INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of income tax expense

	Years Ended December 31,
(In millions)	2023		2022		2021
Current:
Federal	$	44.0	$	171.5	$	181.2
State		9.2		18.3		35.6
Foreign		3.0		1.3		2.5
Total current tax expense		56.2		191.1		219.3
Deferred:
Federal		18.2		71.1		26.4
State		—		24.3		0.4
Foreign		1.5		1.9		(2.2)
Total deferred tax expense		19.7		97.3		24.6
Total income taxes	$	75.9	$	288.4	$	243.9

Schedule of effective income tax rate

	Years Ended December 31,
	2023		2022		2021
Computed federal income tax expense	21.0	%	21.0	%	21.0	%
State income tax	2.6	%	2.8	%	3.1	%
Foreign-derived intangible income (FDII)	(2.0)	%	(2.4)	%	(2.5)	%
Valuation allowance	—	%	—	%	(0.3)	%
Foreign taxes	0.4	%	0.1	%	0.2	%
Share-based payments	0.5	%	—	%	(0.2)	%
Return to provision true-ups	(2.8)	%	0.1	%	(0.2)	%
Other — net	0.6	%	(0.3)	%	(0.3)	%
Effective income tax rate	20.3	%	21.3	%	20.8	%

Schedule of tax effects of temporary differences

	As of December 31,
(In millions)	2023		2022
Deferred tax assets:
Operating lease liabilities	$	77.4	$	102.9
Multi-employer withdrawal liabilities		12.8		13.3
Deferred compensation		11.8		10.9
U.S. state alternative minimum tax credits		7.4		8.8
Insurance reserves		6.3		7.3
Other		12.9		15.4
Total deferred tax assets		128.6		158.6
Valuation allowance		(5.3)		(7.4)
Total deferred tax assets, net of valuation allowance		123.3		151.2
Deferred tax liabilities:
Basis differences for property and equipment		451.4		433.1
Capital Construction Fund		206.9		194.0
Operating lease right of use assets		75.8		100.7
Intangibles		42.3		42.0
Other		16.2		27.9
Total deferred tax liabilities		792.6		797.7
Deferred tax liability, net	$	669.3	$	646.5

Schedule of company's net operating losses ("NOLs") and tax credit carryforwards

(In millions)	Expiration Date	2023		2022
U.S. federal income tax NOLs	Various dates beginning in 2027	$	—	$	0.8
U.S. state income tax NOLs (1)	Various dates beginning in 2032	$	152.3	$	157.9
U.S. state alternative minimum tax credit	No expiration date	$	7.3	$	8.6

(1) U.S. State income tax NOLs are presented on a gross tax basis. The Company does not expect to benefit from $152.3 million of U.S. state income tax NOLs as of December 31, 2023.

Reconciliation of unrecognized tax benefits

Unrecognized Tax Benefits (in millions)	Amount
Balance at December 31, 2020	$	18.3
Tax position changes in current year		2.3
Tax position changes in prior years		(1.2)
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2021		19.2
Tax position changes in current year		5.8
Tax position changes in prior years		0.3
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2022		25.1
Tax position changes in current year		3.6
Tax position changes in prior years		(0.1)
Reductions for lapse of statute of limitations		(0.2)
Balance at December 31, 2023	$	28.4