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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income/(loss) before income taxes by geographic area | Income before income taxes by geographic area was as follows (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Domestic |  | $ | 721.8 |  |  | $ | 366.6 |  |  | $ | 227.9 |
Foreign |  | 79.2 |  |  | 14.2 |  |  | (5.3) |
Total income before income taxes |  | $ | 800.9 |  |  | $ | 380.8 |  |  | $ | 222.7 |
Federal, state and foreign income tax provisions/(benefits) | Federal, state and foreign income tax provisions from continuing operations were as follows (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Federal: |  |  |  |  |  |
Current |  | $ | 116.4 |  |  | $ | 70.8 |  |  | $ | 30.9 |
Deferred |  | 30.7 |  |  | 5.5 |  |  | 16.5 |
State: |  |  |  |  |  |
Current |  | 13.8 |  |  | 7.0 |  |  | 3.8 |
Deferred |  | 1.6 |  |  | (1.3) |  |  | 4.0 |
Foreign: |  |  |  |  |  |
Current |  | 14.8 |  |  | 6.3 |  |  | 1.8 |
Deferred |  | (1.8) |  |  | (4.1) |  |  | (3.3) |
Provision for income taxes |  | $ | 175.5 |  |  | $ | 84.2 |  |  | $ | 53.7 |
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 from continuing operations, as follows (in millions):
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
Provision at the U.S. federal statutory rate |  | $ | 168.1 |  |  | $ | 79.9 |  |  | $ | 46.7 |
Increase (decrease) resulting from: |  |  |  |  |  |
State income tax, net of benefit for federal deduction |  | 15.3 |  |  | 5.8 |  |  | 5.2 |
Foreign income tax rate differential |  | (1.0) |  |  | — |  |  | 0.3 |
Change in enacted tax rate — U.K. |  | (1.9) |  |  | — |  |  | — |
Tax Credits |  | (0.8) |  |  | (0.3) |  |  | (1.1) |
Changes in valuation allowances |  | (2.9) |  |  | (0.7) |  |  | 0.3 |
Stock-based compensation |  | (2.2) |  |  | (0.8) |  |  | — |
Uncertain tax benefits |  | — |  |  | (0.3) |  |  | 0.7 |
Other |  | 0.9 |  |  | 0.6 |  |  | 1.6 |
Provision for income taxes |  | $ | 175.5 |  |  | $ | 84.2 |  |  | $ | 53.7 |
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,
|  | 2021 |  | 2020
Deferred tax assets: |  |  |  |
Loss reserves and accruals |  | $ | 53.5 |  |  | $ | 50.4 |
Interest rate swaps |  | — |  |  | 10.0 |
U.S. state NOL carryforwards |  | 30.8 |  |  | 34.5 |
Operating lease liabilities |  | 79.5 |  |  | 55.8 |
Other |  | 2.8 |  |  | 2.2 |
Deferred tax assets |  | 166.6 |  |  | 152.9 |
Less: valuation allowance on deferred tax assets |  | 24.2 |  |  | 30.9 |
Net deferred tax assets |  | $ | 142.4 |  |  | $ | 122.0 |
Deferred tax liabilities: |  |  |  |
Goodwill and intangible franchise rights |  | $ | 152.2 |  |  | $ | 142.0 |
Depreciation expense |  | 99.4 |  |  | 71.1 |
Interest rate swaps |  | 0.6 |  |  | — |
Operating lease ROU assets |  | 63.5 |  |  | 44.0 |
Other |  | 1.7 |  |  | 2.0 |
Deferred tax liabilities |  | 317.4 |  |  | 259.1 |
Net deferred tax liability |  | $ | 175.0 |  |  | $ | 137.1 |
The classification of the continued operations of the Company’s net deferred tax liability within the Consolidated Balance Sheets is as follows (in millions):
|  | December 31,
|  | 2021 |  | 2020
Deferred tax asset, included in Other long-term assets |  | $ | 5.9 |  |  | $ | 3.9 |
Deferred tax liability, included in Deferred income taxes |  | 180.9 |  |  | 141.0 |
Net deferred tax liability |  | $ | 175.0 |  |  | $ | 137.1 |
Reconciliation of unrecognized tax benefits | A reconciliation of the Company’s unrecognized tax benefits is as follows (in millions):
| 2021 |  | 2020 |  | 2019
Balance at January 1 | $ | 2.0 |  |  | $ | 2.4 |  |  | $ | 1.6 |
Additions for current tax | 0.5 |  |  | 0.5 |  |  | 1.0 |
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) |  |  | (0.5) |  |  | (0.2) |
Balance at December 31 | $ | 2.0 |  |  | $ | 2.0 |  |  | $ | 2.4 |

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