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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

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,
						2024						2023						2022
Domestic						$	652.2					$	732.1					$	897.4
Foreign						6.3						68.1						87.9
Total income before income taxes						$	658.5					$	800.2					$	985.3

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,
						2024						2023						2022
Federal:
Current						$	121.4					$	142.9					$	160.7
Deferred						14.7						11.8						24.6
State:
Current						19.2						23.8						24.5
Deferred						4.6						4.6						5.9
Foreign:
Current						(2.7)						12.8						18.0
Deferred						4.3						2.3						(2.6)
Provision for income taxes						$	161.5					$	198.2					$	231.1

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,
						2024						2023						2022
Provision at the U.S. federal statutory rate						$	138.3					$	168.0					$	206.9
Increase (decrease) resulting from:
State income tax, net of benefit for federal deduction						21.0						25.2						22.3
Foreign income tax rate differential						(2.1)						0.6						(2.3)
Tax credits						(3.9)						(0.5)						(0.4)
Change in valuation allowance						(1.6)						(2.6)						(2.1)
Stock-based compensation						(2.9)						(3.6)						(1.6)
Deferred state tax effect						—						(1.1)						4.3
Gain on dispositions						3.2						5.5						—
Other						9.5						6.7						4.0
Provision for income taxes						$	161.5					$	198.2					$	231.1

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,
						2024						2023
Deferred tax assets:
Accrued liabilities						$	66.7					$	62.6
Fixed asset basis differences						1.9						—
Net operating losses						9.0						13.0
Operating lease liabilities						89.6						65.5
Deferred tax assets						167.1						141.1
Less: valuation allowance on deferred tax assets						6.0						7.6
Net deferred tax assets						$	161.1					$	133.5
Deferred tax liabilities:
Goodwill and other intangibles						$	239.9					$	195.9
Fixed asset basis differences						119.5						114.7
Interest rate swaps						18.9						21.3
Operating lease ROU assets						77.6						53.8
Other						1.0						0.3
Deferred tax liabilities						456.9						386.0
Net deferred tax liability						$	295.8					$	252.5

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,
						2024						2023
Deferred tax assets, included in Other long-term assets						$	—					$	4.1
Deferred tax liability, included in Deferred income taxes						295.8						256.6
Net deferred tax liability						$	295.8					$	252.5

Reconciliation of unrecognized tax benefits

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

			2024						2023						2022
Balance at January 1			$	2.2					$	2.0					$	2.0
Additions for current tax			0.4						0.6						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			(0.5)						(0.4)						(0.5)
Balance at December 31			$	2.1					$	2.2					$	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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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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