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Income Tax Matters (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income (Loss) Before Income Taxes by Geographic Area | The following table presents Income (loss) before income taxes by geographic area (in millions of dollars):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Domestic |  | $ | 48.0 |  |  | $ | (44.6 | ) |  | $ | (30.2 | )
Foreign |  |  | 8.3 |  |  |  | 6.7 |  |  |  | 6.2 |
Income (loss) before income taxes |  | $ | 56.3 |  |  | $ | (37.9 | ) |  | $ | (24.0 | )
Income Tax (Provision) Benefit | The following table presents the components of Income tax (provision) benefit (in millions of dollars):
|  | Federal |  |  | Foreign |  |  | State |  |  | Total |
Year Ended December 31, 2023 |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | (2.2 | ) |  | $ | 0.6 |  |  | $ | (1.6 | )
Deferred |  |  | (11.6 | ) |  |  | 0.1 |  |  |  | 1.0 |  |  |  | (10.5 | )
Benefit applied to decrease AOCI |  |  | 2.5 |  |  |  | 0.1 |  |  |  | 0.4 |  |  |  | 3.0 |
Income tax (provision) benefit |  | $ | (9.1 | ) |  | $ | (2.0 | ) |  | $ | 2.0 |  |  | $ | (9.1 | )
Year Ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | (1.1 | ) |  | $ | (2.5 | ) |  | $ | (3.6 | )
Deferred |  |  | 8.9 |  |  |  | (0.8 | ) |  |  | 1.6 |  |  |  | 9.7 |
Benefit applied to decrease AOCI |  |  | 1.7 |  |  |  | 0.2 |  |  |  | 0.3 |  |  |  | 2.2 |
Income tax benefit (provision) |  | $ | 10.6 |  |  | $ | (1.7 | ) |  | $ | (0.6 | ) |  | $ | 8.3 |
Year Ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |
Current |  | $ | — |  |  | $ | (2.4 | ) |  | $ | (3.5 | ) |  | $ | (5.9 | )
Deferred |  |  | 2.1 |  |  |  | 0.5 |  |  |  | 4.2 |  |  |  | 6.8 |
Benefit applied to decrease AOCI |  |  | 3.7 |  |  |  | 0.3 |  |  |  | 0.6 |  |  |  | 4.6 |
Income tax benefit (provision) |  | $ | 5.8 |  |  | $ | (1.6 | ) |  | $ | 1.3 |  |  | $ | 5.5 |
Reconciliation of Income Tax (Provision) Benefit based on Effective Income Tax Rate and Statutory Tax Rate | The following table presents a reconciliation between the (provision) benefit for income taxes and the amount computed by applying the federal statutory income tax rate to Income (loss) before income taxes (in millions of dollars):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Amount of federal income tax (provision) benefit based on the statutory rate |  | $ | (11.8 | ) |  | $ | 8.0 |  |  | $ | 5.0 |
Decrease in federal valuation allowances |  |  | — |  |  |  | 1.1 |  |  |  | 0.2 |
Non-deductible compensation expense |  |  | (1.6 | ) |  |  | (0.9 | ) |  |  | (0.5 | )
Non-deductible benefit (expense) |  |  | 0.2 |  |  |  | (1.0 | ) |  |  | (0.2 | )
State income tax benefit (provision), net of federal benefit 1 |  |  | 1.5 |  |  |  | (0.5 | ) |  |  | 1.0 |
Research and development credit |  |  | 3.2 |  |  |  | 2.2 |  |  |  | 0.6 |
Foreign income tax expense |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.3 | )
Foreign undistributed earnings |  |  | (0.3 | ) |  |  | (0.3 | ) |  |  | (0.3 | )
Income tax (provision) benefit |  | $ | (9.1 | ) |  | $ | 8.3 |  |  | $ | 5.5 |
1. The state income tax expense was $1.4 million in 2023, reflecting a decrease of $1.9 million due to state net operating loss (“NOL”) carryforward expirations and tax rate true-ups in various states and a $1.0 million decrease in the valuation allowance relating to certain state net operating losses. The state income tax benefit was $1.1 million in 2022, reflecting an increase of $1.5 million due to state NOL carryforward expirations and tax rate true-ups in various states and a $0.1 million increase in the valuation allowance relating to certain state net operating losses. The state income tax benefit was $0.7 million in 2021, reflecting an increase of $1.3 million due to state NOL carryforward expirations and tax rate true-ups in various states, offset by a $1.6 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 and liabilities (in millions of dollars):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |
Deferred income tax assets: |  |  |  |  |  |
Loss and credit carryforwards |  | $ | 39.6 |  |  | $ | 47.7 |
Defined benefit plans |  |  | 3.6 |  |  |  | 2.9 |
Other assets |  |  | 36.8 |  |  |  | 36.3 |
Lease assets |  |  | 8.7 |  |  |  | 10.6 |
Inventories |  |  | 29.5 |  |  |  | 46.9 |
Excess interest carryforward |  |  | 14.0 |  |  |  | 12.2 |
Research & development capitalization |  |  | 16.9 |  |  |  | 8.7 |
Valuation allowances |  |  | (2.7 | ) |  |  | (3.7 | )
Total deferred income tax assets |  |  | 146.4 |  |  |  | 161.6 |
Deferred income tax liabilities: |  |  |  |  |  |
Property, plant and equipment |  |  | (142.6 | ) |  |  | (147.0 | )
Lease liabilities |  |  | (8.7 | ) |  |  | (9.3 | )
Undistributed foreign earnings |  |  | (3.0 | ) |  |  | (2.7 | )
Total deferred income tax liabilities |  |  | (154.3 | ) |  |  | (159.0 | )
Net deferred income tax (liabilities) assets |  | $ | (7.9 | ) |  | $ | 2.6 |
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, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Gross unrecognized tax benefits at beginning of period |  | $ | 5.0 |  |  | $ | 4.1 |  |  | $ | 3.8 |
Gross increases for tax positions of current year |  |  | 1.3 |  |  |  | 0.9 |  |  |  | 0.3 |
Gross increases for tax positions of prior years |  |  | 0.2 |  |  |  | 0.1 |  |  |  | 0.4 |
Gross decreases for tax positions of prior years |  |  | — |  |  |  | (0.1 | ) |  |  | (0.3 | )
Settlements |  |  | — |  |  |  | — |  |  |  | (0.1 | )
Gross unrecognized tax benefits at end of period |  | $ | 6.5 |  |  | $ | 5.0 |  |  | $ | 4.1 |

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