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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of income before income tax | Income (loss) before income taxes for the Company’s U.S. and non-U.S. operations was as follows:
(In millions) |  | 2018 |  | 2017 |  | 2016
U.S. |  | $ | 190.8 |  |  | $ | (119.8 | ) |  | $ | (782.1 | )
Non-U.S. |  | 56.9 |  |  | 33.3 |  |  | 48.1 |
Income (loss) before income taxes |  | $ | 247.7 |  |  | $ | (86.5 | ) |  | $ | (734.0 | )
Schedule income tax provision (benefit) | The income tax provision (benefit) was as follows:
(In millions) |  | 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |  |
Federal |  | $ | 1.0 |  |  | $ | (0.8 | ) |  | $ | 0.5 |
State |  | (0.8 | ) |  | (1.3 | ) |  | (1.5 | )
Foreign |  | 10.1 |  |  | 6.2 |  |  | 14.4 |
Total |  | 10.3 |  |  | 4.1 |  |  | 13.4 |
Deferred: |  |  |  |  |  |
Federal |  | 1.3 |  |  | 2.4 |  |  | (115.8 | )
State |  | (0.5 | ) |  | (14.4 | ) |  | (3.5 | )
Foreign |  | (0.1 | ) |  | 1.1 |  |  | (1.0 | )
Total |  | 0.7 |  |  | (10.9 | ) |  | (120.3 | )
Income tax provision (benefit) |  | $ | 11.0 |  |  | $ | (6.8 | ) |  | $ | (106.9 | )
Schedule of effective income tax rate reconciliation | The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax provision (benefit):
(In millions) |  | 2018 |  | 2017 |  | 2016
Taxes computed at the federal rate |  | $ | 52.0 |  |  | $ | (30.3 | ) |  | $ | (256.9 | )
Goodwill impairment |  | — |  |  | 36.6 |  |  | — |
State and local income taxes, net of federal tax benefit |  | (0.5 | ) |  | — |  |  | (26.8 | )
Valuation allowance |  | (48.0 | ) |  | (14.5 | ) |  | 171.5 |
Repatriation of foreign earnings (GILTI starting in 2018) |  | 5.4 |  |  | 14.2 |  |  | 2.1 |
Impact of U.S. tax reform |  | 5.9 |  |  | (4.1 | ) |  | — |
Foreign earnings taxed at different rate |  | 3.2 |  |  | (3.5 | ) |  | (1.2 | )
Adjustment to prior years’ taxes |  | (5.8 | ) |  | (5.2 | ) |  | 3.4 |
Withholding taxes |  | 2.7 |  |  | 2.2 |  |  | — |
Preferential tax rate |  | (4.8 | ) |  | (3.7 | ) |  | (4.1 | )
Other |  | 0.9 |  |  | 1.5 |  |  | 5.1 |
Income tax provision (benefit) |  | $ | 11.0 |  |  | $ | (6.8 | ) |  | $ | (106.9 | )
Schedule of deferred tax assets and liabilities | Changes to certain deferred tax assets and the valuation allowance at December 31, 2017 as a result of the Company’s final transition tax calculation for federal and state purposes were as follows (in millions):
Deferred Income Tax Assets |  | Estimate Refinement |  | Originally Reported |  | Change
Net operating loss tax carryovers |  | $ | 355.9 |  |  | $ | 336.1 |  |  | $ | 19.8 |
Tax credits |  | 63.2 |  |  | 92.6 |  |  | (29.4 | )
Gross deferred income tax assets |  | 733.3 |  |  | 742.9 |  |  | (9.6 | )
Valuation allowance |  | (264.4 | ) |  | (274.0 | ) |  | 9.6 |
Total deferred income tax assets |  | $ | 468.9 |  |  | $ | 468.9 |  |  | $ | — |
The utilization of income tax credits of $28.2 million does not match the change in the deferred tax asset amount due to the refinement of the transition tax calculation. The Company continues to maintain a valuation allowance on the federal, state and some foreign net deferred tax assets as of December 31, 2018. Deferred income taxes result from temporary differences in the recognition of income and expense for financial and income tax reporting purposes, and differences between the fair value of assets acquired in business combinations accounted for as purchases for financial reporting purposes and their corresponding tax bases. Deferred income taxes represent future tax benefits or costs to be recognized when those temporary differences reverse. The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 31, 2018 and 2017 were as follows:
