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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income before income taxes by geographic area

Income from continuing operations before income taxes by geographic area was as follows (in millions):

						Years Ended December 31,
						2022						2021						2020
Domestic						$	897.4					$	721.8					$	366.6
Foreign						87.9						79.2						14.2
Total income before income taxes						$	985.3					$	800.9					$	380.8

Federal, state and foreign income tax provisions

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

						Years Ended December 31,
						2022						2021						2020
Federal:
Current						$	160.7					$	116.4					$	70.8
Deferred						24.6						30.7						5.5
State:
Current						24.5						13.8						7.0
Deferred						5.9						1.6						(1.3)
Foreign:
Current						18.0						14.8						6.3
Deferred						(2.6)						(1.8)						(4.1)
Provision for income taxes						$	231.1					$	175.5					$	84.2

Reconciliation of income tax expense due to the U.S. federal statutory corporate tax rate

A reconciliation of the statutory federal rate to the effective tax rate on income before income taxes from continuing operations, was as follows (in millions):

						Years Ended December 31,
						2022						2021						2020
Provision at the U.S. federal statutory rate						$	206.9					$	168.1					$	79.9
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction						22.3						15.3						5.8
Foreign income tax rate differential						(2.3)						(1.0)						—
Change in enacted tax rate — U.K.						—						(1.9)						—
Tax Credits						(0.4)						(0.8)						(0.3)
Changes in valuation allowances						(2.1)						(2.9)						(0.7)
Stock-based compensation						(1.6)						(2.2)						(0.8)
Uncertain tax benefits						—						—						(0.3)
Deferred state tax effect						4.3						—						—
Other						4.0						0.9						0.6
Provision for income taxes						$	231.1					$	175.5					$	84.2

Tax effects of temporary differences representing deferred tax assets/liabilities

The components of deferred tax assets and liabilities were as follows (in millions):

						December 31,
						2022						2021
Deferred tax assets:
Accrued liabilities						$	56.4					$	53.5
U.S. state NOL carryforwards						18.9						30.8
Operating lease liabilities						71.1						79.5
Other						2.5						2.8
Deferred tax assets						148.9						166.6
Less: valuation allowance on deferred tax assets						10.2						24.2
Net deferred tax assets						$	138.7					$	142.4
Deferred tax liabilities:
Goodwill and intangible franchise rights						$	171.2					$	152.2
Depreciation expense						110.0						99.4
Interest rate swaps						26.1						0.6
Operating lease ROU assets						59.6						63.5
Other						1.7						1.7
Deferred tax liabilities						368.6						317.4
Net deferred tax liability						$	229.9					$	175.0

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,
						2022						2021
Deferred tax asset, included in Other long-term assets						$	8.2					$	5.9
Deferred tax liability, included in Deferred income taxes						238.1						180.9
Net deferred tax liability						$	229.9					$	175.0

Reconciliation of unrecognized tax benefits

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

			2022						2021						2020
Balance at January 1			$	2.0					$	2.0					$	2.4
Additions for current tax			0.5						0.5						0.5
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)						(0.5)
Balance at December 31			$	2.0					$	2.0					$	2.0

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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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