Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Provision for Income Taxes for Continuing Operations - Benefit (Expense)
The provision for income taxes for continuing operations - benefit (expense) consists of the following:
Year Ended December 31,
2022 2021 2020
(In millions)
Current:
Federal $ (93.8) $ (80.4) $ (33.8)
State (20.4) (16.6) (16.6)
Total current (114.2) (97.0) (50.4)
Deferred 12.7  (12.3) 34.5 
Total provision for income taxes for continuing operations - benefit (expense) $ (101.5) $ (109.3) $ (15.9)
Reconciliation of Statutory Federal Income Tax Rate with Federal and State Overall Effective Income Tax Rate from Continuing Operations The reconciliation of the U.S. statutory federal income tax rate with our federal and state overall effective income tax rate from continuing operations is as follows:
Year Ended December 31,
2022 2021 2020
U.S. statutory federal income tax rate 21.0  % 21.0  % 21.0  %
Effective state income tax rate 7.8  % 2.6  % (8.5) %
Valuation allowance adjustments (0.8) % 0.2  % 7.5  %
Uncertain tax positions (0.1) % 0.2  % (0.6) %
Effect of goodwill impairment and indefinite lived intangible assets 24.9  % 0.0  % (60.2) %
Non-deductible compensation 2.2  % 0.6  % (7.1) %
Tax credits 0.0  % 0.0  % 7.4  %
Other (1.6) % (0.7) % (5.2) %
Effective income tax rate 53.4  % 23.9  % (45.7) %
Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities were as follows:
December 31, 2022 December 31, 2021
(In millions)
Deferred tax assets:
Accruals and reserves $ 33.9  $ 39.5 
State net operating loss carryforwards 6.7  6.5 
Basis difference in goodwill —  — 
Basis difference in liabilities related to right-of-use assets 124.7  119.1 
Other 5.0  5.8 
Total deferred tax assets 170.3  170.9 
Deferred tax liabilities:
Basis difference in property and equipment (14.3) (11.8)
Basis difference in goodwill (6.3) (27.3)
Basis difference in right-of-use assets (119.3) (115.4)
Other (2.8) (1.4)
Total deferred tax liabilities (142.7) (155.9)
Valuation allowance (5.6) (4.1)
Net deferred tax asset (liability) $ 22.0  $ 10.9