(In millions) |  | 2018 |  | 2017
Deferred income tax assets |  |  |  |
Pensions |  | $ | 159.4 |  |  | $ | 158.0 |
Postretirement benefits other than pensions |  | 87.3 |  |  | 86.5 |
Net operating loss tax carryovers |  | 307.5 |  |  | 336.1 |
Tax credits |  | 49.7 |  |  | 92.6 |
Deferred compensation and other benefit plans |  | 2.4 |  |  | 13.8 |
Other items |  | 67.3 |  |  | 55.9 |
Gross deferred income tax assets |  | 673.6 |  |  | 742.9 |
Valuation allowance for deferred tax assets |  | (194.8 | ) |  | (274.0 | )
Total deferred income tax assets |  | 478.8 |  |  | 468.9 |
Deferred income tax liabilities |  |  |  |
Bases of property, plant and equipment |  | 371.5 |  |  | 375.3 |
Inventory valuation |  | 67.1 |  |  | 50.0 |
Bases of amortizable intangible assets |  | 29.9 |  |  | 38.7 |
Other items |  | 14.5 |  |  | 7.0 |
Total deferred tax liabilities |  | 483.0 |  |  | 471.0 |
Net deferred tax liability |  | $ | (4.2 | ) |  | $ | (2.1 | )
Schedule of NOL's and tax credits | The following summarizes the carryforward periods for the tax attributes related to NOLs and credits by jurisdiction.
($ in millions) |  |  |  |  |
Jurisdiction | Attribute | Amount | Expiration Period | Amount expiring within 5 years | Amount expiring in 5-20 years
U.S. | NOL | $943 | 20 years | $— | $943
U.S. | Foreign Tax Credit | $37 | 10 years | $13 | $24
U.S. | Research and Development Credit | $1 | 20 years | $— | $1
State | NOL | $140 | Various | $30 | $110
State | Credits | $12 | Various | $3 | $9
U.K. | NOL | $13 | Indefinite | $— | $—
Luxembourg | NOL | $18 | Indefinite | $— | $—
Poland | Economic Zone Credit | $2 | 9 years | $— | $2
Schedule of income taxes paid | Income taxes paid and amounts received as refunds were as follows:
(In millions) |  | 2018 |  | 2017 |  | 2016
Income taxes paid |  | $ | 9.7 |  |  | $ | 10.4 |  |  | $ | 8.6 |
Income tax refunds received |  | (1.6 | ) |  | (7.1 | ) |  | (10.5 | )
Income taxes paid (received), net |  | $ | 8.1 |  |  | $ | 3.3 |  |  | $ | (1.9 | )
Schedule of changes in unrecognized income tax benefits | The changes in the liability for unrecognized income tax benefits for the years ended December 31, 2018, 2017 and 2016 were as follows:
(In millions) |  | 2018 |  | 2017 |  | 2016
Balance at beginning of year |  | $ | 14.7 |  |  | $ | 22.7 |  |  | $ | 19.6 |
Increases in prior period tax positions |  | — |  |  | — |  |  | 7.9 |
Decreases in prior period tax positions |  | (0.1 | ) |  | (0.7 | ) |  | (0.1 | )
Increases in current period tax positions |  | 0.7 |  |  | 0.7 |  |  | 0.6 |
Expiration of the statute of limitations |  | (0.6 | ) |  | (0.4 | ) |  | (1.1 | )
Settlements |  | — |  |  | (7.6 | ) |  | (4.2 | )
Balance at end of year |  | $ | 14.7 |  |  | $ | 14.7 |  |  | $ | 22.7 |
Summary of income tax examinations | A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:
Jurisdiction |  | Earliest Year Open to Examination
U.S. Federal |  | 2017
States: |  |
Pennsylvania |  | 2015
Foreign: |  |
China |  | 2015
Poland |  | 2012
United Kingdom |  | 2016

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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