XML 55 R42.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Tax Matters (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Before Income Taxes by Geographic Area | The following table presents Income before income taxes by geographic area (in millions of dollars):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Domestic |  | $ | 35.2 |  |  | $ | 76.3 |  |  | $ | 114.6 |
Foreign |  |  | 3.6 |  |  |  | 4.1 |  |  |  | 5.4 |
Income before income taxes |  | $ | 38.8 |  |  | $ | 80.4 |  |  | $ | 120.0 |
Income Tax Provision | Income tax provision consisted of the following (in millions of dollars):
|  | Federal |  |  | Foreign |  |  | State |  |  | Total |
Year Ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 6.1 |  |  | $ | (0.4 | ) |  | $ | (0.6 | ) |  | $ | 5.1 |
Deferred |  |  | (18.8 | ) |  |  | (0.1 | ) |  |  | (2.3 | ) |  |  | (21.2 | )
Benefit (expense) applied to decrease (increase) Retained earnings/Other comprehensive income |  |  | 5.1 |  |  |  | (0.1 | ) |  |  | 1.1 |  |  |  | 6.1 |
Income tax provision |  | $ | (7.6 | ) |  | $ | (0.6 | ) |  | $ | (1.8 | ) |  | $ | (10.0 | )
Year Ended December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 5.7 |  |  | $ | (1.1 | ) |  | $ | (1.8 | ) |  | $ | 2.8 |
Deferred |  |  | (19.6 | ) |  |  | (0.3 | ) |  |  | (4.5 | ) |  |  | (24.4 | )
Benefit (expense) applied to decrease (increase) Retained earnings/Other comprehensive income |  |  | 2.7 |  |  |  | (0.1 | ) |  |  | 0.6 |  |  |  | 3.2 |
Income tax provision |  | $ | (11.2 | ) |  | $ | (1.5 | ) |  | $ | (5.7 | ) |  | $ | (18.4 | )
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | 11.9 |  |  | $ | (1.9 | ) |  | $ | (1.5 | ) |  | $ | 8.5 |
Deferred |  |  | (34.7 | ) |  |  | 0.1 |  |  |  | (1.4 | ) |  |  | (36.0 | )
Expense applied to increase Retained earnings/ Other comprehensive loss |  |  | (0.7 | ) |  |  | — |  |  |  | (0.1 | ) |  |  | (0.8 | )
Income tax provision |  | $ | (23.5 | ) |  | $ | (1.8 | ) |  | $ | (3.0 | ) |  | $ | (28.3 | )
Reconciliation of Income Tax Provision based on Effective Income Tax Rate and Statutory Tax Rate | The following table presents 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 (in millions of dollars):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Amount of federal income tax provision based on the statutory rate |  | $ | (8.1 | ) |  | $ | (16.9 | ) |  | $ | (25.2 | )
(Increase) decrease in federal valuation allowances |  |  | — |  |  |  | (0.1 | ) |  |  | 1.7 |
Non-deductible compensation expense |  |  | (1.1 | ) |  |  | (1.7 | ) |  |  | (0.6 | )
Non-deductible benefit (expense) |  |  | 0.4 |  |  |  | 0.1 |  |  |  | (1.5 | )
State income tax provision, net of federal benefit 1 |  |  | (1.5 | ) |  |  | (4.5 | ) |  |  | (2.5 | )
Research and development credit |  |  | 0.4 |  |  |  | 7.7 |  |  |  | — |
Gross increases for tax positions from current year |  |  | — |  |  |  | (0.3 | ) |  |  | — |
Gross decreases (increases) for tax positions from prior years |  |  | 0.4 |  |  |  | (2.4 | ) |  |  | — |
Foreign income tax expense |  |  | (0.4 | ) |  |  | (0.1 | ) |  |  | (0.5 | )
Foreign undistributed (earnings) loss |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | 0.4 |
Tax rate change |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Income tax provision |  | $ | (10.0 | ) |  | $ | (18.4 | ) |  | $ | (28.3 | )
1. | State income taxes were $1.3 million in 2020, reflecting an increase of $3.7 million due to state net operating loss (“NOL”) carryforward expirations and tax rate true-ups in various states, partially offset by a $3.5 million decrease in the valuation allowance relating to certain state net operating losses. State income taxes were $3.8 million in 2019, reflecting a decrease of
| $0.7 million due to lower tax rate true-ups in various states, partially offset by an increase of $1.4 million due to a change in the valuation allowance relating to certain state net operating losses. The state income taxes were $4.5 million in 2018, reflecting an increase of $0.9 million due to higher tax rate true-ups in various states, partially offset by a $2.9 million decrease in the valuation allowance relating to certain state net operating losses.
Deferred Tax Assets and Liabilities | The following table presents the components of our net deferred income tax assets (in millions of dollars):
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Loss and credit carryforwards |  | $ | 33.4 |  |  | $ | 48.7 |
Salaried VEBA (see Note 5) |  |  | 4.8 |  |  |  | 8.7 |
Other assets |  |  | 29.4 |  |  |  | 30.1 |
Leased assets |  |  | 7.3 |  |  |  | 7.1 |
Inventories |  |  | 6.9 |  |  |  | 9.4 |
Valuation allowances |  |  | (6.4 | ) |  |  | (9.9 | )
Total deferred income tax assets |  |  | 75.4 |  |  |  | 94.1 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | (80.8 | ) |  |  | (78.5 | )
Leased liability |  |  | (6.4 | ) |  |  | (6.3 | )
Undistributed foreign earnings |  |  | (2.1 | ) |  |  | (2.0 | )
Total deferred income tax liabilities |  |  | (89.3 | ) |  |  | (86.8 | )
Net deferred income tax (liabilities) assets 1 |  | $ | (13.9 | ) |  | $ | 7.3 |
1. | Of the total net deferred income tax assets of $7.3 million at December 31, 2019, $11.8 million was presented as Deferred tax assets, net, and $4.5 million was presented as Deferred tax liabilities.
Reconciliation of Changes in Gross Unrecognized Tax Benefits | We have gross unrecognized benefits relating to uncertain tax positions. The following table presents a reconciliation of changes in the gross unrecognized tax benefits (in millions of dollars):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |  |  | 2018 |
Gross unrecognized tax benefits at beginning of period |  | $ | 4.1 |  |  | $ | 1.5 |  |  | $ | 1.5 |
Gross increases for tax positions of current year |  |  | 0.1 |  |  |  | 0.3 |  |  |  | — |
Gross increases for tax positions of prior years |  |  | — |  |  |  | 2.3 |  |  |  | — |
Gross decreases for tax positions of prior years |  |  | (0.4 | ) |  |  | — |  |  |  | — |
Gross unrecognized tax benefits at end of period |  | $ | 3.8 |  |  | $ | 4.1 |  |  | $ | 1.5 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration