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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
Schedule of income tax expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
(In millions) |  | 2024 |  | 2023 |  | 2022 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 86.8 | ​ | $ | 44.0 | ​ | $ | 171.5 | ​
State | ​ |  | 12.4 | ​ |  | 9.2 | ​ |  | 18.3 | ​
Foreign | ​ | ​ | 3.5 | ​ | ​ | 3.0 | ​ | ​ | 1.3 | ​
Total current tax expense | ​ |  | 102.7 | ​ |  | 56.2 | ​ |  | 191.1 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | ​ | 17.9 | ​ | ​ | 18.2 | ​ | ​ | 71.1 | ​
State | ​ | ​ | 2.8 | ​ | ​ | — | ​ | ​ | 24.3 | ​
Foreign | ​ | ​ | (0.4) | ​ | ​ | 1.5 | ​ | ​ | 1.9 | ​
Total deferred tax expense | ​ | ​ | 20.3 | ​ | ​ | 19.7 | ​ | ​ | 97.3 | ​
Total income taxes | ​ | $ | 123.0 | ​ | $ | 75.9 | ​ | $ | 288.4 | ​
​
Schedule of effective income tax rate | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31, |
​ |  | 2024 |  | 2023 |  | 2022 |
U.S. federal income tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State and local taxes, net of federal benefit |  | 2.3 | % | 2.6 | % | 2.8 | %
Foreign-derived intangible income (FDII) |  | (2.6) | % | (2.0) | % | (2.4) | %
Foreign taxes |  | 0.3 | % | 0.4 | % | 0.1 | %
Share-based payments |  | 0.2 | % | 0.5 | % | — | %
Return to provision true-ups | ​ | (0.7) | % | (2.8) | % | 0.1 | %
Other, net |  | — | % | 0.6 | % | (0.3) | %
Effective income tax rate |  | 20.5 | % | 20.3 | % | 21.3 | %
Schedule of tax effects of temporary differences | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31, |
(In millions) |  | 2024 |  | 2023 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liabilities | ​ | $ | 84.0 | ​ | $ | 77.4 | ​
Deferred compensation | ​ |  | 12.1 | ​ | ​ | 11.8 | ​
Multi-employer withdrawal liabilities | ​ | ​ | 11.4 | ​ | ​ | 12.8 | ​
Insurance reserves | ​ | ​ | 7.8 | ​ | ​ | 6.3 | ​
U.S. state alternative minimum tax credits | ​ | ​ | 5.9 | ​ | ​ | 7.4 | ​
Other | ​ |  | 15.8 | ​ |  | 12.9 | ​
Total deferred tax assets | ​ |  | 137.0 | ​ |  | 128.6 | ​
Valuation allowance | ​ | ​ | (5.0) | ​ | ​ | (5.3) | ​
Total deferred tax assets, net of valuation allowance | ​ | ​ | 132.0 | ​ | ​ | 123.3 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basis differences for property and equipment | ​ |  | 482.7 | ​ |  | 451.4 | ​
Capital Construction Fund | ​ |  | 192.1 | ​ | ​ | 206.9 | ​
Operating lease right of use assets | ​ |  | 83.8 | ​ |  | 75.8 | ​
Intangibles | ​ | ​ | 40.3 | ​ | ​ | 42.3 | ​
Other | ​ | ​ | 26.5 | ​ | ​ | 16.2 | ​
Total deferred tax liabilities | ​ |  | 825.4 | ​ |  | 792.6 | ​
Deferred tax liability, net | ​ | $ | 693.4 | ​ | $ | 669.3 | ​
Schedule of company's net operating losses ("NOLs") and tax credit carryforwards | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
(In millions) | ​ | Expiration Date |  | 2024 |  | 2023
U.S. state income tax NOLs (1) | ​ | Various dates beginning in 2032 | ​ | $ | 136.5 | ​ | $ | 152.3
U.S. state alternative minimum tax credits | ​ | No expiration date | ​ | $ | 5.9 | ​ | $ | 7.3
(1) | U.S. State income tax NOLs were acquired as part of the Horizon acquisition and are presented on a gross tax basis. These U.S. state income tax NOLs are excluded from the Company’s deferred tax assets and deferred tax liabilities above as the Company does not expect to benefit from any of the $136.5 million and $152.3 million balance as of December 31, 2024 and 2023, respectively.
​
Reconciliation of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Years Ended December 31,
Unrecognized Tax Benefits (in millions) | ​ | 2024 |  | 2023 |  | 2022
Balance at beginning of year | ​ | $ | 28.4 | ​ | $ | 25.1 | ​ | $ | 19.2
Tax position changes in current year | ​ |  | (0.7) | ​ |  | 3.6 | ​ |  | 5.8
Tax position changes in prior years | ​ |  | (0.1) | ​ |  | (0.1) | ​ |  | 0.3
Reductions for lapse of statute of limitations | ​ | ​ | (0.9) | ​ | ​ | (0.2) | ​ | ​ | (0.2)
Balance at end of year | ​ | $ | 26.7 | ​ | $ | 28.4 | ​ | $ | 25.1

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