Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

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

	Years Ended December 31,
(in millions)	2022		2021		2020
Current provision (benefit):
Federal	$	41.0	$	66.1	$	(38.7)
State and local	19.7		18.5		3.0
Foreign	—		0.1		0.1
	60.7		84.7		(35.6)
Deferred provision:
Federal	79.9		7.5		28.7
State and local	28.8		2.3		1.5
Foreign	—		—		0.1
	108.7		9.8		30.3
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

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)	2022		2021		2020
Domestic	$	608.9	$	343.7	$	8.2
Foreign	(0.1)		(0.1)		(0.2)
Income from continuing operations before provision for income taxes	$	608.8	$	343.6	$	8.0

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

Our income tax provision (benefit) 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)	2022		2021		2020
Federal statutory tax on earnings before income taxes	$	127.9	$	72.1	$	1.7
State income taxes, net of federal income tax benefit	32.6		15.8		(0.6)
Non-deductible officer's compensation	7.6		6.4		3.5
Valuation allowance - state and foreign net operating losses	2.5		1.8		1.1
Uncertain tax positions	2.3		0.1		1.7
Re-measurement of deferred taxes	1.3		(1.5)		1.9
Windfall deduction from equity compensation	(2.3)		(1.4)		(1.3)
Net operating loss carry back - CARES Act	—		—		(13.3)
Other	(2.5)		1.2		—
Income tax provision (benefit)	$	169.4	$	94.5	$	(5.3)

Schedule of Components Deferred Tax Assets and Liabilities

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

	December 31,
(in millions)	2022		2021
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	18.2	$	—
Lease liabilities	12.6		10.2
Net operating losses and credits carryforward	8.1		8.8
Deferred liabilities	7.4		5.1
Deferred compensation plans	7.0		6.9
Deferred income	3.6		4.7
Research and experimental expenditures	3.0		—
Deferred tax assets	59.9		35.7
Valuation allowance	(5.7)		(3.2)
Net deferred tax asset	54.2		32.5
Deferred tax liabilities:
Property and equipment in excess of tax basis	158.7		69.7
Equity investments in excess of tax basis	141.6		128.9
Intangible assets in excess of tax basis	78.1		74.1
Right-of-use assets	12.3		9.9
Other	4.3		2.8
Deferred tax liabilities	395.0		285.4
Net deferred tax liability	$	(340.8)	$	(252.9)

Reconciliation of Unrecognized Tax Benefits

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

(in millions)	2022		2021		2020
Balance as of January 1	$	3.9	$	3.9	$	1.8
Additions for tax positions related to the current year	0.1		0.1		0.1
Additions for tax positions of prior years	2.9		1.0		2.6
Reductions for tax positions of prior years	(0.5)		(1.1)		(0.6)
Balance as of December 31	$	6.4	$	3.9	$	3.9