Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes consisted of:

	Year Ended December 31,
(in millions)	2022		2021		2020
Federal
Current	$	0.1	$	0.1	$	-
Deferred taxes and other accruals		22.8		12.5		6.2
State		3.7		2.0		1.1
Total provision (benefit) for income taxes	$	26.6	$	14.6	$	7.3

Summary of Difference between the Effective Income Tax Rate and U.S. Statutory Rate

The difference between the effective income tax rate and the U.S. statutory rate is reconciled below:

	Year Ended December 31,
	2022				2021				2020
U.S. statutory rate		21.0		%		21.0		%		21.0		%
Noncontrolling interest in partnership		(17.4	)			(19.0	)			(19.7	)
State tax		0.5				0.3				0.2
Effective rate		4.1		%		2.3		%		1.5		%

A

Components of Deferred Tax Assets and Liabilities

The components of deferred tax assets and liabilities are as follows:

	December 31,
	2022			2021
(in millions)
Deferred tax liabilities
Investments	$	(0.5	)	$	(0.4	)
Total deferred tax liabilities		(0.5	)		(0.4	)
Deferred tax assets
Investments		148.9			102.3
Net operating loss carryforwards		28.3			15.0
Total deferred tax assets		177.2			117.3
Net deferred tax assets (liabilities)	$	176.7		$	116.9