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Income Taxes (Tables)

12 Months Ended

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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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 of the change in unrecognized tax benefits.

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