Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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:


	2022		2021		2020
Current:
Federal	$	368.7	$	374.2	$	168.9
State	87.4		78.5		37.4
Federal and state deferred	0.8		(17.2)		(39.0)
Change in valuation allowance, net	0.2		(0.2)		0.3
Adjustments and settlements	(1.3)		(0.2)		0.7
Income tax provision	$	455.8	$	435.1	$	168.3

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:


	2022		%	2021		%	2020		%
Income tax provision at statutory rate	$	385.0	21.0	$	379.8	21.0	$	115.5	21.0
Impact of goodwill impairment	—		—	—		—	21.4		3.9
Other non-deductible expenses, net	7.9		0.4	(1.2)		(0.1)	8.2		1.5
State income taxes, net of federal benefit	72.8		4.0	60.7		3.4	24.3		4.4
	465.7		25.4	439.3		24.3	169.4		30.8
Change in valuation allowance, net	0.2		—	(0.2)		—	0.3		0.1
Adjustments and settlements	(1.3)		(0.1)	(0.2)		—	0.7		0.1
Federal and state tax credits	(4.5)		(0.2)	(1.0)		—	(0.7)		(0.1)
Other, net	(4.3)		(0.2)	(2.8)		(0.2)	(1.4)		(0.3)
Income tax provision	$	455.8	24.9	$	435.1	24.1	$	168.3	30.6

Deferred Income Tax Asset and Liability Components

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


	2022		2021
Deferred income tax assets:
Inventory	$	23.7	$	20.8
Receivable allowances	12.0		1.2
Warranty, chargeback, and self-insurance liabilities	70.2		61.9
Other accrued liabilities	27.7		31.5
Deferred compensation	26.5		28.7
Stock-based compensation	7.7		7.0
Lease liabilities	148.9		142.2
Loss carryforwards— state	5.8		6.2
Other, net	11.5		5.3
Total deferred income tax assets	334.0		304.8
Valuation allowance	(4.6)		(4.6)
Deferred income tax assets, net of valuation allowance	329.4		300.2
Deferred income tax liabilities:
Long-lived assets (intangible assets and property)	(258.4)		(237.9)
Investments - unrealized appreciation	(1.6)		(0.9)
Right-of-use assets	(137.2)		(131.4)
Other, net	(8.7)		(8.2)
Total deferred income tax liabilities	(405.9)		(378.4)
Net deferred income tax liabilities	$	(76.5)	$	(78.2)

Schedule of Unrecognized Tax Benefits Roll Forward

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


	2022		2021		2020
Balance at January 1	$	6.9	$	7.0	$	5.3
Additions based on tax positions related to the current year	—		—		0.4
Additions for tax positions of prior years	0.6		0.8		1.6
Reductions for tax positions of prior years	—		—		—
Reductions for expirations of statute of limitations	(1.4)		(0.9)		(0.3)
Settlements	(0.6)		—		—
Balance at December 31	$	5.5	$	6.9	$	7.0