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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The following table summarizes the components of Income tax expense:

			For the Years Ended December 31,
(in millions of dollars)			2023						2022						2021
Current tax expense:
Federal			$	33.7					$	24.0					$	14.7
Foreign			3.1						4.1						5.0
State and local			9.1						6.6						4.0
Total current tax expense			45.9						34.7						23.7
Deferred tax (benefit) expense:
Federal			—						(3.5)						0.4
Foreign			(0.5)						(0.1)						1.5
State and local			0.2						(0.6)						(8.6)
Total deferred tax benefit			(0.3)						(4.2)						(6.7)
Total income tax expense			$	45.6					$	30.5					$	17.0

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:

			For the Years Ended December 31,
			2023						2022						2021
Statutory federal income tax rate			21.0		%				21.0		%				21.0		%
State income taxes, net of federal tax benefit			3.8						4.0						3.4
Valuation allowance			(0.1)						(2.3)						(2.9)
Remeasurement of deferred taxes			(0.1)						(0.6)						(2.8)
Foreign-derived intangible income			(1.7)						(0.9)						(0.6)
Executive compensation limitation			1.5						0.7						0.9
Foreign tax rate effects			0.7						0.6						1.2
Excess tax benefits from stock compensation activity			(1.9)						(1.6)						(4.8)
Other, net			(0.7)						(0.7)						(0.9)
Effective income tax rate			22.5		%				20.2		%				14.5		%

Schedule of Income before Income Tax

The following table summarizes Income before income taxes:

			For the Years Ended December 31,
(in millions of dollars)			2023						2022						2021
U.S.			$	176.6					$	132.1					$	94.8
Non-U.S.			26.4						18.8						22.8
Income before income taxes			$	203.0					$	150.9					$	117.6

Deferred Income Tax Assets and Liabilities

The following table summarizes the Company’s deferred tax assets and liabilities:

(in millions of dollars)			2023						2022
Deferred tax assets:
Properties and equipment			$	3.5					$	3.5
Accrued expenses			34.8						28.7
Stock-based compensation			3.3						3.2
Net operating loss and tax credit carryforwards			14.0						18.0
Goodwill and intangibles			4.8						0.9
Pension benefits			15.6						14.8
Gross deferred tax assets			76.0						69.1
Valuation allowance			(0.5)						(0.7)
Total deferred tax assets			75.5						68.4
Deferred tax liabilities:
Properties and equipment			(40.6)						(35.4)
Pension benefits			(11.9)						(10.1)
Goodwill and intangibles			(62.4)						(63.1)
Other			(1.8)						(1.9)
Gross deferred tax liabilities			(116.7)						(110.5)
Net deferred tax liabilities			$	(41.2)					$	(42.1)

Summary of Activities Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

(in millions of dollars)			2023						2022						2021
Balance at January 1			$	1.2					$	1.2					$	1.2
Increases as a result of tax positions taken in the current period			11.8						—						0.1
Decreases from prior period positions			(0.5)						—						—
Decreases due to lapse of statute of limitations			—						—						(0.1)
Balance at December 31			$	12.5					$	1.2					$	1.2

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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