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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
Schedule of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
​
Schedule of effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | %
Schedule of tax effects of temporary differences | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 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 | ​
Schedule of company's net operating losses ("NOLs") and tax credit carryforwards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(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.
​
Reconciliation of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​
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 | ​

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