INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of income tax expense

	Years Ended December 31,
(In millions)	2024		2023		2022
Current:
Federal	$	86.8	$	44.0	$	171.5
State		12.4		9.2		18.3
Foreign		3.5		3.0		1.3
Total current tax expense		102.7		56.2		191.1
Deferred:
Federal		17.9		18.2		71.1
State		2.8		—		24.3
Foreign		(0.4)		1.5		1.9
Total deferred tax expense		20.3		19.7		97.3
Total income taxes	$	123.0	$	75.9	$	288.4

Schedule of effective income tax rate

	Years Ended December 31,
	2024		2023		2022
U.S. federal income tax rate	21.0	%	21.0	%	21.0	%
State and local taxes, net of federal benefit	2.3	%	2.6	%	2.8	%
Foreign-derived intangible income (FDII)	(2.6)	%	(2.0)	%	(2.4)	%
Foreign taxes	0.3	%	0.4	%	0.1	%
Share-based payments	0.2	%	0.5	%	—	%
Return to provision true-ups	(0.7)	%	(2.8)	%	0.1	%
Other, net	—	%	0.6	%	(0.3)	%
Effective income tax rate	20.5	%	20.3	%	21.3	%

Schedule of tax effects of temporary differences

	As of December 31,
(In millions)	2024		2023
Deferred tax assets:
Operating lease liabilities	$	84.0	$	77.4
Deferred compensation		12.1		11.8
Multi-employer withdrawal liabilities		11.4		12.8
Insurance reserves		7.8		6.3
U.S. state alternative minimum tax credits		5.9		7.4
Other		15.8		12.9
Total deferred tax assets		137.0		128.6
Valuation allowance		(5.0)		(5.3)
Total deferred tax assets, net of valuation allowance		132.0		123.3
Deferred tax liabilities:
Basis differences for property and equipment		482.7		451.4
Capital Construction Fund		192.1		206.9
Operating lease right of use assets		83.8		75.8
Intangibles		40.3		42.3
Other		26.5		16.2
Total deferred tax liabilities		825.4		792.6
Deferred tax liability, net	$	693.4	$	669.3

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

(In millions)	Expiration Date	2024		2023
U.S. state income tax NOLs (1)	Various dates beginning in 2032	$	136.5	$	152.3
U.S. state alternative minimum tax credits	No expiration date	$	5.9	$	7.3

(1) U.S. State income tax NOLs were acquired as part of the Horizon acquisition and are presented on a gross tax basis. These U.S. state income tax NOLs are excluded from the Company’s deferred tax assets and deferred tax liabilities above as the Company does not expect to benefit from any of the $136.5 million and $152.3 million balance as of December 31, 2024 and 2023, respectively.

Reconciliation of unrecognized tax benefits

	Years Ended December 31,
Unrecognized Tax Benefits (in millions)	2024		2023		2022
Balance at beginning of year	$	28.4	$	25.1	$	19.2
Tax position changes in current year		(0.7)		3.6		5.8
Tax position changes in prior years		(0.1)		(0.1)		0.3
Reductions for lapse of statute of limitations		(0.9)		(0.2)		(0.2)
Balance at end of year	$	26.7	$	28.4	$	25.1