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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The significant components of the Provision for income tax expense related to continuing operations are as follows (in millions):

			For the Year Ended December 31,
			2023						2022						2021
Current:
Federal			$	101.7					$	58.7					$	63.7
State and other			26.6						13.5						20.8
Total current expense			128.3						72.2						84.5
Deferred:
Federal			(0.7)						17.9						14.4
State and other			4.6						10.0						3.0
Total deferred expense			3.9						27.9						17.4
Total income tax expense related to continuing operations			$	132.2					$	100.1					$	101.9

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of differences between the federal income tax at statutory rates and our actual income tax expense on our income from continuing operations, which include federal, state, and other income taxes, is presented below:

			For the Year Ended December 31,
			2023						2022						2021
Tax expense at statutory rate			21.0		%				21.0		%				21.0		%
Increase (decrease) in tax rate resulting from:
State and other income taxes, net of federal tax benefit			4.1		%				4.0		%				4.0		%
Increase (decrease) in valuation allowance			0.3		%				0.6		%				(0.6)		%
Noncontrolling interests			(4.0)		%				(4.4)		%				(4.3)		%
Share-based windfall tax benefits			—		%				—		%				(0.6)		%
Other, net			0.4		%				1.0		%				0.7		%
Income tax expense			21.8		%				22.2		%				20.2		%

Schedule of Components of Deferred Tax Assets and Liabilities

The significant components of our deferred tax assets and liabilities are presented in the following table (in millions):

			As of December 31,
			2023						2022
Deferred income tax assets:
Net operating loss			$	23.1					$	36.9
Insurance reserve			20.1						19.1
Stock-based compensation			21.4						16.1
Revenue reserves			7.6						—
Operating lease liabilities			8.8						6.6
Other accruals			26.2						24.8
Tax credits			14.6						12.4
Total deferred income tax assets			121.8						115.9
Less: Valuation allowance			(28.4)						(35.8)
Net deferred income tax assets			93.4						80.1
Deferred income tax liabilities:
Intangibles			(62.6)						(61.2)
Operating lease right-of-use assets			(7.8)						(5.5)
Property, net			(18.1)						(15.9)
Carrying value of partnerships			(91.7)						(80.2)
Other			(0.2)						(0.3)
Total deferred income tax liabilities			(180.4)						(163.1)
Net deferred income tax liabilities			$	(87.0)					$	(83.0)

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- 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

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-Topic 740
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-Section 50
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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.

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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.

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