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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Components of Provision (Benefit) for Income Taxes | The following table summarizes the income tax expense from continuing operations:
| For the Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Current tax expense: |  |  |  |  |
Federal | $ | 24.0 |  |  | $ | 14.7 |  |  | $ | 16.4 |
Foreign | 4.1 |  |  | 5.0 |  |  | 1.4 |
State and local | 6.6 |  |  | 4.0 |  |  | 5.1 |
Total current tax expense | 34.7 |  |  | 23.7 |  |  | 22.9 |
Deferred tax (benefit) expense: |  |  |  |  |
Federal | (3.5) |  |  | 0.4 |  |  | 2.7 |
Foreign | (0.1) |  |  | 1.5 |  |  | 3.1 |
State and local | (0.6) |  |  | (8.6) |  |  | (0.2) |
Total deferred tax (benefit) expense | (4.2) |  |  | (6.7) |  |  | 5.6 |
Total income tax expense | $ | 30.5 |  |  | $ | 17.0 |  |  | $ | 28.5 |
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations:
| For the Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 4.0 |  |  | 3.4 |  |  | 3.5 |
Valuation allowance | (2.3) |  |  | (2.9) |  |  | 0.1 |
Remeasurement of deferred taxes | (0.6) |  |  | (2.8) |  |  | — |
Tax reserves | — |  |  | 0.1 |  |  | (0.1) |
Tax credits | (0.3) |  |  | (0.4) |  |  | (0.3) |
Foreign tax rate effects | 0.6 |  |  | 1.2 |  |  | 0.8 |
Excess tax benefits from stock compensation activity | (1.6) |  |  | (4.8) |  |  | (2.9) |
Other, net | (0.6) |  |  | (0.3) |  |  | 0.8 |
Effective income tax rate | 20.2 | % |  | 14.5 | % |  | 22.9 | %
Schedule of Income before Income Tax | The following table summarizes income before income taxes from continuing operations:
| For the Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
U.S. | $ | 132.1 |  |  | $ | 94.8 |  |  | $ | 107.4 |
Non-U.S. | 18.8 |  |  | 22.8 |  |  | 17.2 |
Income before income taxes | $ | 150.9 |  |  | $ | 117.6 |  |  | $ | 124.6 |
Deferred Income Tax Assets and Liabilities | The following table summarizes deferred income tax assets and liabilities of the Company’s continuing operations:
(in millions) | 2022 |  | 2021
Deferred tax assets: |  |  |
Properties and equipment | $ | 3.5 |  |  | $ | 2.8 |
Accrued expenses | 28.7 |  |  | 24.7 |
Stock-based compensation | 3.5 |  |  | 3.3 |
Net operating loss and tax credit carryforwards | 18.0 |  |  | 19.4 |
Goodwill and intangibles | 0.9 |  |  | 1.8 |
Pension benefits | 14.8 |  |  | 15.1 |
Gross deferred tax assets | 69.4 |  |  | 67.1 |
Valuation allowance | (1.0) |  |  | (5.1) |
Total deferred tax assets | 68.4 |  |  | 62.0 |
Deferred tax liabilities: |  |  |
Properties and equipment | (35.4) |  |  | (31.2) |
Pension benefits | (10.1) |  |  | (9.2) |
Goodwill and intangibles | (63.1) |  |  | (64.4) |
Other | (1.9) |  |  | (1.9) |
Gross deferred tax liabilities | (110.5) |  |  | (106.7) |
Net deferred tax liabilities | $ | (42.1) |  |  | $ | (44.7) |
Summary of Activities Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
(in millions) | 2022 |  | 2021 |  | 2020
Balance at January 1 | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 1.3 |
Increases as a result of tax positions taken in the current period | — |  |  | 0.1 |  |  | — |
Decreases due to lapse of statute of limitations | — |  |  | (0.1) |  |  | (0.1) |
Balance at December 31 | $ | 1.2 |  |  | $ | 1.2 |  |  | $ | 1.2 |

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