Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Tax

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

	2024		2023		2022
Domestic	$	118.1	$	90.1	$	139.1
Foreign	7.6		6.4		5.7
Total	$	125.7	$	96.5	$	144.8

Schedule of Components of Income Tax Expense (Benefit) from Continuing Operations

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

	2024		2023		2022
Current:
Federal	$	32.0	$	22.6	$	21.9
State	14.7		11.2		14.4
Foreign	2.4		1.6		1.5
Total current expense (benefit)	49.1		35.4		37.8
Deferred:
Federal	(9.9)		(6.3)		4.7
State	—		0.5		1.5
Foreign	(0.3)		(0.2)		0.2
Total deferred expense (benefit)	(10.2)		(6.0)		6.4
Total tax expense (benefit)	$	38.9	$	29.4	$	44.2

Schedule of 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 the years ended December 31 is as follows:

	2024		2023		2022
Tax at U.S. federal statutory income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	7.1	%	7.3	%	8.0	%
Other permanent tax items	—	%	(0.2)	%	0.1	%
Executive Compensation	0.2	%	0.1	%	0.2	%
Adjustment to liabilities for uncertain tax positions	0.2	%	0.2	%	(0.1)	%
Effect of foreign operations	1.0	%	0.8	%	0.7	%
Effect of changes in tax law	—	%	3.5	%	—	%
Effect of income from non-controlling interest	(0.3)	%	(0.3)	%	—	%
Impact of state tax obligations on deferred tax assets	1.9	%	(1.5)	%	(0.5)	%
Other	(0.1)	%	(0.4)	%	1.1	%
Effective income tax rate	31.0	%	30.5	%	30.5	%

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):

	2024		2023
Deferred tax assets:
Investment in partnerships	73.4		63.6
Employee compensation	1.3		1.6
Other	2.6		2.1
Cash flow hedge	1.6		2.6
Total deferred tax assets	78.9		69.9
Valuation allowance	—		—
Deferred tax assets, net of valuation allowance	78.9		69.9
Deferred tax liabilities:
Right of use assets	0.1		0.1
Investments	0.5		0.1
Total deferred tax liabilities	0.6		0.2
Net deferred tax assets	$	78.3	$	69.7

Schedule of 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):

	2024		2023		2022
Balance as of January 1	$	1.1	$	0.9	$	1.0
Additions based on current year tax positions	0.3		0.7		0.7
Reductions related to lapses of statutes of limitations	(0.1)		(0.5)		(0.8)
Balance as of December 31	$	1.3	$	1.1	$	0.9