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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Tax Expenses | Income taxes are summarized as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in millions) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | (0.7 | ) |  | $ | 55.4 |  |  | $ | 132.3 |
State |  |  | 6.1 |  |  |  | 2.8 |  |  |  | 18.5 |
Foreign |  |  | 17.3 |  |  |  | 11.6 |  |  |  | 18.3 |
|  |  | 22.7 |  |  |  | 69.8 |  |  |  | 169.1 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 21.4 |  |  |  | (8.6 | ) |  |  | (80.3 | )
State |  |  | (16.6 | ) |  |  | (10.9 | ) |  |  | (25.2 | )
Foreign |  |  | 5.3 |  |  |  | 8.6 |  |  |  | (3.2 | )
|  |  | 10.1 |  |  |  | (10.9 | ) |  |  | (108.7 | )
|  | $ | 32.8 |  |  | $ | 58.9 |  |  | $ | 60.4 |
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, 2024, 2023 and 2022. A reconciliation of these differences is as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (dollars in millions) |
Taxes calculated at federal rate |  | $ | 34.7 |  |  |  | 21.0 | % |  | $ | 57.6 |  |  |  | 21.0 | % |  | $ | 68.4 |  |  |  | 21.0 | %
State taxes, net of federal benefit |  |  | (8.3 | ) |  |  | (5.0 | ) |  |  | (6.4 | ) |  |  | (2.3 | ) |  |  | (5.3 | ) |  |  | (1.5 | )
Change in liability for tax positions |  |  | 6.8 |  |  |  | 4.1 |  |  |  | 10.7 |  |  |  | 3.9 |  |  |  | (0.8 | ) |  |  | (0.3 | )
Foreign income taxed at different rates |  |  | 8.6 |  |  |  | 5.2 |  |  |  | 9.5 |  |  |  | 3.5 |  |  |  | 2.1 |  |  |  | 0.6 |
Unremitted foreign earnings |  |  | (1.4 | ) |  |  | (0.8 | ) |  |  | 1.2 |  |  |  | 0.4 |  |  |  | — |  |  |  | — |
Federal tax credits |  |  | (14.6 | ) |  |  | (8.8 | ) |  |  | (17.3 | ) |  |  | (6.3 | ) |  |  | — |  |  |  | — |
Valuation allowance |  |  | 11.4 |  |  |  | 6.9 |  |  |  | 7.7 |  |  |  | 2.8 |  |  |  | — |  |  |  | — |
Other items, net |  |  | (4.4 | ) |  |  | (2.8 | ) |  |  | (4.1 | ) |  |  | (1.5 | ) |  |  | (4.0 | ) |  |  | (1.1 | )
|  | $ | 32.8 |  |  |  | 19.8 | % |  | $ | 58.9 |  |  |  | 21.5 | % |  | $ | 60.4 |  |  |  | 18.7 | %
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, |
|  | 2024 |  |  | 2023 |
|  | (in millions) |
Deferred tax assets: |  |  |  |  |  |
Deferred revenue |  | $ | 10.4 |  |  | $ | 8.6 |
Employee benefits |  |  | 103.9 |  |  |  | 101.1 |
Bad debt reserves |  |  | 7.9 |  |  |  | 8.7 |
Pension |  |  | 11.3 |  |  |  | 13.3 |
Net operating loss carryforward |  |  | 27.6 |  |  |  | 21.8 |
Foreign tax credit |  |  | 3.5 |  |  |  | 3.8 |
Operating lease liabilities |  |  | 47.1 |  |  |  | 52.3 |
Investments in affiliates |  |  | 17.2 |  |  |  | 13.9 |
Securities |  |  | 124.1 |  |  |  | 189.7 |
Other |  |  | 17.5 |  |  |  | 12.2 |
|  |  | 370.5 |  |  |  | 425.4 |
Valuation allowance |  |  | (27.9 | ) |  |  | (13.7 | )
|  |  | 342.6 |  |  |  | 411.7 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciable and amortizable assets |  |  | 264.6 |  |  |  | 275.8 |
Claims and related salvage |  |  | 119.2 |  |  |  | 88.5 |
Operating lease assets |  |  | 43.2 |  |  |  | 47.7 |
Unremitted foreign earnings |  |  | 10.9 |  |  |  | 13.2 |
|  |  | 437.9 |  |  |  | 425.2 |
Net deferred tax liability |  | $ | 95.3 |  |  | $ | 13.5 |
Changes in Unrecognized Tax Benefits | A reconciliation of the beginning and ending amounts of unrecognized tax benefits for the years ended December 31, 2024, 2023 and 2022 is as follows:
|  | Year ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in millions) |
Unrecognized tax benefits—beginning balance |  | $ | 12.4 |  |  | $ | 3.2 |  |  | $ | 7.9 |
Gross increases (decreases)—prior period tax positions |  |  | 14.8 |  |  |  | 8.4 |  |  |  | (0.2 | )
Gross increases—current period tax positions |  |  | 4.4 |  |  |  | 5.2 |  |  |  | 0.8 |
Settlements with taxing authorities |  |  | — |  |  |  | (4.4 | ) |  |  | (5.3 | )
Unrecognized tax benefits—ending balance |  | $ | 31.6 |  |  | $ | 12.4 |  |  | $ | 3.2 |

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