Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Provision for Income Taxes for Continuing Operations - Benefit (Expense)
The provision for income taxes - benefit (expense) consists of the following:
Year Ended December 31,
2023 2022 2021
(In millions)
Current:
Federal $ (62.6) $ (93.8) $ (80.4)
State (19.7) (20.4) (16.6)
Total current (82.3) (114.2) (97.0)
Deferred 18.6  12.7  (12.3)
Total provision for income taxes - benefit (expense)
 $ (63.7) $ (101.5) $ (109.3)
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 is as follows:
Year Ended December 31,
2023 2022 2021
U.S. statutory federal income tax rate 21.0  % 21.0  % 21.0  %
Effective state income tax rate 6.1  % 7.8  % 2.6  %
Valuation allowance adjustments (0.3) % (0.8) % 0.2  %
Uncertain tax positions 2.2  % (0.1) % 0.2  %
Effect of goodwill impairment and indefinite lived intangible assets 0.0  % 24.9  % 0.0  %
Non-deductible compensation 1.4  % 2.2  % 0.6  %
Other (4.1) % (1.6) % (0.7) %
Effective income tax rate 26.3  % 53.4  % 23.9  %
Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities were as follows:
December 31, 2023 December 31, 2022
(In millions)
Deferred tax assets:
Accruals and reserves $ 40.1  $ 33.9 
State net operating loss carryforwards 6.7  6.7 
Basis difference in liabilities related to right-of-use assets 84.6  124.7 
Other 4.8  5.0 
Total deferred tax assets 136.2  170.3 
Deferred tax liabilities:
Basis difference in property and equipment (2.5) (14.3)
Basis difference in goodwill (13.2) (6.3)
Basis difference in right-of-use assets (71.3) (119.3)
Other (2.3) (2.8)
Total deferred tax liabilities (89.3) (142.7)
Valuation allowance (6.3) (5.6)
Net deferred tax asset (liability) $ 40.6  $ 22.0