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Income Tax Matters | 3 Months Ended
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Mar. 31, 2021
Income Tax Disclosure [Abstract] |
Income Tax Matters | 12. Income Tax Matters The income tax benefit (provision) consisted of the following (in millions of dollars):
|  | Quarter Ended March 31, |
|  | 2021 |  |  | 2020 |
Domestic |  | $ | 0.6 |  |  | $ | (9.5 | )
Foreign |  |  | (0.3 | ) |  |  | (0.1 | )
Total |  | $ | 0.3 |  |  | $ | (9.6 | )
The income tax benefit (provision) for the quarters ended March 31, 2021 and March 31, 2020 was $0.3 million and ($9.6) million, respectively, reflecting an effective tax rate of (6%) and 25%, respectively. The difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended March 31, 2021 was primarily due to: (i) a decrease of $0.6 million (or 15% of taxable income) for a change in state tax rate due to the Warrick Rolling Mill acquisition; (ii) a decrease of $0.4 million (or 10% of taxable income) to the valuation allowance for certain state net operating losses; and (iii) a decrease of $0.2 million (or 6% of taxable income) for the recognition of excess tax benefits from stock-based compensation. There was no material difference between the effective tax rate and the projected blended statutory tax rate for the quarter ended March 31, 2020. Our gross unrecognized benefits relating to uncertain tax positions were $4.0 million and $3.8 million at March 31, 2021 and December 31, 2020, respectively, of which, $1.5 million would be recorded through our income tax provision and thus impact the effective tax rate at both March 31, 2021 and December 31, 2020, respectively, if the gross unrecognized tax benefits were to be recognized. We do not expect our gross unrecognized tax benefits to significantly change within the next 12 months.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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