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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Tax Disclosure [Abstract]

Components of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes from continuing operations for each of the three years in the period ended December 31 consisted of the following:

(in millions)	2013				2012				2011
Current:
Federal	$	—			$	(1.8	)		$	(3.8	)
Foreign	2.4				3.2				2.1
State and local	1.0				0.1				0.3
	3.4				1.5				(1.4		)
Deferred:
Federal	$	(112.1	)		$	2.1			$	4.7
Foreign	0.2				0.3				0.2
State and local	1.3				—				—
	(110.6		)		2.4				4.9
Total income tax (benefit) provision	$	(107.2	)		$	3.9			$	3.5

Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate

Differences between the statutory federal income tax rate and the effective income tax rate from continuing operations for each of the three years in the period ended December 31 are summarized below:

	2013			2012			2011
Statutory federal income tax rate	35.0	%		35.0	%		35.0	%
State income taxes, net of federal tax benefit	2.7			1.0			0.9
Valuation allowance	(231.7	)		41.3			8.8
Domestic production deduction	(1.2	)		—			—
Bad debt deduction	—			(24.9	)		—
Asset dispositions and write-offs	(3.0	)		(29.5	)		—
Repatriation effects	1.5			—			—
Tax reserves	—			(1.0	)		4.1
R&D tax credits	(1.5	)		—			(4.1	)
Foreign tax rate effects	(4.4	)		(7.2	)		(22.5	)
Other, net	0.3			0.4			(1.1	)
Effective income tax rate	(202.3	)%		15.1	%		21.1	%

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 are summarized as follows:

(in millions)	2013				2012
Deferred tax assets:
Depreciation and amortization	$	10.8			$	12.5
Accrued expenses	28.8				27.9
Net operating loss, capital loss, alternative minimum tax, research and development, and foreign tax credit carryforwards	62.8				75.0
Definite lived intangibles	1.7				1.8
Pension benefits	23.3				31.1
Other	1.1				0.3
Deferred revenue	0.1				0.1
Gross deferred tax assets	128.6				148.7
Valuation allowance	(9.8		)		(131.8		)
Total deferred tax assets	118.8				16.9
Deferred tax liabilities:
Depreciation and amortization	(3.7		)		(5.0		)
Expenses capitalized for book	(1.0		)		(2.1		)
Pension benefits	(11.5		)		—
Indefinite lived intangibles	(56.8		)		(56.2		)
Other	(0.3		)		—
Gross deferred tax liabilities	(73.3		)		(63.3		)
Net deferred tax assets (liabilities)	$	45.5			$	(46.4	)

Classification of Net Deferred Tax Assets in Balance Sheet

The net deferred tax asset at December 31 is classified in the balance sheet as follows:

(in millions)	2013				2012
Current net deferred tax assets	$	12.5			$	4.0
Current valuation allowance	(0.1		)		(14.6		)
Total current net deferred tax assets (liabilities)	$	12.4			$	(10.6	)
Long-term net deferred tax assets	$	42.8			$	81.4
Long-term valuation allowance	(9.7		)		(117.2		)
Long-term net deferred tax assets (liabilities)	$	33.1			$	(35.8	)

Summary of Activities Related to Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits in each of the three years in the period ended December 31, 2013:

(in millions)	2013				2012				2011
Balance at January 1	$	4.0			$	4.3			$	3.8
Increases related to current year tax	1.4				0.2				1.3
Increases from prior period positions	0.4				0.1				—
Decreases from settlements with tax authorities	—				—				(0.2		)
Decreases from prior period positions	(0.2		)		(0.2		)		—
Decreases due to lapse of statute of limitations	(0.8		)		(0.4		)		(0.6		)
Balance at December 31	$	4.8			$	4.0			$	4.3

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