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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of income (loss) before income taxes, and provision (benefit) for income taxes

The components of income (loss) before income taxes, and the provision (benefit) for income taxes are as follows (in millions):

	Year Ended December 31,
	2017				2016				2015
Income before income taxes
United States	$	(76.2	)		$	(140.5	)		$	(167.2	)
Foreign	4.0				1.3				(1.3		)
Total	(72.2		)		(139.2		)		(168.5		)
Income tax provision (benefit):
Current:
United States	(27.4		)		(30.6		)		(49.5		)
State	(4.6		)		(3.5		)		(4.2		)
Foreign	1.4				0.7				(0.2		)
Total	(30.6		)		(33.4		)		(53.9		)
Deferred:
United States	(9.0		)		(21.3		)		(12.5		)
State	(0.4		)		(1.0		)		(0.8		)
Foreign	(0.1		)		(0.2		)		(0.1		)
Total	(9.5		)		(22.5		)		(13.4		)
Total income tax benefit	$	(40.1	)		$	(55.9	)		$	(67.3	)

Major differences between federal statutory rate and effective tax rate

Major differences between the federal statutory rate and the effective tax rate are as follows:

	Year Ended December 31,
	2017			2016			2015
Federal statutory rate	35.0	%		35.0	%		35.0	%
Rate of state income taxes, net of federal tax benefit	4.5			2.8			2.0
Statutory rate other than U.S. statutory rate	0.1			0.4			—
Sec. 987 regulation change, federal and state impact	—			1.2			—
U.S. federal research and development credit	3.0			1.5			1.0
Impacts of U.S. federal tax reform	14.2			—			—
Other, net	(1.2	)		(0.7	)		1.9
Effective tax rate	55.6	%		40.2	%		39.9	%

Summary of significant components of deferred tax assets and liabilities

The following is a summary of the significant components of the Company’s deferred tax assets and liabilities (in millions):

		As of December 31,
		2017				2016
Deferred tax assets
Accrued liabilities		$	18.7			$	34.1
Investment in Joint Venture		5.3				—
Stock-based compensation		7.3				8.7
Transaction costs		5.8				—
Other		6.7				8.4
		43.8				51.2
Valuation allowance		(1.3		)		(0.5		)
Total deferred assets		42.5				50.7
Deferred tax liabilities
Intangibles, net		10.2				17.7
Inventories		12.8				13.0
Property, plant and equipment, net		29.4				45.8
Other		0.3				1.0
Total deferred tax liabilities		52.7				77.5
Net deferred tax liabilities		$	10.2			$	26.8

Reconciliation of beginning and ending amount of unrecognized tax benefit

A reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows (in millions):

	As of December 31,
	2017				2016
Beginning of year	$	2.7			$	1.5
Gross increases for tax positions of prior years	0.1				1.5
Gross decreases for tax positions of prior years	—				(0.2		)
Decreases for settlements with taxing authorities	—				(0.1		)
Decreases for lapse of the applicable statute of limitations	(0.1		)		—
End of year	$	2.7			$	2.7

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=96868398&loc=d3e36027-109320

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