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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Components of Provision (Benefit) for Income Taxes | The following table summarizes the income tax expense from continuing operations:
(in millions) | 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |
Federal | $ | 12.0 |  |  | $ | 7.0 |  |  | $ | 6.6 |
Foreign | 0.8 |  |  | 0.6 |  |  | — |
State and local | 2.9 |  |  | 2.0 |  |  | 1.8 |
Total current tax expense | 15.7 |  |  | 9.6 |  |  | 8.4 |
Deferred: |  |  |  |  |
Federal | (15.7 | ) |  | 8.4 |  |  | 25.4 |
Foreign | 0.8 |  |  | (0.7 | ) |  | (2.0 | )
State and local | (0.3 | ) |  | 0.1 |  |  | 2.3 |
Total deferred tax (benefit) expense | (15.2 | ) |  | 7.8 |  |  | 25.7 |
Total income tax expense | $ | 0.5 |  |  | $ | 17.4 |  |  | $ | 34.1 |
Differences between Statutory Federal Income Tax Rate and Effective Income Tax Rate | The following table summarizes the differences between the statutory federal income tax rate and the effective income tax rate from continuing operations:
| 2017 |  | 2016 |  | 2015
Statutory federal income tax rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State income taxes, net of federal tax benefit | 4.3 |  |  | 3.6 |  |  | 3.3 |
Remeasurement of deferred taxes, associated with 2017 Tax Act | (37.6 | ) |  | — |  |  | — |
Valuation allowance | 3.6 |  |  | (3.7 | ) |  | 1.7 |
Domestic production deduction | (2.3 | ) |  | (2.4 | ) |  | (2.2 | )
Tax planning benefits, excluding valuation allowance effects | — |  |  | — |  |  | (6.0 | )
Tax reserves | 0.1 |  |  | (1.0 | ) |  | 0.2 |
Tax credits | (0.9 | ) |  | (0.8 | ) |  | 1.9 |
Foreign tax rate effects | (0.5 | ) |  | 0.8 |  |  | 0.5 |
Other, net | (0.9 | ) |  | (0.9 | ) |  | (0.3 | )
Effective income tax rate | 0.8 | % |  | 30.6 | % |  | 34.1 | %
Schedule of Income before Income Tax | The following table summarizes income before income taxes from continuing operations:
(in millions) | 2017 |  | 2016 |  | 2015
U.S. | $ | 55.7 |  |  | $ | 57.7 |  |  | $ | 96.4 |
Non-U.S. | 5.3 |  |  | (0.9 | ) |  | 3.5 |
Income before income taxes | $ | 61.0 |  |  | $ | 56.8 |  |  | $ | 99.9 |
Deferred Income Tax Assets and Liabilities | The following table summarizes deferred income tax assets and liabilities of the Company’s continuing operations:
(in millions) | 2017 |  | 2016
Deferred tax assets: |  |  |
Property, plant and equipment | $ | 1.7 |  |  | $ | 1.7 |
Accrued expenses | 24.0 |  |  | 31.8 |
Stock based compensation | 2.6 |  |  | 3.6 |
Net operating loss, research and development and foreign tax credit carryforwards | 22.6 |  |  | 22.6 |
Goodwill and intangibles | 0.4 |  |  | 1.2 |
Pension benefits | 22.7 |  |  | 32.9 |
Other | 0.8 |  |  | 0.1 |
Gross deferred tax assets | 74.8 |  |  | 93.9 |
Valuation allowance | (10.6 | ) |  | (7.7 | )
Total deferred tax assets | 64.2 |  |  | 86.2 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (11.3 | ) |  | (10.5 | )
Pension benefits | (13.5 | ) |  | (14.5 | )
Goodwill and intangibles | (77.1 | ) |  | (51.1 | )
Other | (1.2 | ) |  | (1.6 | )
Gross deferred tax liabilities | (103.1 | ) |  | (77.7 | )
Net deferred tax (liabilities) assets | $ | (38.9 | ) |  | $ | 8.5 |
Summary of Activities Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
(in millions) | 2017 |  | 2016 |  | 2015
Balance at January 1 | $ | 1.8 |  |  | $ | 2.2 |  |  | $ | 2.0 |
Increases related to current year tax | 0.2 |  |  | 0.1 |  |  | 0.3 |
Decreases due to lapse of statute of limitations | (0.1 | ) |  | (0.5 | ) |  | (0.1 | )
Balance at December 31 | $ | 1.9 |  |  | $ | 1.8 |  |  | $ | 2.2 |

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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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 + Details
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