Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Provision for Income Taxes

Components of the provision for income taxes are as follows:

	Years Ended December 31,
(in millions)	2023		2022		2021
Current provision:
Federal	$	74.4	$	41.0	$	66.1
State and local	22.8		19.7		18.5
Foreign	(0.1)		—		0.1
	97.1		60.7		84.7
Deferred provision:
Federal	42.5		79.9		7.5
State and local	4.9		28.8		2.3
Foreign	—		—		—
	47.4		108.7		9.8
Income tax provision	$	144.5	$	169.4	$	94.5

Schedule of Income from Operations Before Provision for Income Taxes

Income before provision for income taxes were as follows:

	Years Ended December 31,
(in millions)	2023		2022		2021
Domestic	$	561.8	$	608.9	$	343.7
Foreign	—		(0.1)		(0.1)
Income before provision for income taxes	$	561.8	$	608.8	$	343.6

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

Our income tax provision is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows:

	Years Ended December 31,
(in millions)	2023		2022		2021
Federal statutory tax on earnings before income taxes	$	117.9	$	127.9	$	72.1
State income taxes, net of federal income tax benefit	21.6		32.6		15.8
Non-deductible officer's compensation	6.1		7.6		6.4
Other	(1.1)		1.3		0.2
Income tax provision	$	144.5	$	169.4	$	94.5

Schedule of Components Deferred Tax Assets and Liabilities

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

	December 31,
(in millions)	2023		2022
Deferred tax assets:
§ 163(j) interest expense limitation carryforward	$	55.0	$	18.2
Lease liabilities	16.5		12.6
Net operating losses and credits carryforward	6.5		8.1
Deferred liabilities	8.1		7.4
Deferred compensation plans	7.9		7.0
Deferred income	3.3		3.6
Research and experimental expenditures	2.2		3.0
Deferred tax assets	99.5		59.9
Valuation allowance	(4.6)		(5.7)
Net deferred tax asset	94.9		54.2
Deferred tax liabilities:
Property and equipment in excess of tax basis	195.1		158.7
Equity investments in excess of tax basis	148.0		141.6
Intangible assets in excess of tax basis	119.1		78.1
Right-of-use assets	15.9		12.3
Other	5.0		4.3
Deferred tax liabilities	483.1		395.0
Net deferred tax liability	$	(388.2)	$	(340.8)

Reconciliation of Unrecognized Tax Benefits

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

(in millions)	2023		2022		2021
Balance as of January 1	$	6.4	$	3.9	$	3.9
Additions for tax positions related to the current year	0.2		0.1		0.1
Additions for tax positions of prior years	0.3		2.9		1.0
Reductions for tax positions of prior years	(2.1)		(0.5)		(1.1)
Balance as of December 31	$	4.8	$	6.4	$	3.9