XML 65 R48.htm IDEA: XBRL DOCUMENT v3.22.0.1
INCOME TAXES (Tables)
 12 Months Ended
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,
 202120202019
Domestic$721.8 $366.6 $227.9 
Foreign79.2 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,
 202120202019
Federal:
Current$116.4 $70.8 $30.9 
Deferred30.7 5.5 16.5 
State:
Current13.8 7.0 3.8 
Deferred1.6 (1.3)4.0 
Foreign:
Current14.8 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,
 202120202019
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 deduction15.3 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 
Other0.9 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,
 20212020
Deferred tax assets:
Loss reserves and accruals$53.5 $50.4 
Interest rate swaps— 10.0 
U.S. state NOL carryforwards30.8 34.5 
Operating lease liabilities79.5 55.8 
Other 2.8 2.2 
Deferred tax assets166.6 152.9 
Less: valuation allowance on deferred tax assets24.2 30.9 
Net deferred tax assets$142.4 $122.0 
Deferred tax liabilities:
Goodwill and intangible franchise rights$152.2 $142.0 
Depreciation expense99.4 71.1 
Interest rate swaps0.6 — 
Operating lease ROU assets 63.5 44.0 
Other1.7 2.0 
Deferred tax liabilities317.4 259.1 
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,
20212020
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):
202120202019
Balance at January 1$2.0 $2.4 $1.6 
Additions for current tax0.5 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