Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the (benefit) provision for income taxes are as follows:

	Years Ended December 31,
(in millions)	2020		2019		2018
Current (benefit) provision:
Federal	$	(38.7)	$	19.2	$	10.1
State and local	3.0		6.0		3.8
Foreign	0.1		—		—
	(35.6)		25.2		13.9
Deferred provision:
Federal	28.7		16.1		35.0
State and local	1.5		15.5		2.5
Foreign	0.1		—		(0.1)
	30.3		31.6		37.4
Income tax (benefit) provision	$	(5.3)	$	56.8	$	51.3

Schedule of Income from Operations Before Provision for Income Taxes

Income from continuing operations before provision for income taxes were as follows:

	Years Ended December 31,
(in millions)	2020		2019		2018
Domestic	$	8.2	$	196.4	$	234.2
Foreign	(0.2)		—		(0.3)
Income from continuing operations before provision for income taxes	$	8.0	$	196.4	$	233.9

Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate

Our income tax (benefit) expense is different from the amount computed by applying the federal statutory income tax rate to income from continuing operations before taxes as follows:

	Years Ended December 31,
(in millions)	2020		2019		2018
Federal statutory tax on earnings before income taxes	$	1.7	$	41.2	$	49.1
State income taxes, net of federal income tax benefit	(0.6)		8.0		5.4
Net operating loss carry back - CARES Act	(13.3)		—		—
Windfall deduction from equity compensation	(5.1)		(5.2)		(4.7)
Non-deductible officer's compensation	7.3		5.5		2.6
Re-measurement of deferred taxes	1.9		8.3		—
Uncertain tax positions	1.7		(1.0)		—
Valuation allowance - state and foreign net operating losses	1.1		—		—
Other	—		—		(1.1)
Income tax (benefit) provision	$	(5.3)	$	56.8	$	51.3

Schedule of Components Deferred Tax Assets and Liabilities

Components of our deferred tax assets and liabilities were as follows:

	As of December 31,
(in millions)	2020		2019
Deferred tax assets:
Capital loss	$	29.0	$	—
Net operating losses and credit carryforward	9.3		3.4
Lease liabilities	7.7		6.8
Deferred compensation plans	6.7		5.9
Deferred income	5.5		4.8
Deferred liabilities	2.8		2.7
Allowance for uncollectible receivables	1.2		1.0
Deferred tax assets	62.2		24.6
Valuation allowance	(1.4)		(0.2)
Net deferred tax asset	60.8		24.4
Deferred tax liabilities:
Equity investments in excess of tax basis	121.6		114.8
Property and equipment in excess of tax basis	77.9		53.4
Intangible assets in excess of tax basis	65.6		60.2
Right-of-use assets	7.4		6.8
Other	2.2		2.0
Deferred tax liabilities	274.7		237.2
Net deferred tax liability	$	(213.9)	$	(212.8)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(in millions)	2020		2019		2018
Balance as of January 1	$	1.8	$	2.8	$	2.9
Additions for tax positions related to the current year	0.1		0.1		0.1
Additions for tax positions of prior years	2.6		—		0.1
Reductions for tax positions of prior years	(0.6)		(1.1)		(0.3)
Balance as of December 31	$	3.9	$	1.8	$	2.8