Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax

Income from continuing operations before income taxes consisted of the following for the years ended December 31 (in millions):

	2022		2021		2020
Domestic	$	139.1	$	171.3	$	340.9
Foreign	5.7		6.8		3.9
Total	$	144.8	$	178.1	$	344.8

Components of income tax expense (benefit) from continuing operations

The components of income tax expense from continuing operations for the years ended December 31 are as follows (in millions):

	2022		2021		2020
Current:
Federal	$	21.9	$	36.4	$	16.1
State	14.4		16.3		9.6
Foreign	1.5		2.3		(0.2)
Total current expense (benefit)	37.8		55.0		25.5
Deferred:
Federal	4.7		(3.4)		57.7
State	1.5		(1.3)		13.4
Foreign	0.2		(0.3)		0.5
Total deferred expense (benefit)	6.4		(5.0)		71.6
Total tax expense (benefit)	$	44.2	$	50.0	$	97.1

Reconciliation of statutory and effective income tax rates for continuing operations

The reconciliation of the difference between the Company’s U.S. Federal statutory income tax rate and the effective income tax rate for continuing operations for the years ended December 31 is as follows:

	2022		2021		2020
Tax at U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	8.0	%	6.8	%	6.4	%
Non-deductible expenses	0.1	%	0.2	%	0.2	%
Executive Compensation	0.2	%	1.6	%	0.1	%
Adjustment to liabilities for uncertain tax positions	(0.1)	%	(1.7)	%	(2.5)	%
Effect of foreign operations	0.7	%	0.7	%	0.2	%
Effect of disposal of Affiliates	—	%	(0.1)	%	3.6	%
Impact of increased state tax obligations to deferred tax assets	(0.5)	%	(0.4)	%	(0.4)	%
Other	1.1	%	—	%	(0.4)	%
Effective income tax rate for continuing operations	30.5	%	28.1	%	28.2	%

Significant components of deferred tax assets and deferred tax liabilities

The significant components of deferred tax assets and deferred tax liabilities for the years ended December 31 are as follows (in millions):

	2022		2021
Deferred tax assets:
Interest expense	$	—	$	0.2
Federal net operating loss	—		0.1
Investment in partnerships	56.9		62.4
Employee compensation	2.4		2.7
Other	1.9		2.6
Cash flow hedge	3.6		4.9
Total deferred tax assets	64.8		72.9
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	64.8		72.9
Deferred tax liabilities:
Right of use assets	0.1		0.5
Total deferred tax liabilities	0.1		0.5
Net deferred tax assets	$	64.7	$	72.4

Reconciliation of change in gross unrecognized tax benefits

A reconciliation of the change in gross unrecognized tax benefits for the years ended December 31 is as follows (in millions):

	2022		2021		2020
Balance as of January 1	$	1.0	$	3.6	$	11.3
Additions based on current year tax positions	0.7		0.1		0.1
Reductions related to lapses of statutes of limitations	(0.8)		(2.7)		(7.8)
Balance as of December 31	$	0.9	$	1.0	$	3.6