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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
Schedule of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2021 |  | 2020 |  | 2019 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 181.2 | ​ | $ | — | ​ | $ | 0.2 | ​
State | ​ |  | 35.6 | ​ |  | 8.7 | ​ |  | 3.2 | ​
Foreign | ​ | ​ | 2.5 | ​ | ​ | 1.4 | ​ | ​ | 1.3 | ​
Discrete adjustments related to the Tax Act (1) | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (2.9) | ​
Total | ​ |  | 219.3 | ​ |  | 10.1 | ​ |  | 1.8 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax expense | ​ | ​ | 24.6 | ​ | ​ | 55.8 | ​ | ​ | 23.3 | ​
Total income taxes | ​ | $ | 243.9 | ​ | $ | 65.9 | ​ | $ | 25.1 | ​
(1) | Current income taxes for the year ended December 31, 2019 include a non-cash income tax benefit of $2.9 million, which relates to discrete adjustments as a result of applying the provisions of the 2017 Tax Cuts and Jobs Act of 2017 (the “Tax Act”).
​
Schedule of effective income tax rate |
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2021 |  | 2020 |  | 2019 |
Computed federal income tax expense |  | 21.0 | % | 21.0 | % | 21.0 | %
State income tax |  | 3.1 | % | 3.5 | % | 4.1 | %
Foreign-derived intangible income (FDII) |  | (2.5) | % | — | % | — | %
Valuation allowance |  | (0.3) | % | (0.2) | % | (0.3) | %
Foreign taxes |  | 0.2 | % | 0.6 | % | 1.2 | %
Remeasurement and discrete adjustments related to the Tax Act (1) |  | — | % | — | % | (2.7) | %
Share-based payments |  | (0.2) | % | (0.5) | % | (0.1) | %
Other — net |  | (0.5) | % | 1.0 | % | 0.1 | %
Effective income tax rate |  | 20.8 | % | 25.4 | % | 23.3 | %
(1) | Effective income tax rate for the year ended December 31, 2019 includes the impact of a non-cash income tax benefit of $2.9 million, or 2.7 percent, which related to certain discrete adjustments as a result of applying the provisions of the Tax Act.
Schedule of tax effects of temporary differences | ​ The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2021 and 2020, were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
(In millions) |  | 2021 |  | 2020 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities | ​ | $ | 111.7 | ​ | $ | 63.5 | ​
Multi-employer withdrawal liabilities | ​ | ​ | 13.8 | ​ | ​ | 15.6 | ​
Pension and post-retirement plans | ​ | ​ | 11.1 | ​ | ​ | 21.7 | ​
Deferred compensation | ​ |  | 10.4 | ​ | ​ | 8.2 | ​
Insurance reserves | ​ |  | 6.0 | ​ |  | 5.3 | ​
State net operating losses | ​ | ​ | 5.4 | ​ | ​ | 7.5 | ​
Other | ​ |  | 17.8 | ​ |  | 15.7 | ​
Total deferred tax assets | ​ |  | 176.2 | ​ |  | 137.5 | ​
Valuation allowance | ​ | ​ | (5.3) | ​ | ​ | (10.0) | ​
Total deferred tax assets, net of valuation allowance | ​ | ​ | 170.9 | ​ | ​ | 127.5 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basis differences for property and equipment | ​ |  | 423.5 | ​ |  | 372.4 | ​
Operating lease right of use assets | ​ |  | 109.3 | ​ |  | 61.5 | ​
Intangibles | ​ | ​ | 41.3 | ​ | ​ | 40.5 | ​
Investment in SSAT | ​ |  | 12.4 | ​ |  | 7.4 | ​
Capital Construction Fund | ​ |  | 1.3 | ​ | ​ | 6.7 | ​
Lease financing | ​ | ​ | — | ​ | ​ | 22.0 | ​
Other | ​ | ​ | 6.0 | ​ | ​ | 6.6 | ​
Total deferred tax liabilities | ​ |  | 593.8 | ​ |  | 517.1 | ​
Deferred tax liability, net | ​ | $ | 422.9 | ​ | $ | 389.6 | ​
Schedule of company's net operating losses ("NOLs") and tax credit carryforwards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) | ​ | Expiration Date |  | 2021 |  | 2020
U.S. Federal income tax NOLs | ​ | Various dates beginning in 2027 | ​ | $ | 2.4 | ​ | $ | 7.6
U.S. State income tax NOLs (1) | ​ | Various dates beginning in 2032 | ​ | $ | 159.8 | ​ | $ | 185.9
U.S. State alternative minimum tax credit | ​ | No expiration date | ​ | $ | 4.4 | ​ | $ | 4.0
Foreign income tax NOLs | ​ | No expiration date | ​ | $ | 8.8 | ​ | $ | 11.9
(1) | U.S. State income tax NOLs are presented on a gross tax basis. The Company does not expect to benefit from $157.9 million of U.S. State income tax NOLs as of December 31, 2021 and 2020.
​
Reconciliation of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​
Unrecognized Tax Benefits (in millions) |  | Amount |
Balance at December 31, 2018 | ​ | $ | 15.1 | ​
Changes in tax positions of prior years, net | ​ |  | 2.1 | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.8) | ​
Balance at December 31, 2019 | ​ |  | 16.4 | ​
Changes in tax positions of prior years, net | ​ |  | 2.1 | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2020 | ​ |  | 18.3 | ​
Changes in tax positions of prior years, net | ​ |  | 1.1 | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2021 | ​ | $ | 19.2 | ​

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