Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income before income taxes was taxed under the following jurisdictions:

Components of income tax expense (benefit) consisted of the following:

The reconciliation between the statutory tax rate expressed as a percentage of income before income taxes and the effective tax rate is as follows:



(dollars in millions)	Years Ended December 31,
	2014					2013					2012
Statutory federal income tax rate	$	135.7		35.0	%	$	68.4		35.0	%	$	65.1		35.0	%
State taxes, net of federal effect	6.5			1.6		(5.0		)	(2.6	)	0.4			0.2
Equity-based compensation	1.1			0.3		1.5			0.7		5.7			3.1
Effect of rates different than statutory	(1.9		)	(0.5	)	(1.4		)	(0.7	)	(1.4		)	(0.8	)
Other	1.4			0.4		(0.8		)	(0.3	)	(2.7		)	(1.5	)
Effective tax rate	$	142.8		36.8	%	$	62.7		32.1	%	$	67.1		36.0	%

The tax effect of temporary differences that give rise to the net deferred income tax liability is presented below:



(in millions)	December 31,
	2014		2013
Deferred Tax Assets:
Deferred interest	$	32.9	$	43.5
State net operating loss and credit carryforwards, net	18.8		21.1
Payroll and benefits	27.0		16.2
Rent	5.5		6.4
Accounts receivable	6.3		5.4
Equity compensation plans	6.5		1.6
Trade credits	1.5		1.5
Other	5.0		7.1
Total deferred tax assets	103.5		102.8
Deferred Tax Liabilities:
Software and intangibles	425.3		486.2
Deferred income	116.2		145.5
Property and equipment	22.5		25.0
Other	15.3		11.6
Total deferred tax liabilities	579.3		668.3
Deferred tax asset valuation allowance	—		—
Net deferred tax liability	$	475.8	$	565.5