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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2016
INCOME TAXES |
Schedule of income tax expense | Income tax expense for the years ended December 31, 2016, 2015 and 2014 consisted of the following (in millions):
|  | Years Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Current: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 10.0 |  | $ | 22.6 |  | $ | 45.5 |
State |  |  | (1.3) |  |  | 2.9 |  |  | 3.7 |
Total |  |  | 8.7 |  |  | 25.5 |  |  | 49.2 |
Deferred: |  |  | 39.9 |  |  | 49.3 |  |  | 2.7 |
Total income tax expense |  | $ | 48.6 |  | $ | 74.8 |  | $ | 51.9 |
Schedule of effective income tax rate |
|  | Years Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Computed federal income tax expense |  | 35.0 | % | 35.0 | % | 35.0 | %
State income tax |  | 1.8 | % | 2.5 | % | 2.2 | %
Valuation allowance |  | 0.3 | % | 1.1 | % | 3.3 | %
Foreign taxes |  | 0.4 | % | 0.6 | % | 0.4 | %
Deferred tax adjustment |  | 0.1 | % | 1.1 | % | (0.9) | %
Unrecognized tax benefits |  | (1.0) | % | 0.4 | % | (0.4) | %
Other — net |  | 1.0 | % | 1.4 | % | 2.7 | %
Effective income tax rate |  | 37.6 | % | 42.1 | % | 42.3 | %
Schedule of tax effects of temporary differences | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015, were as follows (in millions):
|  | As of December 31, |
|  | 2016 |  | 2015 |
Deferred tax assets: |  |  |  |  |  |  |
Benefit plans |  | $ | 78.1 |  | $ | 79.1 |
Federal net operating losses |  |  | 52.1 |  |  | 68.0 |
Insurance reserves |  |  | 9.9 |  |  | 15.4 |
State net operating losses |  |  | 7.9 |  |  | 7.8 |
Foreign losses |  |  | 4.9 |  |  | 5.7 |
Alternative minimum tax credits |  |  | 31.0 |  |  | 3.6 |
Allowance for doubtful accounts |  |  | 1.3 |  |  | 2.4 |
Reserves |  |  | 2.4 |  |  | — |
Other |  |  | 3.5 |  |  | 1.9 |
Total deferred tax assets |  |  | 191.1 |  |  | 183.9 |
Valuation allowance |  |  | (11.9) |  |  | (12.6) |
Total Deferred tax assets, net of valuation allowance |  |  | 179.2 |  |  | 171.3 |
Deferred tax liabilities: |  |  |  |  |  |  |
Basis differences for property and equipment |  |  | 339.0 |  |  | 300.8 |
Capital Construction Fund |  |  | 115.8 |  |  | 95.6 |
Intangibles |  |  | 53.8 |  |  | 53.0 |
Deferred revenue |  |  | 9.5 |  |  | 11.8 |
Joint ventures and other investments |  |  | 9.9 |  |  | 10.6 |
Reserves |  |  | — |  |  | 10.0 |
Total deferred tax liabilities |  |  | 528.0 |  |  | 481.8 |
Deferred tax liability, net |  | $ | 348.8 |  | $ | 310.5 |
Schedule of company’s net operating losses (“NOLs”) and tax credit carryforwards |
(in millions) |  | Expiration Date |  | 2016 |  | 2015
U.S. Federal income tax NOLs |  | Various dates through December 31, 2034 |  | $ | 190.0 |  | $ | 194.2
U.S. State income tax NOLs |  | Various dates through December 31, 2034 |  | $ | 192.8 |  | $ | 192.4
Foreign income tax NOLs |  | No expiration date |  | $ | 17.6 |  | $ | 20.2
U.S. alternative minimum tax credit |  | No expiration date |  | $ | 31.0 |  | $ | 3.6
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):
Unrecognized Tax Benefits: |  | Amount |
Balance at December 31, 2013 |  | $ | 7.2 |
Changes in tax positions of prior years, net |  |  | 0.5 |
Reductions for lapse of statute of limitations |  |  | (1.0) |
Balance at December 31, 2014 |  |  | 6.7 |
Changes in tax positions of prior years, net |  |  | 1.5 |
Additions from unrecognized tax benefits acquired |  |  | 14.4 |
Reductions for lapse of statute of limitations |  |  | (0.5) |
Balance at December 31, 2015 |  |  | 22.1 |
Changes in tax positions of prior years, net |  |  | (1.1) |
Reductions for lapse of statute of limitations |  |  | (0.6) |
Balance at December 31, 2016 |  | $ | 20.4 |

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