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Income Tax Matters (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income before income taxes by geographic area | Tax (Provision) Benefit. Income (loss) before income taxes by geographic area was as follows (in millions of dollars):
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Domestic | $ | 143.6 |  |  | $ | (373.6 | ) |  | $ | 102.1 |
Foreign | 3.6 |  |  | 1.8 |  |  | 5.0 |
Income (loss) before income taxes | $ | 147.2 |  |  | $ | (371.8 | ) |  | $ | 107.1 |
Tax Provision | Income tax (provision) benefit consisted of (in millions of dollars):
| Federal |  | Foreign |  | State |  | Total
2016 |  |  |  |  |  |  |  |  |  |  |
Current | $ | 2.7 |  |  | $ | 0.6 |  |  | $ | (1.5 | ) |  | $ | 1.8 |
Deferred | (47.8 | ) |  | (1.2 | ) |  | (4.7 | ) |  | (53.7 | )
Expense applied to increase Additional paid in capital/ Other comprehensive income | (3.2 | ) |  | (0.1 | ) |  | (0.3 | ) |  | (3.6 | )
Income tax provision | $ | (48.3 | ) |  | $ | (0.7 | ) |  | $ | (6.5 | ) |  | $ | (55.5 | )
2015 |  |  |  |  |  |  |
Current | $ | 0.7 |  |  | $ | 2.1 |  |  | $ | 0.4 |  |  | $ | 3.2 |
Deferred | 93.2 |  |  | (1.2 | ) |  | 1.8 |  |  | 93.8 |
Benefit applied to decrease Additional paid in capital/ Other comprehensive income | 33.5 |  |  | 0.4 |  |  | 4.3 |  |  | 38.2 |
Income tax benefit | $ | 127.4 |  |  | $ | 1.3 |  |  | $ | 6.5 |  |  | $ | 135.2 |
2014 |  |  |  |  |  |  |
Current | $ | (1.0 | ) |  | $ | 1.0 |  |  | $ | (0.6 | ) |  | $ | (0.6 | )
Deferred | 6.4 |  |  | 0.3 |  |  | 5.1 |  |  | 11.8 |
Expense applied to increase Additional paid in capital/Other comprehensive income | (41.6 | ) |  | (0.5 | ) |  | (4.4 | ) |  | (46.5 | )
Income tax (provision) benefit | $ | (36.2 | ) |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | (35.3 | )
Reconciliation of income tax provision based on effective income tax rate and statutory tax rate | A reconciliation between the (provision for) benefit from income taxes and the amount computed by applying the federal statutory income tax rate to income (loss) before income taxes is as follows (in millions of dollars):
| Year Ended December 31,
| 2016 |  | 2015 |  | 2014
Amount of federal income tax (provision) benefit based on the statutory rate | $ | (51.5 | ) |  | $ | 130.1 |  |  | $ | (37.5 | )
(Increase) decrease in federal valuation allowances | (0.3 | ) |  | (0.6 | ) |  | — |
Non-deductible compensation expense | 0.3 |  |  | (0.2 | ) |  | (0.1 | )
Non-deductible expense | (0.3 | ) |  | (0.3 | ) |  | (0.3 | )
State income tax (provision) benefit, net of federal benefit 1 | (4.2 | ) |  | 4.2 |  |  | — |
Foreign income tax benefit | 0.5 |  |  | 0.1 |  |  | 0.3 |
Expiration of statute of limitations | — |  |  | 1.7 |  |  | 2.3 |
Advance pricing agreement | — |  |  | (0.2 | ) |  | — |
Competent Authority settlement | — |  |  | 0.4 |  |  | — |
Income tax (provision) benefit | $ | (55.5 | ) |  | $ | 135.2 |  |  | $ | (35.3 | )
___________________________
1. | State income taxes were $4.1 million in 2016, but were offset by a $0.2 million decrease due to lower tax rates in various states and a $0.3 million increase in the valuation allowance relating to certain state net operating losses. The state income tax benefit was $10.3 million in 2015, but was offset by a $3.1 million increase due to state tax rate and state law changes enacted during the current year and a $3.0 million increase relating to the expiration of certain current and future state net operating losses. State income taxes were $2.3 million in 2014, but were offset by a $1.6 million decrease due to lower tax rates in various states and a $0.7 million decrease in the valuation allowance relating to certain state net operating losses.
Deferred tax assets and liabilities | Deferred Income Taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our net deferred income tax assets were as follows (in millions of dollars):
| Year Ended December 31,
| 2016 |  | 2015
Deferred income tax assets: |  |  |
Loss and credit carryforwards | $ | 191.8 |  |  | $ | 255.7 |
VEBAs (see Note 6) | 23.2 |  |  | 25.9 |
Other assets | 39.8 |  |  | 38.7 |
Valuation allowances | (15.7 | ) |  | (21.2 | )
Total deferred income tax assets | 239.1 |  |  | 299.1 |
Deferred income tax liabilities: |  |  |
Property, plant and equipment | (82.7 | ) |  | (79.6 | )
Inventories | — |  |  | (9.4 | )
Total deferred income tax liabilities | (82.7 | ) |  | (89.0 | )
Net deferred income tax assets 1 | $ | 156.4 |  |  | $ | 210.1 |
__________________________
1. | Of the total net deferred income tax assets of $156.4 million, $159.7 million was presented as Deferred tax assets, net and $3.3 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2016. Of the total net deferred income tax assets of $210.1 million, $49.6 million was included in Prepaid expenses and other current assets and $162.6 million was presented as Deferred tax assets, net and $2.1 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2015.
Reconciliation of changes in the gross unrecognized tax benefits | We have gross unrecognized benefits relating to uncertain tax positions. A reconciliation of changes in the gross unrecognized tax benefits is as follows (in millions of dollars):
|  | Year Ended December 31,
|  | 2016 |  | 2015 |  | 2014
Gross unrecognized tax benefits at beginning of period |  | $ | 1.7 |  |  | $ | 2.2 |  |  | $ | 3.8 |
Gross increases for tax positions of prior years |  | 0.1 |  |  | 0.1 |  |  | — |
Gross decrease for tax positions relating to lapse of a statute of limitation |  | — |  |  | (0.6 | ) |  | (1.4 | )
Foreign currency translation |  | — |  |  | — |  |  | (0.2 | )
Gross unrecognized tax benefits at end of period |  | $ | 1.8 |  |  | $ | 1.7 |  |  | $ | 2.2 |

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