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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows: 

			For the Year Ended December 31,
			2024						2023						2022
			(In millions)
Current:
Federal			$	75.5					$	128.9					$	142.0
State			16.8						30.1						30.8
Total current income tax expense			92.3						159.0						172.8
Deferred:
Federal			43.2						33.8						130.7
State			9.5						6.0						18.3
Total deferred income tax expense			52.7						39.8						149.0
Total income tax expense			$	145.0					$	198.8					$	321.8

Reconciliation of the Statutory Federal Rate to the Effective Rate

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 benefit			22.8						4.0						29.8						3.7						42.7						3.2
Non-deductible items			2.5						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

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax asset and liability components consisted of the following:

			As of December 31,
			2024						2023
			(In millions)
Deferred income tax assets:
Deferred revenue			$	41.5					$	38.0
F&I chargeback liabilities			11.7						12.1
Other accrued liabilities			4.2						2.9
Stock-based compensation			4.0						3.7
Operating lease right-of-use assets			56.2						61.5
Other, net			11.6						12.9
Total deferred income tax assets			$	129.2					$	131.2
Deferred income tax liabilities:
Intangible asset amortization			$	135.3					$	110.8
Depreciation			80.0						56.9
Operating lease liabilities			54.2						59.9
Investments, net			18.6						20.0
Deferred sales commissions			27.2						18.3
Other, net			1.6						1.6
Total deferred income tax liabilities			$	316.9					$	267.6
Net deferred income tax liabilities			$	(187.7)					$	(136.4)

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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.

+ References

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-Topic 740
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-Section 50
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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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