XML 56 R28.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
 12 Months Ended
Sep. 30, 2014
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The components of income (loss) before income taxes are presented below.
 
2014
 
2013
 
2012
 
(in millions)
U.S.
$
71.6

 
$
41.0

 
$
(0.1
)
Non-U.S.
1.9

 
3.2

 
2.8

Income before income taxes
$
73.5

 
$
44.2

 
$
2.7
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
Income tax expense (benefit) from continuing operations is presented below.
 
2014
 
2013
 
2012
 
(in millions)
Current:
 
 
 
 
 
U.S. federal
$
0.1

 
$
0.6

 
$
0.2

U.S. state and local
1.6

 
0.1

 
(1.0
)
Non-U.S.
0.7

 
0.8

 
1.1

 
2.4

 
1.5

 
0.3

Deferred:
 
 
 
 
 
U.S. federal
28.7

 
6.2

 
(0.6
)
U.S. state and local
(12.8
)
 
1.3

 
9.0

Non-U.S.
(0.3
)
 
(0.2
)
 
(0.8
)
 
15.6

 
7.3

 
7.6

Income tax expense
$
18.0

 
$
8.8

 
$
7.9
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block]
The table below represents a summary of the operating results for the U.S. Pipe discontinued operations. These operating results do not reflect what they would have been had U.S. Pipe not been classified as discontinued operations.
 
2013
 
2012
 
(in millions)
Net sales
$
—

 
$
197.0

Cost of sales
—

 
197.9

Gross loss
—

 
(0.9
)
Operating expenses (income)
(0.5
)
 
4.2

Operating income (loss)
0.5

 
(5.1
)
Interest expense
—

 
0.3

(Income) loss on sale of discontinued operations
(4.9
)
 
119.7

Income tax benefit
—

 
(21.9
)
Income (loss) from discontinued operations, net of tax
$
5.4

 
$
(103.2
)
The allocations of current income tax expense (benefit) between continuing and discontinued operations are provided below.
 
2014
 
2013
 
2012
 
Continuing operations
 
Continuing operations
 
Discontinued operations
 
Continuing operations
 
Discontinued operations
 
(in millions)
 
 
 
 
 
 
 
 
Expense from operations
$
30.1

 
$
17.5

 
$
2.1

 
$
1.4

 
$
(48.7
)
Valuation allowance-related benefit
(9.6
)
 
(8.5
)
 
(2.1
)
 
6.5

 
26.7

Other items
(2.5
)
 
(0.2
)
 
—

 
—

 
0.1

Income tax expense
$
18.0

 
$
8.8

 
$
—

 
$
7.9

 
$
(21.9
)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
The reconciliation between income tax expense at the U.S. federal statutory income tax rate and reported income tax expense from continuing operations is presented below.
 
2014
 
2013
 
2012
 
(in millions)
Expense at U.S. federal statutory income tax rate of 35%
$
25.7

 
$
15.5

 
$
0.9

Adjustments to reconcile to income tax expense:
 
 
 
 
 
Federal valuation allowance
(1.2
)
 
(7.8
)
 
—

State income taxes, net of federal benefit
3.6

 
2.0

 
(0.8
)
State tax rate change
(2.5
)
 
—

 
—

State valuation allowance, net of federal benefit
(8.4
)
 
(1.1
)
 
5.9

Tax credits
(0.1
)
 
(0.6
)
 
(0.1
)
Nondeductible expenses, other than compensation
0.9

 
0.5

 
0.7

Foreign income taxes
(0.2
)
 
0.4

 
(0.3
)
Nondeductible compensation
0.8

 
0.2

 
1.4

Other
(0.6
)
 
(0.3
)
 
0.2

Income tax expense
$
18.0

 
$
8.8

 
$
7.9
Schedule of Deferred Tax Assets and Liabilities
Deferred income tax balances are presented below.
 
September 30,
 
2014
 
2013
 
(in millions)
Deferred income tax assets:
 
 
 
Inventory reserves
$
15.2

 
$
17.2

Accrued expenses
15.3

 
17.2

Pension and other postretirement benefits
20.3

 
2.4

Stock-based compensation
10.7

 
9.1

State net operating losses
10.3

 
13.4

Federal net operating losses and credit carryovers
6.8

 
37.4

Other
1.9

 
1.6

 
80.5

 
98.3

Valuation allowance
(0.7
)
 
(10.3
)
Total deferred income tax assets, net of valuation allowance
79.8

 
88.0

Deferred income tax liabilities:
 
 
 
Intangible assets
190.1

 
199.8

Other
1.5

 
3.0

Total deferred income tax liabilities
191.6

 
202.8

Net deferred income tax liabilities
$
111.8

 
$
114.8
Summary of Valuation Allowance
The allocations of the valuation allowance charge among continuing operations, discontinued operations, and accumulated other comprehensive loss are presented below.
 
2014
 
2013
 
(in millions)
Balance at beginning of year
$
10.3

 
$
49.2

Decrease allocated to continuing operations
(9.6
)
 
(8.5
)
Decrease allocated to discontinued operations
—

 
(2.1
)
Decrease allocated to accumulated other comprehensive loss
—

 
(27.8
)
Expired items
—

 
(0.5
)
Balance at end of year
$
0.7

 
$
10.3
Summary of Unrecognized Tax Benefits
The following table summarizes information concerning our gross unrecognized tax benefits.
 
2014
 
2013
 
(in millions)
Balance at beginning of year
$
3.7

 
$
4.3

Increases related to prior year positions
—

 
0.5

Decreases due to lapse in statute of limitations
(1.0
)
 
(1.1
)
Balance at end of year
$
2.7

 
$
3.7