XML 40 R17.htm IDEA: XBRL DOCUMENT
v3.24.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2023
INCOME TAXES |
INCOME TAXES |
10. | INCOME TAXES
​ Income Taxes: Income taxes consist of the following for the years ended December 31, 2023, 2022 and 2021: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2023 |  | 2022 |  | 2021 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 44.0 | ​ | $ | 171.5 | ​ | $ | 181.2 | ​
State | ​ |  | 9.2 | ​ |  | 18.3 | ​ |  | 35.6 | ​
Foreign | ​ | ​ | 3.0 | ​ | ​ | 1.3 | ​ | ​ | 2.5 | ​
Total current tax expense | ​ |  | 56.2 | ​ |  | 191.1 | ​ |  | 219.3 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 18.2 | ​ | ​ | 71.1 | ​ | ​ | 26.4 | ​
State | ​ | ​ | — | ​ | ​ | 24.3 | ​ | ​ | 0.4 | ​
Foreign | ​ | ​ | 1.5 | ​ | ​ | 1.9 | ​ | ​ | (2.2) | ​
Total deferred tax expense | ​ | ​ | 19.7 | ​ | ​ | 97.3 | ​ | ​ | 24.6 | ​
Total income taxes | ​ | $ | 75.9 | ​ | $ | 288.4 | ​ | $ | 243.9 | ​
​ Income taxes for the years ended December 31, 2023, 2022 and 2021 differ from amounts computed by applying the statutory federal rate to income before income taxes as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2023 |  | 2022 |  | 2021 |
Computed federal income tax expense |  | 21.0 | % | 21.0 | % | 21.0 | %
State income tax |  | 2.6 | % | 2.8 | % | 3.1 | %
Foreign-derived intangible income (FDII) |  | (2.0) | % | (2.4) | % | (2.5) | %
Valuation allowance |  | — | % | — | % | (0.3) | %
Foreign taxes |  | 0.4 | % | 0.1 | % | 0.2 | %
Share-based payments |  | 0.5 | % | — | % | (0.2) | %
Return to provision true-ups | ​ | (2.8) | % | 0.1 | % | (0.2) | %
Other — net |  | 0.6 | % | (0.3) | % | (0.3) | %
Effective income tax rate |  | 20.3 | % | 21.3 | % | 20.8 | %
​ The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2023 and 2022, were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
(In millions) |  | 2023 |  | 2022 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities | ​ | $ | 77.4 | ​ | $ | 102.9 | ​
Multi-employer withdrawal liabilities | ​ | ​ | 12.8 | ​ | ​ | 13.3 | ​
Deferred compensation | ​ |  | 11.8 | ​ | ​ | 10.9 | ​
U.S. state alternative minimum tax credits | ​ | ​ | 7.4 | ​ | ​ | 8.8 | ​
Insurance reserves | ​ | ​ | 6.3 | ​ | ​ | 7.3 | ​
Other | ​ |  | 12.9 | ​ |  | 15.4 | ​
Total deferred tax assets | ​ |  | 128.6 | ​ |  | 158.6 | ​
Valuation allowance | ​ | ​ | (5.3) | ​ | ​ | (7.4) | ​
Total deferred tax assets, net of valuation allowance | ​ | ​ | 123.3 | ​ | ​ | 151.2 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basis differences for property and equipment | ​ |  | 451.4 | ​ |  | 433.1 | ​
Capital Construction Fund | ​ |  | 206.9 | ​ | ​ | 194.0 | ​
Operating lease right of use assets | ​ |  | 75.8 | ​ |  | 100.7 | ​
Intangibles | ​ | ​ | 42.3 | ​ | ​ | 42.0 | ​
Other | ​ | ​ | 16.2 | ​ | ​ | 27.9 | ​
Total deferred tax liabilities | ​ |  | 792.6 | ​ |  | 797.7 | ​
Deferred tax liability, net | ​ | $ | 669.3 | ​ | $ | 646.5 | ​
​ Valuation Allowance: Valuation allowances are recorded against the Company’s unusable state income tax net operating losses (“NOLs”) and alternative minimum tax credits, and were $5.3 million and $7.4 million as of December 31, 2023 and 2022, respectively. The Company believes that it is more likely than not that the benefit from these deferred assets will not be realized. ​ Income Tax Receivables: The Company has income tax receivables, net of income tax payables, of approximately $125.2 million and $170.8 million at December 31, 2023 and 2022, respectively, related to a 2021 federal income tax refund of approximately $118.6 million, overpayments of federal and state taxes paid during the year ended December 31, 2023, and other income tax receivables. These income tax receivable amounts have been included in prepaid expenses and other assets in the Company’s Consolidated Balance Sheets (see Note 2). ​ Net Operating Losses and Tax Credit Carryforwards: The Company’s NOLs and tax credit carryforwards consist of the following at December 31, 2023 and 2022: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) | ​ | Expiration Date |  | 2023 |  | 2022
