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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of Tax Expenses

Income taxes are summarized as follows:

		Year ended December 31,
		2023				2022				2021
		(in millions)
Current:
Federal		$	55.4			$	132.3			$	244.3
State			2.8				18.5				36.8
Foreign			11.6				18.3				19.6
			69.8				169.1				300.7
Deferred:
Federal			(8.6	)			(80.3	)			64.8
State			(10.9	)			(25.2	)			24.0
Foreign			8.6				(3.2	)			2.7
			(10.9	)			(108.7	)			91.5
		$	58.9			$	60.4			$	392.2

Schedule of Effective Income Tax Rate Reconciliation

The Company’s actual income tax expense differs from the expense computed by applying the federal income tax rate of 21% for the years ended December 31, 2023, 2022 and 2021. A reconciliation of these differences is as follows:

		Year ended December 31,
		2023								2022								2021
		(dollars in millions)
Taxes calculated at federal rate		$	57.6				21.0	%		$	68.4				21.0	%		$	344.7				21.0	%
State taxes, net of federal benefit			(6.4	)			(2.3	)			(5.3	)			(1.5	)			48.0				2.9
Change in liability for tax positions			10.7				3.9				(0.8	)			(0.3	)			—				—
Foreign income taxed at different rates			9.5				3.5				2.1				0.6				1.8				0.1
Unremitted foreign earnings			1.2				0.4				—				—				1.0				0.1
Federal tax credits			(17.3	)			(6.3	)			—				—				—				—
Valuation allowance			7.7				2.8				—				—				—				—
Other items, net			(4.1	)			(1.5	)			(4.0	)			(1.1	)			(3.3	)			(0.2	)
		$	58.9				21.5	%		$	60.4				18.7	%		$	392.2				23.9	%

Net Deferred Tax (Liability) Assets

The primary components of temporary differences that give rise to the Company’s net deferred tax liability are as follows:

		December 31,
		2023				2022
		(in millions)
Deferred tax assets:
Deferred revenue		$	8.6			$	8.3
Employee benefits			101.1				99.8
Bad debt reserves			8.7				11.8
Pension			13.3				12.6
Net operating loss carryforward			21.8				28.6
Foreign tax credit			3.8				4.7
Operating lease liabilities			52.3				58.6
Investments in affiliates			13.9				—
Securities			189.7				264.1
Other			12.2				11.2
			425.4				499.7
Valuation allowance			(13.7	)			(7.4	)
			411.7				492.3
Deferred tax liabilities:
Depreciable and amortizable assets			275.8				282.2
Claims and related salvage			88.5				81.6
Investments in affiliates			—				25.8
Operating lease assets			47.7				52.8
Unremitted foreign earnings			13.2				11.7
			425.2				454.1
Net deferred tax (liability) asset		$	(13.5	)		$	38.2

Changes in Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows:

		Year ended December 31,
		2023				2022				2021
		(in millions)
Unrecognized tax benefits—beginning balance		$	3.2			$	7.9			$	7.2
Gross increases (decreases)—prior period tax    positions			8.4				(0.2	)			—
Gross increases—current period tax positions			5.2				0.8				0.7
Settlements with taxing authorities			(4.4	)			(5.3	)			—
Unrecognized tax benefits—ending balance		$	12.4			$	3.2			$	7.9

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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.

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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 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.

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