Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income before Income Taxes

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

	For the Years Ended December 31,
	2023		2022		2021
Domestic	$	(84.9)	$	66.7	$	414.1
Foreign	2.2		(23.6)		16.0
Total	$	(82.7)	$	43.1	$	430.1

Schedule of Provision for Income Taxes

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

	For the Years Ended December 31,
	2023		2022		2021
Current:
Federal	$	90.2	$	(9.8)	$	36.9
Foreign	1.8		3.6		1.5
State and local	13.5		5.8		9.0
	$	105.5	$	(0.4)	$	47.4
Deferred:
Federal	$	(119.7)	$	5.9	$	37.0
Foreign	(0.1)		0.6		(0.1)
State and local	(21.1)		3.1		15.0
	$	(140.9)	$	9.6	$	51.9
(Benefit from) provision for income taxes	$	(35.4)	$	9.2	$	99.3

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,
	2023		2022
Deferred tax assets:
Accrued insurance	$	51.2	$	40.9
Operating loss carryforwards and tax credits	87.5		115.4
Compensation and benefits	34.9		36.9
Bad debt	3.8		2.0
Other	24.4		36.4
Capitalized expenses	243.7		110.3
Valuation allowance	(60.4)		(87.6)
Total deferred tax assets	$	385.1	$	254.3
Deferred tax liabilities:
Property and equipment	$	345.9	$	375.7
Goodwill	95.0		91.3
Other intangible assets	96.7		131.4
Gain on remeasurement of equity investee	7.3		7.3
Revenue recognition	81.3		84.6
Investments in unconsolidated entities	113.3		109.3
Other	36.0		26.1
Total deferred tax liabilities	$	775.5	$	825.7
Net deferred tax liabilities	$	(390.4)	$	(571.4)

Schedule of Effective Tax Rate Reconciliation

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

	For the Years Ended December 31,
	2023		2022		2021
U.S. statutory federal rate applied to pretax income	21.0	%	21.0	%	21.0	%
State and local income taxes, net of federal benefit	4.3		8.8		4.3
Foreign tax rate differential	(1.8)		1.3		0.1
Non-deductible expenses	(14.6)		(1.6)		0.3
Goodwill and intangible assets	1.8		(0.7)		0.4
Change in tax rate	(5.6)		12.7		1.6
Compensation and benefits	6.2		6.7		(0.2)
Other	1.4		(8.0)		1.0
Tax credits	24.7		(37.9)		(4.8)
Stock basis adjustment	4.9		0.0		(0.9)
Valuation allowance for deferred tax assets	0.5		19.0		0.3
Effective income tax rate	42.8	%	21.3	%	23.1	%

Rollforward of Uncertain Tax Positions

A reconciliation of the beginning and ending amount of uncertain tax positions, excluding interest and penalties, follows in the table below (in millions). Previously, the reconciliation for uncertain tax positions included interest and penalties. Management believes that the current presentation is a better representation of this activity. Prior period information has been updated to conform with the current year presentation.

	For the Years Ended December 31,
	2023		2022		2021
Beginning balance	$	39.3	$	21.4	$	15.8
Additions based on tax positions related to the current year	16.6		8.0		4.4
Additions for tax positions of prior years	9.5		15.9		4.8
Settlements	—		—		(2.8)
Lapse of statute of limitations	(4.5)		(6.0)		(0.8)
Ending balance	$	60.9	$	39.3	$	21.4