Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Income before Income Tax, Domestic and Foreign

The U.S. and non-U.S. components of income before income tax expense for the year ended December 31, 2025 were as follows:


(Millions)
U.S.	$	1,168.2
Non-U.S.	—
Total	$	1,168.2

Schedule of Income Tax Expense (Benefit)

Income tax benefit as reported in the accompanying consolidated statements of income (loss) was comprised of the following for the years ended December 31:


(Millions)	2025		2024		2023
Current:
Federal	$	2.9	$	0.3	$	0.8
State	(9.9)		(1.7)		(0.8)
Total current expense	(7.0)		(1.4)		—

Deferred:
Federal	113.6		14.8		53.2
State	29.9		4.1		15.3
Total deferred benefit	143.5		18.9		68.5
Total income tax benefit	$	136.5	$	17.5	$	68.5

Schedule of Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate for the year ended December 31, 2025 was as follows:


(Millions)	Amount		Percent
Income before income taxes	$	1,168.2
Income tax expense at U.S. statutory federal rate	$	(245.3)	(21.0)	%
United States:
State and local income taxes, net of federal effect (a)	20.0		1.7
Nontaxable or nondeductible items:
Settlement of pre-existing relationships	353.6		30.3
Other	(11.4)		(1.0)
Other adjustments:
Deferred tax impact of REIT liquidation	562.9		48.1
Other	(3.9)		(0.3)
Changes in valuation allowance	(542.4)		(46.4)
Foreign tax effects	—		—
Changes in unrecognized tax benefits	3.0		0.3
Total income tax benefit	$	136.5	11.7	%

(a)State taxes in Alabama, California, Georgia, Pennsylvania, and local municipalities comprise greater than 50% of the tax effect in this category.

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate was as follows for the years ended December 31:


(Millions)	2024		2023
Income (loss) before income taxes	$	75.9	$	(150.2)
Income tax (expense) benefit at U.S. statutory federal rate	$	(16.0)	$	31.6
Increases (decreases) resulting from:
State taxes, net of federal benefit	1.7		11.2
Benefit of REIT status	31.9		24.8
Return to accrual	0.1		1.3
Permanent differences	(0.2)		(0.4)
Income tax benefit	$	17.5	$	68.5

Schedule of Components of Deferred Tax Assets and Liabilities


(Millions)	December 31, 2025		December 31, 2024
Deferred income tax assets:
Deferred revenue	$	53.4	$	35.9
Stock-based compensation	5.2		0.8
Asset retirement obligation	—		1.7
Excess business interest expense	251.5		35.1
Lease asset liability	96.7		12.0
Settlement obligation	—		0.5
Debt discount and interest expense	32.2		0.1
Other intangible amortization	15.4		20.9
Postretirement and other employee benefits	21.8		—
Property, plant and equipment	127.8		—
Other	62.4		3.9
Net operating loss carryforwards	326.4		169.5
Deferred income tax assets, gross	992.8		280.4
Valuation allowance	(638.3)		—
Deferred income tax assets	$	354.5	$	280.4

Deferred income tax liabilities:
Property, plant and equipment	$	—	$	(100.3)
Goodwill and other intangible assets	(266.5)		(34.6)
Right of use asset	(100.4)		(13.5)
Other	(5.3)		(4.0)
Deferred income tax liabilities	$	(372.2)	$	(152.4)

Deferred income tax (liability) asset, net	$	(17.7)	$	128.0

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows:


(Millions)	2025		2024
Balance as of January 1	$	1.7	$	1.7
Reversal of unrecognized tax benefits due to expiration of statute	(1.7)		—
Balance as of December 31	$	—	$	1.7