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Income Taxes (Tables)

12 Months Ended

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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