Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Components of Income Tax Expense (Benefit)

The Company’s income tax provision consists of the following (in millions):


	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	32.8	$	17.4	$	10.6
State	5.5		4.4		3.7
Foreign	1.2		1.8		—
Total current tax provision	39.5		23.6		14.3

Deferred:
Federal	(15.7)		(3.1)		(0.5)
State	(3.8)		(0.9)		0.1
Foreign	0.1		0.1		0.5
Total deferred tax (benefit) provision	(19.4)		(3.9)		0.1

Total income tax provision	$	20.1	$	19.7	$	14.4

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the statutory federal income tax rate to the Company’s effective income tax rate and income tax provision is as follows (in millions, except percentages)(1):


	Year Ended December 31,
	2020				2019				2018
Federal income tax provision at the statutory rate	$	17.5	21.0	%	$	16.2	21.0	%	$	12.6	21.0	%
Increase (decrease) resulting from:
State income taxes, net of federal benefit	1.1		1.3		1.9		2.5		2.9		4.8



Foreign tax rate differential	0.3		0.4		0.1		0.1		—		—
U.S. branch taxes	2.5		3.0		(0.1)		(0.1)		0.5		0.8
Excess tax benefits from stock-based award payments(2)	0.2		0.2		0.1		0.1		0.2		0.3
Change in valuation allowance	(1.1)		(1.3)		1.7		2.2		—		—

Other tax credits	(0.9)		(1.1)		(1.2)		(1.6)		(1.2)		(2.0)

Other, net	0.5		0.6		1.0		1.3		(0.6)		(0.9)
Income tax provision	$	20.1	24.1	%	$	19.7	25.5	%	$	14.4	24.0	%

______________________________________________

(1) Certain prior period amounts have been reclassified to conform with the current year’s presentation.

(2) As a result of the adoption of ASU 2016-09, the Company recognized excess tax deficiencies of $0.2 million, $0.1 million and $0.2 million in 2020, 2019 and 2018, respectively.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences which comprise deferred tax assets and liabilities are as follows (in millions):


	December 31,
	2020		2019
Deferred tax assets:
Employee benefits, including post-retirement benefits	$	11.9	$	11.8
Trade and other receivables	4.1		3.7
Inventories	4.1		—
Self-insurance reserves	2.4		2.6

ROU liabilities	80.1		70.0
Other	3.1		3.0
Subtotal	105.7		91.1
Less: valuation allowance	(0.6)		(1.7)
Total deferred tax assets	$	105.1	$	89.4
Deferred tax liabilities:
Inventories	$	—	$	13.1
Property and equipment	26.9		29.1
ROU assets	75.1		65.3
Goodwill and intangibles	3.0		2.8
Other	2.2		1.7
Total deferred tax liabilities	$	107.2	$	112.0

Net deferred tax liabilities	$	(2.1)	$	(22.6)

Tax jurisdiction:
Net deferred liability (Canada)	$	(0.6)	$	(0.5)
Net deferred liability (U.S.)	$	(1.5)	$	(22.1)