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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | Components of the provision (benefit) for income taxes are as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Current provision (benefit): |  |  |  |  |
Federal | $ | 41.0 |  |  | $ | 66.1 |  |  | $ | (38.7) |
State and local | 19.7 |  |  | 18.5 |  |  | 3.0 |
Foreign | — |  |  | 0.1 |  |  | 0.1 |
| 60.7 |  |  | 84.7 |  |  | (35.6) |
Deferred provision: |  |  |  |  |
Federal | 79.9 |  |  | 7.5 |  |  | 28.7 |
State and local | 28.8 |  |  | 2.3 |  |  | 1.5 |
Foreign | — |  |  | — |  |  | 0.1 |
| 108.7 |  |  | 9.8 |  |  | 30.3 |
Income tax provision (benefit) | $ | 169.4 |  |  | $ | 94.5 |  |  | $ | (5.3) |
Schedule of Income from Operations Before Provision for Income Taxes | Income from continuing operations before provision for income taxes were as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Domestic | $ | 608.9 |  |  | $ | 343.7 |  |  | $ | 8.2 |
Foreign | (0.1) |  |  | (0.1) |  |  | (0.2) |
Income from continuing operations before provision for income taxes | $ | 608.8 |  |  | $ | 343.6 |  |  | $ | 8.0 |
Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate | Our income tax provision (benefit) is different from the amount computed by applying the federal statutory income tax rate to income from continuing operations before taxes as follows:
| Years Ended December 31,
(in millions) | 2022 |  | 2021 |  | 2020
Federal statutory tax on earnings before income taxes | $ | 127.9 |  |  | $ | 72.1 |  |  | $ | 1.7 |
State income taxes, net of federal income tax benefit | 32.6 |  |  | 15.8 |  |  | (0.6) |
Non-deductible officer's compensation | 7.6 |  |  | 6.4 |  |  | 3.5 |
Valuation allowance - state and foreign net operating losses | 2.5 |  |  | 1.8 |  |  | 1.1 |
Uncertain tax positions | 2.3 |  |  | 0.1 |  |  | 1.7 |
Re-measurement of deferred taxes | 1.3 |  |  | (1.5) |  |  | 1.9 |
Windfall deduction from equity compensation | (2.3) |  |  | (1.4) |  |  | (1.3) |
Net operating loss carry back - CARES Act | — |  |  | — |  |  | (13.3) |
Other | (2.5) |  |  | 1.2 |  |  | — |
Income tax provision (benefit) | $ | 169.4 |  |  | $ | 94.5 |  |  | $ | (5.3) |
Schedule of Components Deferred Tax Assets and Liabilities | Components of our deferred tax assets and liabilities were as follows:
| December 31,
(in millions) | 2022 |  | 2021
Deferred tax assets: |  |  |
§ 163(j) interest expense limitation carryforward | $ | 18.2 |  |  | $ | — |
Lease liabilities | 12.6 |  |  | 10.2 |
Net operating losses and credits carryforward | 8.1 |  |  | 8.8 |
Deferred liabilities | 7.4 |  |  | 5.1 |
Deferred compensation plans | 7.0 |  |  | 6.9 |
Deferred income | 3.6 |  |  | 4.7 |
Research and experimental expenditures | 3.0 |  |  | — |
Deferred tax assets | 59.9 |  |  | 35.7 |
Valuation allowance | (5.7) |  |  | (3.2) |
Net deferred tax asset | 54.2 |  |  | 32.5 |
Deferred tax liabilities: |  |  |
Property and equipment in excess of tax basis | 158.7 |  |  | 69.7 |
Equity investments in excess of tax basis | 141.6 |  |  | 128.9 |
Intangible assets in excess of tax basis | 78.1 |  |  | 74.1 |
Right-of-use assets | 12.3 |  |  | 9.9 |
Other | 4.3 |  |  | 2.8 |
Deferred tax liabilities | 395.0 |  |  | 285.4 |
Net deferred tax liability | $ | (340.8) |  |  | $ | (252.9) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) | 2022 |  | 2021 |  | 2020
Balance as of January 1 | $ | 3.9 |  |  | $ | 3.9 |  |  | $ | 1.8 |
Additions for tax positions related to the current year | 0.1 |  |  | 0.1 |  |  | 0.1 |
Additions for tax positions of prior years | 2.9 |  |  | 1.0 |  |  | 2.6 |
Reductions for tax positions of prior years | (0.5) |  |  | (1.1) |  |  | (0.6) |
Balance as of December 31 | $ | 6.4 |  |  | $ | 3.9 |  |  | $ | 3.9 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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