Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Components of Income Tax Provision From Continuing Operations

The components of the income tax provision from continuing operations for the years ended December 31 are as follows:



	2019		2018			2017
Current:
Federal	$	86.0	$	93.0		$	190.6
State	29.4		26.8			29.4
Federal and state deferred	45.8		10.9			(22.1		)
Change in valuation allowance, net	0.2		3.5			3.3
Adjustments and settlements	0.4		(0.7		)	0.3
Income tax provision	$	161.8	$	133.5		$	201.5

Reconciliation of Income Tax Provision

A reconciliation of the income tax provision calculated using the statutory federal income tax rate to our income tax provision from continuing operations for the years ended December 31 is as follows:



	2019			%		2018			%		2017			%
Income tax provision at statutory rate	$	128.7		21.0		$	111.2		21.0		$	222.8		35.0
Non-deductible expenses, net	10.3			1.7		4.9			0.9		5.9			0.9
State income taxes, net of federal benefit	25.7			4.2		22.8			4.3		19.7			3.1
	164.7			26.9		138.9			26.2		248.4			39.0
Change in tax rate	—			—		(5.0		)	(0.9	)	(44.2		)	(6.9	)
Change in valuation allowance, net	0.2			—		3.5			0.7		3.3			0.5
Adjustments and settlements	0.4			0.1		(0.7		)	(0.1	)	0.3			0.1
Federal and state tax credits	(0.9		)	(0.2	)	(1.0		)	(0.2	)	(3.7		)	(0.6	)
Other, net	(2.6		)	(0.4	)	(2.2		)	(0.5	)	(2.6		)	(0.4	)
Income tax provision	$	161.8		26.4		$	133.5		25.2		$	201.5		31.7

Deferred Income Tax Asset and Liability Components

Deferred income tax asset and liability components at December 31 are as follows:



	2019			2018
Deferred income tax assets:
Inventory	$	25.7		$	23.3
Receivable allowances	0.2			1.4
Warranty, chargeback, and self-insurance liabilities	50.7			48.4
Other accrued liabilities	27.7			30.0
Deferred compensation	20.9			19.0
Stock-based compensation	14.9			21.2
Loss carryforwards—federal and state	6.8			7.0
Other, net	9.5			8.8
Total deferred income tax assets	156.4			159.1
Valuation allowance	(4.5		)	(8.9		)
Deferred income tax assets, net of valuation allowance	151.9			150.2
Deferred income tax liabilities:
Long-lived assets (intangible assets and property)	(269.6		)	(225.1		)
Other, net	(17.4		)	(14.9		)
Total deferred income tax liabilities	(287.0		)	(240.0		)
Net deferred income tax liabilities	$	(135.1	)	$	(89.8	)

Schedule of Unrecognized Tax Benefits Roll Forward

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



	2019			2018			2017
Balance at January 1	$	4.3		$	6.4		$	5.8
Additions based on tax positions related to the current year	—			—			—
Additions for tax positions of prior years	1.4			0.6			0.8
Reductions for tax positions of prior years	—			—			—
Reductions for expirations of statute of limitations	(0.4		)	(0.9		)	(0.2		)
Settlements	—			(1.8		)	—
Balance at December 31	$	5.3		$	4.3		$	6.4