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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Schedule of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2022 |  | 2021 |  | 2020 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 171.5 | ​ | $ | 181.2 | ​ | $ | — | ​
State | ​ |  | 18.3 | ​ |  | 35.6 | ​ |  | 8.7 | ​
Foreign | ​ | ​ | 1.3 | ​ | ​ | 2.5 | ​ | ​ | 1.4 | ​
Total | ​ |  | 191.1 | ​ |  | 219.3 | ​ |  | 10.1 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax expense | ​ | ​ | 97.3 | ​ | ​ | 24.6 | ​ | ​ | 55.8 | ​
Total income taxes | ​ | $ | 288.4 | ​ | $ | 243.9 | ​ | $ | 65.9 | ​
​
Schedule of effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2022 |  | 2021 |  | 2020 |
Computed federal income tax expense |  | 21.0 | % | 21.0 | % | 21.0 | %
State income tax |  | 2.8 | % | 3.1 | % | 3.5 | %
Foreign-derived intangible income (FDII) |  | (2.4) | % | (2.5) | % | — | %
Valuation allowance |  | — | % | (0.3) | % | (0.2) | %
Foreign taxes |  | 0.1 | % | 0.2 | % | 0.6 | %
Share-based payments |  | — | % | (0.2) | % | (0.5) | %
Other — net |  | (0.2) | % | (0.5) | % | 1.0 | %
Effective income tax rate |  | 21.3 | % | 20.8 | % | 25.4 | %
​
Schedule of tax effects of temporary differences | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
(In millions) |  | 2022 |  | 2021 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities | ​ | $ | 102.9 | ​ | $ | 111.7 | ​
Multi-employer withdrawal liabilities | ​ | ​ | 13.3 | ​ | ​ | 13.8 | ​
Deferred compensation | ​ |  | 10.9 | ​ | ​ | 10.4 | ​
U.S. State alternative minimum tax credits | ​ |  | 8.8 | ​ |  | 4.6 | ​
Pension and post-retirement plans | ​ | ​ | — | ​ | ​ | 11.1 | ​
Other | ​ |  | 22.7 | ​ |  | 24.6 | ​
Total deferred tax assets | ​ |  | 158.6 | ​ |  | 176.2 | ​
Valuation allowance | ​ | ​ | (7.4) | ​ | ​ | (5.3) | ​
Total deferred tax assets, net of valuation allowance | ​ | ​ | 151.2 | ​ | ​ | 170.9 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basis differences for property and equipment | ​ |  | 433.1 | ​ |  | 423.5 | ​
Capital Construction Fund | ​ |  | 194.0 | ​ | ​ | 1.3 | ​
Operating lease right of use assets | ​ |  | 100.7 | ​ |  | 109.3 | ​
Intangibles | ​ | ​ | 42.0 | ​ | ​ | 41.3 | ​
Investment in SSAT | ​ |  | 18.7 | ​ |  | 12.4 | ​
Other | ​ | ​ | 9.2 | ​ | ​ | 6.0 | ​
Total deferred tax liabilities | ​ |  | 797.7 | ​ |  | 593.8 | ​
Deferred tax liability, net | ​ | $ | 646.5 | ​ | $ | 422.9 | ​
​
Schedule of company's net operating losses ("NOLs") and tax credit carryforwards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) | ​ | Expiration Date |  | 2022 |  | 2021
U.S. Federal income tax NOLs | ​ | Various dates beginning in 2027 | ​ | $ | 0.8 | ​ | $ | 2.4
U.S. State income tax NOLs (1) | ​ | Various dates beginning in 2032 | ​ | $ | 157.9 | ​ | $ | 159.8
U.S. State alternative minimum tax credit | ​ | No expiration date | ​ | $ | 8.6 | ​ | $ | 4.4
Foreign income tax NOLs | ​ | No expiration date | ​ | $ | — | ​ | $ | 8.8
(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, 2022 and 2021.
​
Reconciliation of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​
Unrecognized Tax Benefits (in millions) |  | Amount |
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 | ​
Changes in tax positions of prior years, net | ​ |  | 6.1 | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2022 | ​ | $ | 25.1 | ​

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