Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)	2023		2022		2021
Federal
Current	$	0.1	$	0.1	$	0.1
Deferred taxes and other accruals		31.2		22.8		12.5
State		6.6		3.7		2.0
Total provision (benefit) for income taxes	$	37.9	$	26.6	$	14.6

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,
	2023				2022				2021
U.S. statutory rate		21.0		%		21.0		%		21.0		%
Noncontrolling interest in partnership		(15.9	)			(17.4	)			(19.0	)
State income taxes, net of federal income tax		0.8				0.5				0.3
Effective rate		5.9		%		4.1		%		2.3		%

A

Components of Deferred Tax Assets and Liabilities

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

	December 31,
	2023			2022
(in millions)
Deferred tax liabilities
Investments	$	(0.5	)	$	(0.5	)
Total deferred tax liabilities		(0.5	)		(0.5	)
Deferred tax assets
Investments		278.2			148.9
Net operating loss carryforwards		46.2			28.3
Total deferred tax assets		324.4			177.2
Net deferred tax assets (liabilities)	$	323.9		$	176.7