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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Provision | The income tax provision was as follows:
| Year Ended December 31,
($ in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 165.6 |  |  | $ | 207.5 |  |  | $ | 269.2 |
State | 49.0 |  |  | 71.7 |  |  | 105.5 |
Foreign | 1.8 |  |  | 7.4 |  |  | (0.9) |
Total current provision | 216.4 |  |  | 286.6 |  |  | 373.8 |
Deferred: |  |  |  |  |
Federal | 12.4 |  |  | 43.7 |  |  | 73.4 |
State | 12.5 |  |  | 8.1 |  |  | 13.5 |
Foreign | 15.4 |  |  | 12.2 |  |  | 7.7 |
Total deferred provision | 40.3 |  |  | 64.0 |  |  | 94.6 |
Total provision | $ | 256.7 |  |  | $ | 350.6 |  |  | $ | 468.4 |
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,
($ in millions) | 2024 |  | 2023 |  | 2022
Federal tax provision at statutory rate | $ | 225.1 |  |  | $ | 286.0 |  |  | $ | 363.3 |
State taxes, net of federal income tax benefit | 52.0 |  |  | 39.5 |  |  | 76.9 |
Non-deductible items | 11.9 |  |  | 10.8 |  |  | 5.0 |
Permanent differences related to share-based compensation | (0.5) |  |  | — |  |  | (2.4) |
Net change in valuation allowance | (13.3) |  |  | 19.9 |  |  | 25.0 |
General business credits | (22.1) |  |  | (5.3) |  |  | (2.6) |
Foreign rate differential | 2.5 |  |  | 3.1 |  |  | 1.4 |
Other | 1.1 |  |  | (3.4) |  |  | 1.8 |
Income tax provision | $ | 256.7 |  |  | $ | 350.6 |  |  | $ | 468.4 |
Schedule of Deferred Tax Assets and Liabilities | Individually significant components of the deferred tax assets and (liabilities) are presented below:
| December 31,
($ in millions) | 2024 |  | 2023
Deferred tax assets: |  |  |
Deferred revenue and cancellation reserves | $ | 113.6 |  |  | $ | 105.2 |
Allowances and accruals | 81.8 |  |  | 80.1 |
Lease liability | 173.5 |  |  | 125.7 |
Credits and other | 23.2 |  |  | 14.7 |
Net operating losses | 45.7 |  |  | 41.6 |
Capital loss | 30.5 |  |  | 33.7 |
Valuation allowance | (70.6) |  |  | (71.3) |
Total deferred tax assets | 397.7 |  |  | 329.7 |
Deferred tax liabilities: |  |  |
Inventories | (53.2) |  |  | (50.3) |
Goodwill | (317.8) |  |  | (213.7) |
Property and equipment, principally due to differences in depreciation | (188.4) |  |  | (244.1) |
Right of use asset | (165.7) |  |  | (121.3) |
Prepaid expenses and other | (69.7) |  |  | (49.6) |
Total deferred tax liabilities | (794.8) |  |  | (679.0) |
Total | $ | (397.1) |  |  | $ | (349.3) |
Schedule of Unrecognized Tax Benefits | The following is a reconciliation of our unrecognized tax benefits for December 31, 2024, 2023, and 2022:
($ in millions) |
Balance, December 31, 2022 | $ | 0.6 |
Increase related to tax positions taken - current year | 0.3 |
Balance, December 31, 2023 | 0.9 |
Increase related to tax positions taken - current year | — |
Balance, December 31, 2024 | $ | 0.9 |
Schedule of Open Tax Years | Open tax years at December 31, 2024 included the following:
Federal | 2021 - 2024
States (30) | 2020 - 2024
Canada | 2021 - 2024
United Kingdom | 2021 - 2024

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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