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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Components of Provision for Income Taxes | Components of the provision for income taxes are as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current provision: |  |  |  |  |
Federal | $ | 75.2 |  |  | $ | 74.4 |  |  | $ | 41.0 |
State and local | 24.4 |  |  | 22.8 |  |  | 19.7 |
Foreign | — |  |  | (0.1) |  |  | — |
| 99.6 |  |  | 97.1 |  |  | 60.7 |
Deferred provision: |  |  |  |  |
Federal | 44.2 |  |  | 42.5 |  |  | 79.9 |
State and local | 0.3 |  |  | 4.9 |  |  | 28.8 |
| 44.5 |  |  | 47.4 |  |  | 108.7 |
Income tax provision | $ | 144.1 |  |  | $ | 144.5 |  |  | $ | 169.4 |
Schedule of Income from Operations Before Provision for Income Taxes | Income from operations before provision for income taxes were as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Domestic | $ | 573.2 |  |  | $ | 561.8 |  |  | $ | 608.9 |
Foreign | — |  |  | — |  |  | (0.1) |
Income from operations before provision for income taxes | $ | 573.2 |  |  | $ | 561.8 |  |  | $ | 608.8 |
Schedule of Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate | Our income tax provision is different from the amount computed by applying the federal statutory income tax rate to income from operations before taxes as follows:
| Years Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Federal statutory tax on earnings before income taxes | $ | 120.3 |  |  | $ | 117.9 |  |  | $ | 127.9 |
State income taxes, net of federal income tax benefit | 20.3 |  |  | 21.6 |  |  | 32.6 |
Non-deductible officer's compensation | 7.5 |  |  | 6.1 |  |  | 7.6 |
Other | (4.0) |  |  | (1.1) |  |  | 1.3 |
Income tax provision | $ | 144.1 |  |  | $ | 144.5 |  |  | $ | 169.4 |
Schedule of Components Deferred Tax Assets and Liabilities | Components of our deferred tax assets and liabilities were as follows:
| December 31,
(in millions) | 2024 |  | 2023
Deferred tax assets: |  |  |
§ 163(j) interest expense limitation carryforward | $ | 91.2 |  |  | $ | 55.0 |
Lease liabilities | 17.2 |  |  | 16.5 |
Net operating losses and credits carryforward | 8.6 |  |  | 6.5 |
Deferred liabilities | 10.1 |  |  | 8.1 |
Deferred compensation plans | 9.3 |  |  | 7.9 |
Deferred income | 3.5 |  |  | 3.3 |
Deferred tax assets | 139.9 |  |  | 97.3 |
Valuation allowance | (4.6) |  |  | (4.6) |
Net deferred tax asset | 135.3 |  |  | 92.7 |
Deferred tax liabilities: |  |  |
Property and equipment in excess of tax basis | 220.8 |  |  | 195.1 |
Equity investments in excess of tax basis | 157.3 |  |  | 148.0 |
Intangible assets in excess of tax basis | 169.0 |  |  | 116.9 |
Right-of-use assets | 16.1 |  |  | 15.9 |
Other | 4.8 |  |  | 5.0 |
Deferred tax liabilities | 568.0 |  |  | 480.9 |
Net deferred tax liability | $ | (432.7) |  |  | $ | (388.2) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
(in millions) | 2024 |  | 2023 |  | 2022
Balance as of January 1 | $ | 4.8 |  |  | $ | 6.4 |  |  | $ | 3.9 |
Additions for tax positions related to the current year | 0.3 |  |  | 0.2 |  |  | 0.1 |
Additions for tax positions of prior years | — |  |  | 0.3 |  |  | 2.9 |
Reductions for tax positions of prior years | (1.9) |  |  | (2.1) |  |  | (0.5) |
Balance as of December 31 | $ | 3.2 |  |  | $ | 4.8 |  |  | $ | 6.4 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + 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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
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