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Income Tax Matters (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Income before income taxes by geographic area | Tax provision. Income before income taxes by geographic area is as follows:
| Year Ended December 31,
| 2011 |  | 2010 |  | 2009
Domestic | $ | 37.9 |  |  | $ | 23.0 |  |  | $ | 117.8 |
Foreign | 3.4 |  |  | 2.1 |  |  | 0.8 |
Total | $ | 41.3 |  |  | $ | 25.1 |  |  | $ | 118.6 |
Tax Provision | The (provision) benefit for income taxes consists of:
| Federal |  | Foreign |  | State |  | Total
2011 |  |  |  |  |  |  |
Current | $ | 1.4 |  |  | $ | 0.3 |  |  | $ | 0.1 |  |  | $ | 1.8 |
Deferred | (2.3 | ) |  | (0.5 | ) |  | 0.7 |  |  | (2.1 | )
Provision applied to increase Additional capital/ Other comprehensive income | (13.5 | ) |  | (0.4 | ) |  | (2.0 | ) |  | (15.9 | )
Total | $ | (14.4 | ) |  | $ | (0.6 | ) |  | $ | (1.2 | ) |  | $ | (16.2 | )
2010 |  |  |  |  |  |  |
Current | $ | — |  |  | $ | 0.1 |  |  | $ | (0.5 | ) |  | $ | (0.4 | )
Deferred | (34.4 | ) |  | 0.2 |  |  | (10.2 | ) |  | (44.4 | )
Benefit applied to decrease Additional capital/ Other comprehensive income | 27.9 |  |  | 0.4 |  |  | 3.4 |  |  | 31.7 |
Total | $ | (6.5 | ) |  | $ | 0.7 |  |  | $ | (7.3 | ) |  | $ | (13.1 | )
2009 |  |  |  |  |  |  |
Current | $ | 0.7 |  |  | $ | (3.6 | ) |  | $ | (1.1 | ) |  | $ | (4.0 | )
Deferred | (59.3 | ) |  | 0.3 |  |  | (2.1 | ) |  | (61.1 | )
Benefit applied to decrease Additional capital/ Other comprehensive income | 12.7 |  |  | 2.7 |  |  | 1.6 |  |  | 17.0 |
Total | $ | (45.9 | ) |  | $ | (0.6 | ) |  | $ | (1.6 | ) |  | $ | (48.1 | )
Reconciliation of income tax provision based on effective income tax rate and statutory tax rate | A reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to income before income taxes is as follows:
| Year Ended December 31,
| 2011 |  | 2010 |  | 2009
Amount of federal income tax provision based on the statutory rate | $ | (14.5 | ) |  | $ | (8.8 | ) |  | $ | (41.5 | )
(Increase) decrease in federal valuation allowances | — |  |  | (0.2 | ) |  | 0.5 |
Non-deductible compensation expense | (1.1 | ) |  | (0.6 | ) |  | (4.7 | )
Non-deductible expense | (0.4 | ) |  | (0.3 | ) |  | (0.5 | )
State income taxes, net of federal benefit 1 | (0.8 | ) |  | (4.7 | ) |  | (1.0 | )
Foreign income tax benefit | 0.6 |  |  | 1.5 |  |  | — |
Other | — |  |  | — |  |  | (0.9 | )
Income tax provision | $ | (16.2 | ) |  | $ | (13.1 | ) |  | $ | (48.1 | )
___________________________
1 | State income taxes of $4.7 in 2010 primarily consists of (i) a $1.9 increase in the valuation allowance relating to certain unused state net operating losses expected to expire and (ii) a $2.3 increase in the income tax provision from a reduction in the state deferred tax asset relating to a decrease in state net operating losses resulting from lower state apportionment factors in various states.
The table above reflects a full statutory U.S. tax provision despite the fact that the Company is only paying alternative minimum tax (“AMT”) in the U.S. and some state income taxes.
Deferred tax assets and liabilities | The components of the Company’s net deferred income tax assets are as follows:
| Year Ended December 31,
| 2011 |  | 2010
Deferred income tax assets: |  |  |
Loss and credit carryforwards | $ | 375.6 |  |  | $ | 379.6 |
VEBAs | — |  |  | 0.8 |
Other assets | 39.6 |  |  | 25.9 |
Inventories and other | 8.3 |  |  | 27.3 |
Valuation allowances | (18.8 | ) |  | (20.1 | )
Total deferred income tax assets — net | 404.7 |  |  | 413.5 |
Deferred income tax liabilities: |  |  |
Property, plant, and equipment | (67.2 | ) |  | (61.9 | )
VEBAs | (47.6 | ) |  | (59.5 | )
Total deferred income tax liabilities | (114.8 | ) |  | (121.4 | )
Net deferred income tax assets 1,2 | $ | 289.9 |  |  | $ | 292.1 |
__________________________
1 | Of the total net deferred income tax assets of $289.9, $63.0 was included in Prepaid expenses and other current assets and $226.9 was presented as Deferred tax assets, net on the Consolidated Balance Sheet as of December 31, 2011.
2 | Of the total net deferred income tax assets of $292.1, $46.8 was included in Prepaid expenses and other current assets and $245.3 was presented as Deferred tax assets, net on the Consolidated Balance Sheet as of December 31, 2010.
Reconciliation of changes in the gross unrecognized tax benefits | A reconciliation of changes in the gross unrecognized tax benefits is as follows:
|  | Year Ended December 31,
|  | 2011 |  | 2010 |  | 2009
Gross unrecognized tax benefits at beginning of period |  | $ | 15.0 |  |  | $ | 15.6 |  |  | $ | 15.8 |
Gross increases for tax positions of prior years |  | 0.1 |  |  | — |  |  | 1.6 |
Gross decreases for tax positions of prior years |  | — |  |  | — |  |  | (1.6 | )
Gross increases for tax positions of current years |  | 0.4 |  |  | 0.4 |  |  | 0.4 |
Settlements |  | (0.5 | ) |  | — |  |  | (2.8 | )
Gross decrease for tax positions relating to lapse of a statute of limitation |  | (0.9 | ) |  | (1.7 | ) |  | — |
Foreign currency translation |  | (0.4 | ) |  | 0.7 |  |  | 2.2 |
Gross unrecognized tax benefits at end of period |  | $ | 13.7 |  |  | $ | 15.0 |  |  | $ | 15.6 |

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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 -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References No definition available. + Details
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- Definition Tabular disclosure of 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 (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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