INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The components of income tax expense are as follows: 

	For the Year Ended December 31,
	2023		2022		2021
	(In millions)
Current:
Federal	$	128.9	$	142.0	$	113.9
State	30.1		30.8		20.8
Total current income tax expense	159.0		172.8		134.7
Deferred:
Federal	33.8		130.7		24.8
State	6.0		18.3		5.8
Total deferred income tax expense	39.8		149.0		30.6
Total income tax expense	$	198.8	$	321.8	$	165.3

Reconciliation of the Statutory Federal Rate to the Effective Rate

A reconciliation of the statutory federal rate to the effective tax rate is as follows (dollar amounts shown in millions):

	For the Year Ended December 31,
	2023		%	2022		%	2021		%
Income tax provision at the statutory rate	$	168.3	21.0	$	277.0	21.0	$	146.5	21.0
State income tax expense, net of federal benefit	29.8		3.7	42.7		3.2	21.0		3.0
Non-deductible items	1.7		0.2	1.6		0.1	0.6		0.1
Other, net	(1.0)		(0.1)	0.5		0.1	(2.8)		(0.4)
Income tax expense	$	198.8	24.8	$	321.8	24.4	$	165.3	23.7

Schedule of Deferred Tax Assets and Liabilities

Deferred income tax asset and liability components consisted of the following:

	As of December 31,
	2023		2022
	(In millions)
Deferred income tax assets:
Deferred revenue	$	38.0	$	35.7
F&I chargeback liabilities	12.1		13.2
Other accrued liabilities	2.9		6.6
Stock-based compensation	3.7		3.1
Operating lease right-of-use assets	61.5		59.1
Other, net	12.9		9.4
Total deferred income tax assets	$	131.2	$	127.1
Deferred income tax liabilities:
Intangible asset amortization	110.8		91.0
Depreciation	56.9		52.1
Operating lease liabilities	59.9		57.5
Investments, net	20.0		24.0
Deferred sales commissions	18.3		—
Other, net	1.6		3.2
Total deferred income tax liabilities	$	267.6	$	227.8
Net deferred income tax liabilities	$	(136.4)	$	(100.7)