Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of components income before income taxes

For financial reporting purposes, earnings before income taxes includes the following components:



	Year Ended December 31,
(millions)	2017		2016		2015
United States	$	70.0	$	38.9	$	21.7
Foreign	2.2		2.9		3.4
Total	$	72.2	$	41.8	$	25.1

Schedule of components of income tax expense (benefit)

The components of income tax expense are as follows:



	Year Ended December 31,
(millions)	2017			2016			2015
Current provision
U.S. federal	$	21.5		$	13.9		$	11.5
Foreign	1.0			1.4			1.2
State	3.3			2.6			1.8
Total current	25.8			17.9			14.5
Deferred provision
U.S. federal	2.6			(2.5		)	(4.9		)
Foreign	0.6			(0.4		)	0.1
State	(1.3		)	0.8			(4.9		)
Total deferred	1.9			(2.1		)	(9.7		)
Income tax expense	$	27.7		$	15.8		$	4.8

Schedule of significant components of the Company's deferred tax assets and liabilities

omponents of the Company's deferred tax assets and liabilities are as follows:



	December 31,
(millions)	2017			2016
Deferred tax assets
Net operating loss carry forwards	$	21.5		$	19.3
Accrued expenses	18.8			30.7
Accrued compensation	8.1			12.8
Book over tax cost unfavorable acquired lease contracts	8.2			16.1
Other	—			1.2
Total gross deferred tax assets	56.6			80.1
Less: valuation allowance	(7.1		)	(6.6		)
Total deferred tax assets	49.5			73.5
Deferred tax liabilities
Prepaid expenses	(0.1		)	(0.4		)
Undistributed foreign earnings	(0.3		)	(0.9		)
Tax over book depreciation and amortization	(3.8		)	(6.4		)
Tax over book goodwill amortization	(18.2		)	(28.0		)
Tax over book cost favorable acquired lease contracts	(6.1		)	(11.9		)
Equity investments in unconsolidated entities	(5.1		)	(8.0		)
Total deferred tax liabilities	(33.6		)	(55.6		)
Net deferred tax asset	$	15.9		$	17.9

Schedule of reconciliation of the Company's reported income tax provision (benefit) to the amount computed by multiplying book income/(loss) before income taxes by the statutory United States federal income tax rate

A reconciliation of the Company's reported income tax provision to the amount computed by multiplying earnings before income taxes by statutory United States federal income tax rate is as follows:



	2017			2016			2015
Tax at statutory rate	$	25.3		$	14.6		$	8.8
Permanent differences	0.3			0.8			1.4
State taxes, net of federal benefit	2.5			1.3			0.3
Effect of foreign tax rates	—			—			(0.1		)
Effect of 2017 Tax Act	(1.0		)	—			—
Minority interest	(1.1		)	(1.0		)	(1.0		)
Current year adjustment to deferred taxes	1.6			1.3			1.5
Recognition of tax credits	(1.5		)	(1.4		)	(1.2		)
Other	1.1			0.4			0.6
	27.2			16.0			10.3
Change in valuation allowance (1)	0.5			(0.2		)	(5.5		)
Income tax (benefit) expense	$	27.7		$	15.8		$	4.8
Effective tax rate	38.4		%	37.8		%	19.1		%

(1) Includes $1.2 million of additional income tax expense related to an increase in the valuation allowance as a result of the 2017 Tax Act.

Schedule of tax years that remain subject to examination for the Company's major tax jurisdictions

The tax years that remain subject to examination for the Company's major tax jurisdictions as of December 31, 2017 are shown below:



2014 - 2017	United States - federal income tax
2007 - 2017	United States - state and local income tax
2013 - 2017	Foreign - Canada and Puerto Rico