XML 38 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | 9. INCOME TAXES Components of the provision for income taxes are as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Current provision: |  |  |  |  |
Federal | $ | 74.4 |  |  | $ | 41.0 |  |  | $ | 66.1 |
State and local | 22.8 |  |  | 19.7 |  |  | 18.5 |
Foreign | (0.1) |  |  | — |  |  | 0.1 |
| 97.1 |  |  | 60.7 |  |  | 84.7 |
Deferred provision: |  |  |  |  |
Federal | 42.5 |  |  | 79.9 |  |  | 7.5 |
State and local | 4.9 |  |  | 28.8 |  |  | 2.3 |
Foreign | — |  |  | — |  |  | — |
| 47.4 |  |  | 108.7 |  |  | 9.8 |
Income tax provision | $ | 144.5 |  |  | $ | 169.4 |  |  | $ | 94.5 |
Income before provision for income taxes were as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Domestic | $ | 561.8 |  |  | $ | 608.9 |  |  | $ | 343.7 |
Foreign | — |  |  | (0.1) |  |  | (0.1) |
Income before provision for income taxes | $ | 561.8 |  |  | $ | 608.8 |  |  | $ | 343.6 |
Our income tax provision is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows:
| Years Ended December 31,
(in millions) | 2023 |  | 2022 |  | 2021
Federal statutory tax on earnings before income taxes | $ | 117.9 |  |  | $ | 127.9 |  |  | $ | 72.1 |
State income taxes, net of federal income tax benefit | 21.6 |  |  | 32.6 |  |  | 15.8 |
Non-deductible officer's compensation | 6.1 |  |  | 7.6 |  |  | 6.4 |
Other | (1.1) |  |  | 1.3 |  |  | 0.2 |
Income tax provision | $ | 144.5 |  |  | $ | 169.4 |  |  | $ | 94.5 |
Components of our deferred tax assets and liabilities were as follows:
| December 31,
(in millions) | 2023 |  | 2022
Deferred tax assets: |  |  |
§ 163(j) interest expense limitation carryforward | $ | 55.0 |  |  | $ | 18.2 |
Lease liabilities | 16.5 |  |  | 12.6 |
Net operating losses and credits carryforward | 6.5 |  |  | 8.1 |
Deferred liabilities | 8.1 |  |  | 7.4 |
Deferred compensation plans | 7.9 |  |  | 7.0 |
Deferred income | 3.3 |  |  | 3.6 |
Research and experimental expenditures | 2.2 |  |  | 3.0 |
Deferred tax assets | 99.5 |  |  | 59.9 |
Valuation allowance | (4.6) |  |  | (5.7) |
Net deferred tax asset | 94.9 |  |  | 54.2 |
Deferred tax liabilities: |  |  |
Property and equipment in excess of tax basis | 195.1 |  |  | 158.7 |
Equity investments in excess of tax basis | 148.0 |  |  | 141.6 |
Intangible assets in excess of tax basis | 119.1 |  |  | 78.1 |
Right-of-use assets | 15.9 |  |  | 12.3 |
Other | 5.0 |  |  | 4.3 |
Deferred tax liabilities | 483.1 |  |  | 395.0 |
Net deferred tax liability | $ | (388.2) |  |  | $ | (340.8) |
As of December 31, 2023, we had U.S. state and foreign net operating losses with tax values of $6.4 million and $0.5 million, respectively. We have recorded a valuation allowance of $4.6 million due to the fact that it is unlikely that we will generate income in certain state and foreign jurisdictions which is necessary to utilize the deferred tax assets. We also had U.S. state tax credits with a tax value of $1.3 million that do not expire which we expect to fully utilize. The Internal Revenue Service has completed audits through 2012. Tax years 2020 and after are open to examination. Tax years 2015 and 2018 are open to examination as a result of the Company's claim for refund of 2015 and 2018 tax from carrying back its 2020 net operating loss and 2021 capital loss pursuant to the CARES Act. As of December 31, 2023, we had approximately $4.8 million of total gross unrecognized tax benefits, excluding interest of $0.4 million. If the total gross unrecognized tax benefits were recognized, there would be a $4.5 million effect to the annual effective tax rate. We anticipate a decrease in our unrecognized tax positions of approximately $0.8 million during the next twelve months primarily due to expected settlements with tax authorities and the expiration of statutes of limitation. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) | 2023 |  | 2022 |  | 2021
Balance as of January 1 | $ | 6.4 |  |  | $ | 3.9 |  |  | $ | 3.9 |
Additions for tax positions related to the current year | 0.2 |  |  | 0.1 |  |  | 0.1 |
Additions for tax positions of prior years | 0.3 |  |  | 2.9 |  |  | 1.0 |
Reductions for tax positions of prior years | (2.1) |  |  | (0.5) |  |  | (1.1) |
Balance as of December 31 | $ | 4.8 |  |  | $ | 6.4 |  |  | $ | 3.9 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration