ) |  |  | (56.5 | )
Other |  |  | (18.9 | ) |  |  | (12.8 | )
Deferred tax liabilities |  |  | (336.5 | ) |  |  | (354.1 | )
Deferred tax liabilities, net |  | $ | (179.3 | ) |  | $ | (113.9 | )
Summary of Operating Loss Carryforwards [Table Text Block] |
Years Ending |  | Amount |
2024 - 2031 |  | $ | 20.5 |
2032 - 2036 |  |  | 11.5 |
2037 - 2043 |  |  | 37.0 |
Total |  | $ | 69.0 |
Summary of Income Tax Contingencies [Table Text Block] |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Unrecognized tax benefit as of January 1 |  | $ | 3.2 |  |  | $ | 3.4 |  |  | $ | 9.9 |
Gross increase in tax positions in prior period |  |  | 0.8 |  |  |  | 1.0 |  |  |  | 1.3 |
Gross decrease in tax positions in prior period |  |  | - |  |  |  | - |  |  |  | (0.1 | )
Settlements |  |  | - |  |  |  | (0.6 | ) |  |  | — |
Lapse of statute of limitations |  |  | (2.0 | ) |  |  | (0.6 | ) |  |  | (7.7 | )
Unrecognized tax benefit as of December 31 |  | $ | 2.0 |  |  | $ | 3.2 |  |  | $ | 3.4 |

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_TableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration