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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | The income tax provision was as follows:
|  | Year Ended December 31,
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 266.2 |  |  | $ | 108.9 |  |  | $ | 40.0 |
State |  | 111.6 |  |  | 50.3 |  |  | 24.0 |
Foreign |  | 1.2 |  |  | — |  |  | — |
|  | 379.0 |  |  | 159.2 |  |  | 64.0 |
Deferred: |  |  |  |  |  |
Federal |  | 38.2 |  |  | 17.6 |  |  | 34.7 |
State |  | 3.8 |  |  | 1.4 |  |  | 5.2 |
Foreign |  | 1.1 |  |  | — |  |  | — |
|  | 43.1 |  |  | 19.0 |  |  | 39.9 |
Total |  | $ | 422.1 |  |  | $ | 178.2 |  |  | $ | 103.9 |
Schedule of Effective Income Tax Rate Reconciliation | The reconciliation between amounts computed using the federal income tax rate of 21% and our income tax provision is shown in the following tabulation:
|  | Year Ended December 31,
(Dollars in millions) |  | 2021 |  | 2020 |  | 2019
Federal tax provision at statutory rate |  | $ | 311.7 |  |  | $ | 136.2 |  |  | $ | 78.8 |
State taxes, net of federal income tax benefit |  | 85.4 |  |  | 40.4 |  |  | 23.6 |
Non-deductible items |  | 4.8 |  |  | 2.8 |  |  | 2.6 |
Permanent differences related to stock compensation |  | (2.6) |  |  | (0.5) |  |  | 0.2 |
Net change in valuation allowance |  | 25.3 |  |  | 0.5 |  |  | (0.5) |
General business credits |  | (2.3) |  |  | (1.3) |  |  | (0.9) |
Foreign Rate Differential |  | 0.5 |  |  | — |  |  | — |
Other |  | (0.7) |  |  | 0.1 |  |  | 0.1 |
Income tax provision |  | $ | 422.1 |  |  | $ | 178.2 |  |  | $ | 103.9 |
Schedule of Deferred Tax Assets and Liabilities | Individually significant components of the deferred tax assets and (liabilities) are presented below:
|  | December 31,
(Dollars in millions) |  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Deferred revenue and cancellation reserves |  | $ | 95.3 |  |  | $ | 64.2 |
Allowances and accruals, including state tax carryforward amounts |  | 72.8 |  |  | 55.6 |
Lease liability |  | 107.6 |  |  | 73.4 |
Credits and other |  | 0.6 |  |  | 3.4 |
Valuation allowance |  | (26.4) |  |  | (1.1) |
Total deferred tax assets |  | 249.9 |  |  | 195.5 |
Deferred tax liabilities: |  |  |  |
Inventories |  | (20.1) |  |  | (44.9) |
Goodwill |  | (112.3) |  |  | (76.5) |
Property and equipment, principally due to differences in depreciation |  | (185.9) |  |  | (139.0) |
Right of use asset |  | (103.7) |  |  | (69.8) |
Prepaid expenses and other |  | (18.9) |  |  | (11.6) |
Total deferred tax liabilities |  | (440.9) |  |  | (341.8) |
Total |  | $ | (191.0) |  |  | $ | (146.3) |
Schedule of Unrecognized Tax Benefits | The following is a reconciliation of our unrecognized tax benefits for December 31, 2021 and 2020:
(Dollars in millions) |
Balance, December 31, 2019 | $ | — |
Increase related to tax positions taken - current year | 0.2 |
Balance, December 31, 2020 | 0.2 |
Increase related to tax positions taken - current year | 0.1 |
Balance, December 31, 2021 | $ | 0.3 |
Summary of Open Tax Years | Open tax years at December 31, 2021 included the following:
Federal | 2018 - 2021
States (28) | 2017 - 2021
Canada | 2021

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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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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