Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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:


	2023		2022		2021
Current:
Federal	$	245.6	$	368.7	$	374.2
State	64.9		87.4		78.5
Federal and state deferred	19.0		0.8		(17.2)
Change in valuation allowance, net	1.0		0.2		(0.2)
Adjustments and settlements	(0.5)		(1.3)		(0.2)
Income tax provision	$	330.0	$	455.8	$	435.1

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:


	2023		%	2022		%	2021		%
Income tax provision at statutory rate	$	283.5	21.0	$	385.0	21.0	$	379.8	21.0
Other non-deductible expenses, net	0.5		—	7.9		0.4	(1.2)		(0.1)
State income taxes, net of federal benefit	53.4		4.0	72.8		4.0	60.7		3.4
	337.4		25.0	465.7		25.4	439.3		24.3
Change in valuation allowance, net	1.0		0.1	0.2		—	(0.2)		—
Adjustments and settlements	(0.5)		—	(1.3)		(0.1)	(0.2)		—
Federal and state tax credits	(2.8)		(0.2)	(4.5)		(0.2)	(1.0)		—
Other, net	(5.1)		(0.5)	(4.3)		(0.2)	(2.8)		(0.2)
Income tax provision	$	330.0	24.4	$	455.8	24.9	$	435.1	24.1

Deferred Income Tax Asset and Liability Components

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


	2023		2022
Deferred income tax assets:
Inventory	$	31.9	$	23.7
Receivable allowances	0.4		12.0
Warranty, chargeback, and self-insurance liabilities	72.6		70.2
Other accrued liabilities	30.7		27.7
Deferred compensation	31.7		26.5
Stock-based compensation	9.0		7.7
Lease liabilities	162.9		148.9
Loss carryforwards— federal and state	22.7		5.8
Other, net	20.9		11.5
Total deferred income tax assets	382.8		334.0
Valuation allowance	(7.1)		(4.6)
Deferred income tax assets, net of valuation allowance	375.7		329.4
Deferred income tax liabilities:
Long-lived assets (intangible assets and property)	(298.7)		(258.4)
Investments - unrealized appreciation	(2.8)		(1.6)
Right-of-use assets	(150.2)		(137.2)
Other, net	(9.0)		(8.7)
Total deferred income tax liabilities	(460.7)		(405.9)
Net deferred income tax liabilities	$	(85.0)	$	(76.5)

Schedule of Unrecognized Tax Benefits Roll Forward

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


	2023		2022		2021
Balance at January 1	$	5.5	$	6.9	$	7.0
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	1.2		0.6		0.8
Reductions for tax positions of prior years	—		—		—
Reductions for expirations of statute of limitations	(1.6)		(1.4)		(0.9)
Settlements	—		(0.6)		—
Balance at December 31	$	5.1	$	5.5	$	6.9