Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Components of Income (Loss) from Continuing Operations before Income Taxes

The components of income (loss) from continuing operations before income taxes for the periods indicated were as follows (in millions):



	For the Years Ended December 31,
	2016		2015			2014
Domestic	$	202.4	$	(26.5	)	$	171.4
Foreign	23.4		(41.2		)	27.0
Total	$	225.8	$	(67.7	)	$	198.4

Schedule of Provision for Income Taxes

The provision for income taxes from continuing operations for the periods indicated were as follows (in millions):



	For the Years Ended December 31,
	2016			2015			2014
Current:
Federal	$	85.8		$	(4.5	)	$	47.3
Foreign	3.0			9.4			3.9
State and local	6.7			3.3			6.6
	$	95.5		$	8.2		$	57.8
Deferred:
Federal	$	6.1		$	25.7		$	14.9
Foreign	(6.8		)	(19.9		)	2.7
State and local	(3.0		)	(2.0		)	1.0
	$	(3.7	)	$	3.8		$	18.6
Provision for income taxes	$	91.8		$	12.0		$	76.4

Schedule of Deferred Tax Assets and Liabilities

The tax effects of significant items comprising the Company’s net deferred tax liability as of the dates indicated were as follows (in millions):



	December 31,
	2016			2015
Deferred tax assets:
Accrued insurance	$	31.1		$	27.7
Operating loss carryforwards and tax credits	34.9			29.9
Unrealized gains and losses	26.3			10.3
Compensation and benefits	24.1			17.7
Bad debt	4.7			3.1
Other	12.4			13.1
Valuation allowance	(21.4		)	(10.6		)
Total deferred tax assets ^(a)	$	112.1		$	91.2
Deferred tax liabilities:
Property and equipment	$	126.6		$	118.9
Goodwill	72.8			57.7
Other intangible assets	32.9			37.8
Long-term contracts	20.2			18.8
Gain on remeasurement of equity investee	10.9			11.2
Other	15.3			16.4
Total deferred tax liabilities	$	278.7		$	260.8
Net deferred tax liabilities	$	(166.6	)	$	(169.6	)


(a)	The table above presents the valuation allowances and related deferred tax assets on a gross basis as of both December 31, 2016 and 2015, whereas in 2015, a portion of the valuation allowances and related deferred tax assets were presented on a net basis.

Total net current and long-term deferred tax balances included in the Company’s consolidated balance sheets as of the dates indicated were as follows (in millions):



	December 31,
	2016			2015
Current deferred tax assets, net (included within other current assets)	$	11.8		$	19.2
Long-term deferred tax liabilities, net	(178.4		)	(188.8		)
Net deferred tax liabilities	$	(166.6	)	$	(169.6	)

Schedule of Effective Tax Rate Reconciliation

A reconciliation of the U.S. statutory federal income tax rate related to pretax income from continuing operations to the effective tax rate for the periods indicated is as follows:



	For the Years Ended December 31,
	2016		2015		2014
U.S. statutory federal rate applied to pretax income (loss)	35.0	%	35.0	%	35.0	%
State and local income taxes, net of federal benefit	2.6		(1.0	)	3.7
Foreign tax rate differential	(0.1	)	(14.4	)	(1.3	)
Non-deductible expenses	4.4		(13.5	)	3.4
Goodwill and intangible assets	(0.7	)	(17.7	)	0.0
Change in tax rate	(1.9	)	(3.6	)	(0.7	)
Domestic production activities deduction	(2.9	)	(1.0	)	(1.6	)
Other	(0.1	)	(1.4	)	(0.1	)
Valuation allowance for deferred tax assets	4.3		0.0		0.1
Effective income tax rate	40.6	%	(17.6	)%	38.5	%