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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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,
						2020						2019						2018
Domestic						$	366.6					$	227.9					$	192.1
Foreign						3.7						(0.6)						13.3
Total income (loss) before income taxes						$	370.3					$	227.3					$	205.4

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,
						2020						2019						2018
Federal:
Current						$	70.8					$	30.9					$	35.9
Deferred						5.4						16.5						2.6
State:
Current						7.0						3.8						4.3
Deferred						(1.3)						4.0						0.9
Foreign:
Current						7.0						2.3						3.9
Deferred						(5.1)						(4.3)						—
(Benefit) provision for income taxes						$	83.8					$	53.3					$	47.6

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% to income before income taxes, as follows (in millions):

						Years Ended December 31,
						2020						2019						2018
Provision at the U.S. federal statutory rate						$	77.7					$	47.7					$	43.1
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction						5.8						5.2						3.6
Foreign income tax rate differential						(1.4)						0.9						(0.3)
Tax Credits						(0.3)						(1.1)						(1.3)
Changes in valuation allowances						2.3						(1.7)						3.4
Tax Act — Enactment date effect						—						—						(0.6)
Stock-based compensation						(0.8)						—						(0.1)
Uncertain tax benefits						(0.3)						0.7						0.4
Other						0.8						1.6						(0.7)
(Benefit) provision for income taxes						$	83.8					$	53.3					$	47.6

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,
						2020						2019
Deferred tax assets:
Loss reserves and accruals						$	52.9					$	42.8
Interest rate swaps						10.0						1.3
U.S. state net operating loss (“NOL”) carryforwards						34.5						38.2
Foreign NOL carryforwards						28.9						37.6
Operating lease liabilities						56.9						55.5
Goodwill and intangible franchise rights						2.6						—
Other						2.2						1.5
Deferred tax assets						188.0						176.9
Less: valuation allowance on deferred tax assets						60.5						69.7
Net deferred tax assets						$	127.5					$	107.2
Deferred tax liabilities:
Goodwill and intangible franchise rights						$	142.0					$	135.1
Depreciation expense						71.1						68.0
Operating lease ROU assets						45.0						45.4
Other						2.0						—
Deferred tax liabilities						260.1						248.5
Net deferred tax liability						$	132.6					$	141.3

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

						December 31,
						2020						2019
Deferred tax asset, included in Other long-term assets						$	8.4					$	4.4
Deferred tax liability, included in Deferred income taxes						141.0						145.7
Net deferred tax liability						$	132.6					$	141.3

Reconciliation of Unrecognized Tax Benefits

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

			2020						2019						2018
Balance at January 1			$	2.4					$	1.6					$	1.2
Additions for current tax			0.5						1.0						0.6
Additions based on tax positions in prior years			—						—						—
Reductions for tax positions			(0.4)						—						—
Settlements with tax authorities			—						—						—
Reductions due to lapse of statutes of limitations			(0.5)						(0.2)						(0.1)
Balance at December 31			$	2.0					$	2.4					$	1.6

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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 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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