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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income/(Loss) before Income Taxes by Geographic Area

Income (loss) before income taxes by geographic area was as follows (in millions):

		Years Ended December 31,
		2019				2018				2017
Domestic		$	227.9			$	192.1			$	206.6
Foreign		(0.6		)		13.3				12.4
Total income (loss) before income taxes		$	227.3			$	205.4			$	219.0

Federal, State and Foreign Income Tax Provisions/(Benefits)

Federal, state and foreign income tax (benefits) provisions were as follows (in millions):

		Years Ended December 31,
		2019				2018				2017
Federal:
Current		$	30.9			$	35.9			$	44.9
Deferred		16.5				2.6				(46.9		)
State:
Current		3.8				4.3				3.8
Deferred		4.0				0.9				3.9
Foreign:
Current		2.3				3.9				2.9
Deferred		(4.3		)		—				(3.0		)
(Benefit) provision for income taxes		$	53.3			$	47.6			$	5.6

Reconciliation of Income Tax Expense due to the U.S. Federal Statutory Corporate Tax Rate

Actual income tax expense differed from income tax expense computed by applying the applicable U.S. federal statutory corporate tax rate of 21.0% in 2019 and 2018 and 35% in 2017 to income before income taxes, as follows (in millions):

		Years Ended December 31,
		2019				2018				2017
Provision at the U.S. federal statutory rate		$	47.7			$	43.1			$	76.7
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction		5.2				3.6				4.5
Foreign income tax rate differential		0.9				(0.3		)		(2.4		)
Tax Credits		(1.1		)		(1.3		)		(0.9		)
Changes in valuation allowances		(1.7		)		3.4				0.6
Tax Act - Enactment date effect		—				(0.6		)		(73.0		)
Stock-based compensation		—				(0.1		)		(0.1		)
Uncertain tax benefits		0.7				0.4				0.8
Other		1.6				(0.7		)		(0.5		)
(Benefit) provision for income taxes		$	53.3			$	47.6			$	5.6

Tax Effects of Temporary Differences Representing Deferred Tax Assets/Liabilities

The tax effects of these temporary differences representing deferred tax assets/liabilities resulted principally from the following (in millions):

		December 31,
		2019				2018
Deferred tax assets:
Loss reserves and accruals		$	42.8			$	41.8
Interest rate swaps		1.3				—
U.S. state net operating loss (“NOL”) carryforwards		38.2				17.9
Depreciation expense		—				0.4
Foreign NOL carryforwards		37.6				37.6
Operating lease liabilities		55.5				—
Other		1.5				0.1
Deferred tax assets		176.9				97.8
Valuation allowance on deferred tax assets		(69.7		)		(52.3		)
Net deferred tax assets		$	107.2			$	45.6
Deferred tax liabilities:
Goodwill and intangible franchise rights		$	(135.1	)		$	(123.7	)
Depreciation expense		(68.0		)		(50.2		)
Interest rate swaps		—				(2.8		)
Operating lease ROU assets		(45.4		)		—
Other		—				(0.1		)
Deferred tax liabilities		(248.5		)		(176.7		)
Net deferred tax liability		$	(141.3	)		$	(131.1	)

The classification of the Company’s net deferred tax liability within the Consolidated Balance Sheets is as follows (in millions):

		December 31,
		2019				2018
Deferred tax asset, included in Other long-term assets		$	4.4			$	3.6
Deferred tax liability, included in Deferred income taxes		(145.7		)		(134.7		)
Net deferred tax liability		$	(141.3	)		$	(131.1	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s unrecognized tax benefits is as follows (in millions):

	2019				2018				2017
Balance at January 1	$	1.6			$	1.2			$	—
Additions for current tax	1.0				0.6				1.2
Additions based on tax positions in prior years	—				—				—
Reductions for tax positions	—				—				—
Settlements with tax authorities	—				—				—
Reductions due to lapse of statutes of limitations	(0.2		)		(0.1		)		—
Balance at December 31	$	2.4			$	1.6			$	1.2

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