U.S. federal income tax NOLs | ​ | Various dates beginning in 2027 | ​ | $ | — | ​ | $ | 0.8
U.S. state income tax NOLs (1) | ​ | Various dates beginning in 2032 | ​ | $ | 152.3 | ​ | $ | 157.9
U.S. state alternative minimum tax credit | ​ | No expiration date | ​ | $ | 7.3 | ​ | $ | 8.6
(1) | U.S. State income tax NOLs are presented on a gross tax basis. The Company does not expect to benefit from $152.3 million of U.S. state income tax NOLs as of December 31, 2023.
​ The U.S. federal and state income tax NOLs in the Company’s filed income tax returns include unrecognized tax benefits. The deferred tax assets recognized for those NOLs are presented net of these unrecognized tax benefits. As a result of changes in tax legislation, the use of a portion of the Company’s domestic NOL and tax credit carryforwards may be limited in future periods. Further, a portion of the federal and state income tax NOLs and tax credit carryforwards may expire before being applied to reduce future income tax liabilities. ​ Unrecognized Tax Benefits: Total unrecognized benefits represent the amount that, if recognized, would favorably affect the Company’s income taxes and effective tax rate in future periods. The Company does not expect a material change in gross unrecognized benefits in the next twelve months. A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​
Unrecognized Tax Benefits (in millions) |  | Amount |
Balance at December 31, 2020 | ​ | $ | 18.3 | ​
Tax position changes in current year | ​ |  | 2.3 | ​
Tax position changes in prior years | ​ | ​ | (1.2) | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2021 | ​ |  | 19.2 | ​
Tax position changes in current year | ​ |  | 5.8 | ​
Tax position changes in prior years | ​ | ​ | 0.3 | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2022 | ​ |  | 25.1 | ​
Tax position changes in current year | ​ |  | 3.6 | ​
Tax position changes in prior years | ​ | ​ | (0.1) | ​
Reductions for lapse of statute of limitations | ​ | ​ | (0.2) | ​
Balance at December 31, 2023 | ​ | $ | 28.4 | ​
​ Included in the balance of unrecognized tax benefits at December 31, 2023 are potential benefits of $24.2 million that, if recognized, would affect the Company’s income taxes and effective tax rate. The Company recognizes potential accrued interest and penalties related to unrecognized tax benefits in income taxes. To the extent interest and penalties are not ultimately assessed with respect to the settlement of uncertain tax positions, amounts accrued will be reduced and reflected as a reduction of the Company’s income taxes. Interest and penalties accrued related to the balance of unrecognized tax benefits were $0.9 million and $1.5 million as of December 31, 2023, and $0.2 million and $1.2 million as of December 31, 2022, respectively. During the years ended December 31, 2023 and 2022, the Company recognized $0.7 million and $0.8 million, respectively, in income taxes related to interest and penalties. ​ The Company is no longer subject to U.S. federal income tax audits for years before 2016. The Company is routinely involved in federal, state, local income and excise tax audits, and foreign tax audits. ​

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration