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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2023						2022						2021
Domestic						$	732.1					$	897.4					$	721.8
Foreign						68.1						87.9						79.2
Total income before income taxes						$	800.2					$	985.3					$	800.9

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,
						2023						2022						2021
Federal:
Current						$	142.9					$	160.7					$	116.4
Deferred						11.8						24.6						30.7
State:
Current						23.8						24.5						13.8
Deferred						4.6						5.9						1.6
Foreign:
Current						12.8						18.0						14.8
Deferred						2.3						(2.6)						(1.8)
Provision for income taxes						$	198.2					$	231.1					$	175.5

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,
						2023						2022						2021
Provision at the U.S. federal statutory rate						$	168.0					$	206.9					$	168.1
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction						25.2						22.3						15.3
Foreign income tax rate differential						0.6						(2.3)						(1.0)
Change in enacted tax rate — U.K.						—						—						(1.9)
Tax credits						(0.5)						(0.4)						(0.8)
Change in valuation allowance						(2.6)						(2.1)						(2.9)
Stock-based compensation						(3.6)						(1.6)						(2.2)
Deferred state tax effect						(1.1)						4.3						—
Gain on dispositions						5.5						—						—
Other						6.7						4.0						0.9
Provision for income taxes						$	198.2					$	231.1					$	175.5

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,
						2023						2022
Deferred tax assets:
Accrued liabilities						$	62.6					$	56.4
Net operating losses						13.0						18.9
Operating lease liabilities						65.5						71.1
Other						—						2.5
Deferred tax assets						141.1						148.9
Less: valuation allowance on deferred tax assets						7.6						10.2
Net deferred tax assets						$	133.5					$	138.7
Deferred tax liabilities:
Goodwill and intangible franchise rights						$	195.9					$	171.2
Fixed asset basis differences						114.7						110.0
Interest rate swaps						21.3						26.1
Operating lease ROU assets						53.8						59.6
Other						0.3						1.7
Deferred tax liabilities						386.0						368.6
Net deferred tax liability						$	252.5					$	229.9

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,
						2023						2022
Deferred tax asset, included in Other long-term assets						$	4.1					$	8.2
Deferred tax liability, included in Deferred income taxes						256.6						238.1
Net deferred tax liability						$	252.5					$	229.9

Reconciliation of unrecognized tax benefits

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

			2023						2022						2021
Balance at January 1			$	2.0					$	2.0					$	2.0
Additions for current tax			0.6						0.5						0.5
Additions based on tax positions in prior years			—						—						—
Reductions for tax positions			—						—						—
Settlements with tax authorities			—						—						—
Reductions due to lapse of statutes of limitations			(0.4)						(0.5)						(0.5)
Balance at December 31			$	2.2					$	2.0					$	2.0

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