XML 48 R25.htm IDEA: XBRL DOCUMENT v3.25.0.1
INCOME TAXES
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The components of income tax expense are as follows: 
 For the Year Ended December 31,
 202420232022
 (In millions)
Current:
Federal$75.5 $128.9 $142.0 
State16.8 30.1 30.8 
Total current income tax expense92.3 159.0 172.8 
Deferred:
Federal43.2 33.8 130.7 
State9.5 6.0 18.3 
Total deferred income tax expense52.7 39.8 149.0 
Total income tax expense$145.0 $198.8 $321.8 


A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions):
 For the Year Ended December 31,
 2024%2023%2022%
Income tax provision at the statutory rate$120.8 21.0 $168.3 21.0 $277.0 21.0 
State income tax expense, net of federal benefit22.8 4.0 29.8 3.7 42.7 3.2 
Non-deductible items2.5 0.4 1.7 0.2 1.6 0.1 
Other, net(1.1)(0.2)(1.0)(0.1)0.5 0.1 
 Income tax expense$145.0 25.2 $198.8 24.8 $321.8 24.4 
Deferred income tax asset and liability components consisted of the following:
 As of December 31,
 20242023
 (In millions)
Deferred income tax assets:
Deferred revenue$41.5 $38.0 
F&I chargeback liabilities11.7 12.1 
Other accrued liabilities4.2 2.9 
Stock-based compensation4.0 3.7 
Operating lease right-of-use assets56.2 61.5 
Other, net11.6 12.9 
Total deferred income tax assets$129.2 $131.2 
Deferred income tax liabilities:
Intangible asset amortization$135.3 $110.8 
Depreciation80.0 56.9 
Operating lease liabilities54.2 59.9 
Investments, net18.6 20.0 
Deferred sales commissions27.2 18.3 
Other, net1.6 1.6 
Total deferred income tax liabilities$316.9 $267.6 
Net deferred income tax liabilities$(187.7)$(136.4)
There were no valuation allowances recorded against the deferred tax assets as of December 31, 2024 or 2023.
As of December 31, 2024, we had an income tax receivable of $3.4 million, included in Other current assets and an income tax payable of $5.7 million included in accounts payable and other accrued liabilities.
As of December 31, 2023, we had income tax receivable of $11.5 million, included in Other current assets.
The statutes of limitation related to our consolidated Federal income tax returns are closed for all tax years up to and including 2020. The expiration of the statutes of limitation related to the various state income tax returns that we and our subsidiaries file varies by state. The 2019 through 2023 tax years generally remain subject to examination by most state tax authorities. We believe that our tax positions comply with applicable tax law and that we have adequately provided for these matters.