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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) | 2024 |  | 2023 |  | 2022
Current tax expense: |  |  |  |  |
Federal | $ | 30.7 |  |  | $ | 33.7 |  |  | $ | 24.0 |
Foreign | 5.2 |  |  | 3.1 |  |  | 4.1 |
State and local | 6.8 |  |  | 9.1 |  |  | 6.6 |
Total current tax expense | 42.7 |  |  | 45.9 |  |  | 34.7 |
Deferred tax expense (benefit): |  |  |  |  |
Federal | 0.8 |  |  | — |  |  | (3.5) |
Foreign | 2.5 |  |  | (0.5) |  |  | (0.1) |
State and local | 1.6 |  |  | 0.2 |  |  | (0.6) |
Total deferred tax expense (benefit) | 4.9 |  |  | (0.3) |  |  | (4.2) |
Total income tax expense | $ | 47.6 |  |  | $ | 45.6 |  |  | $ | 30.5 |
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:
| For the Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit | 4.0 |  |  | 3.8 |  |  | 4.0 |
Valuation allowance | (0.2) |  |  | (0.1) |  |  | (2.3) |
Worthless stock deduction benefits | (6.0) |  |  | — |  |  | — |
Remeasurement of deferred taxes | 0.1 |  |  | (0.1) |  |  | (0.6) |
Foreign-derived intangible income | (1.0) |  |  | (1.7) |  |  | (0.9) |
Executive compensation limitation | 1.5 |  |  | 1.5 |  |  | 0.7 |
Foreign tax rate effects | 0.6 |  |  | 0.7 |  |  | 0.6 |
Excess tax benefits from stock compensation activity | (1.9) |  |  | (1.9) |  |  | (1.6) |
Other, net | (0.1) |  |  | (0.7) |  |  | (0.7) |
Effective income tax rate | 18.0 | % |  | 22.5 | % |  | 20.2 | %
Schedule of Income before Income Tax | The following table summarizes Income before income taxes:
| For the Years Ended December 31,
(in millions of dollars) | 2024 |  | 2023 |  | 2022
U.S. | $ | 234.5 |  |  | $ | 176.6 |  |  | $ | 132.1 |
Non-U.S. | 29.4 |  |  | 26.4 |  |  | 18.8 |
Income before income taxes | $ | 263.9 |  |  | $ | 203.0 |  |  | $ | 150.9 |
Deferred Income Tax Assets and Liabilities | The following table summarizes the Company’s deferred tax assets and liabilities:
(in millions of dollars) | 2024 |  | 2023
Deferred tax assets: |  |  |
Properties and equipment | $ | 3.2 |  |  | $ | 3.5 |
Accrued expenses | 40.1 |  |  | 34.8 |
Stock-based compensation | 3.5 |  |  | 3.3 |
Net operating loss and tax credit carryforwards | 11.0 |  |  | 14.0 |
Goodwill and intangibles | 4.9 |  |  | 4.8 |
Pension benefits | 14.5 |  |  | 15.6 |
Gross deferred tax assets | 77.2 |  |  | 76.0 |
Valuation allowance | (0.1) |  |  | (0.5) |
Total deferred tax assets | 77.1 |  |  | 75.5 |
Deferred tax liabilities: |  |  |
Properties and equipment | (48.6) |  |  | (40.6) |
Pension benefits | (12.8) |  |  | (11.9) |
Goodwill and intangibles | (62.4) |  |  | (62.4) |
Other | (1.9) |  |  | (1.8) |
Gross deferred tax liabilities | (125.7) |  |  | (116.7) |
Net deferred tax liabilities | $ | (48.6) |  |  | $ | (41.2) |
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) | 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 12.5 |  |  | $ | 1.2 |  |  | $ | 1.2 |
Increases as a result of tax positions taken in the current year | — |  |  | 11.8 |  |  | — |
Decreases from prior period positions | (11.8) |  |  | (0.5) |  |  | — |
Balance at December 31 | $ | 0.7 |  |  | $ | 12.5 |  |  | $ | 1.2 |

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