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Income Taxes (Tables) | 12 Months Ended
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Dec. 28, 2014
Income Tax Disclosure [Abstract] |
Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction | Earnings from continuing operations before taxes for the years 2014, 2013 and 2012 were taxed under the following jurisdictions:
| 2014 |  | 2013 |  | 2012
| (In million of dollars)
Domestic | $ | 5.9 |  |  | $ | 35.1 |  |  | $ | 56.3 |
Foreign | 10.7 |  |  | 13.7 |  |  | 12.5 |
Total | $ | 16.6 |  |  | $ | 48.8 |  |  | $ | 68.8 |
Provision for Income Taxes From Continuing Operations | The provision for income taxes from continuing operations was as follows:
| 2014 |  | 2013 |  | 2012
| (In millions of dollars)
Current tax expense: |  |  |  |  |
U.S. federal | $ | 5.6 |  |  | $ | 7.3 |  |  | $ | 1.4 |
U.S. state and local | 1.4 |  |  | 3.5 |  |  | 3.0 |
Foreign | 12.7 |  |  | 10.4 |  |  | 10.0 |
Total current | 19.7 |  |  | 21.2 |  |  | 14.4 |
Deferred tax expense: |  |  |  |  |
U.S. federal | (22.0 | ) |  | (26.9 | ) |  | 4.7 |
U.S. state and local | (0.4 | ) |  | (1.6 | ) |  | 0.9 |
Foreign | (4.4 | ) |  | (2.8 | ) |  | (0.9 | )
Total deferred | (26.8 | ) |  | (31.3 | ) |  | 4.7 |
Total provision | $ | (7.1 | ) |  | $ | (10.1 | ) |  | $ | 19.1 |
Deferred Taxes | Deferred taxes are comprised of the following:
| 2014 |  | 2013
| (In millions of dollars)
Depreciation and amortization | $ | (11.6 | ) |  | $ | (10.4 | )
Employee compensation and benefit plans | 70.4 |  |  | 68.1 |
Workers’ compensation | 21.6 |  |  | 22.8 |
Unrealized gain on securities | (23.7 | ) |  | (17.2 | )
Loss carryforwards | 47.2 |  |  | 49.4 |
Credit carryforwards | 103.0 |  |  | 82.0 |
Other, net | 8.2 |  |  | 0.2 |
Valuation allowance | (58.5 | ) |  | (56.3 | )
Net deferred tax assets | $ | 156.6 |  |  | $ | 138.6 |
The deferred tax balance is classified in the consolidated balance sheet as:
| 2014 |  | 2013
| (In millions of dollars)
Current assets, deferred tax | $ | 34.4 |  |  | $ | 35.5 |
Noncurrent deferred tax asset | 146.3 |  |  | 121.7 |
Current liabilities, income and other taxes | (0.4 | ) |  | (0.4 | )
Noncurrent liabilities, other long-term liabilities | (23.7 | ) |  | (18.2 | )
| $ | 156.6 |  |  | $ | 138.6 |
Differences Between Income Taxes From Continuing Operations and U.S. Statutory Rate | The differences between income taxes from continuing operations for financial reporting purposes and the U.S. statutory rate of 35% are as follows:
| 2014 |  | 2013 |  | 2012
| (In millions of dollars)
Income tax based on statutory rate | $ | 5.8 |  |  | $ | 17.1 |  |  | $ | 24.1 |
State income taxes, net of federal benefit | 0.7 |  |  | 1.2 |  |  | 2.6 |
General business credits | (17.5 | ) |  | (26.2 | ) |  | (7.9 | )
Life insurance cash surrender value | (2.2 | ) |  | (5.8 | ) |  | (3.4 | )
Foreign items | (0.2 | ) |  | 0.3 |  |  | 1.6 |
Foreign business taxes | 4.2 |  |  | 3.9 |  |  | 4.5 |
Foreign tax law change | (2.2 | ) |  | (4.6 | ) |  | — |
Non-deductible expenses | 2.1 |  |  | 1.6 |  |  | 3.1 |
Change in deferred tax realizability | 2.2 |  |  | 2.8 |  |  | (0.7 | )
Uncertain tax positions | — |  |  | — |  |  | (4.8 | )
Other, net | — |  |  | (0.4 | ) |  | — |
Total | $ | (7.1 | ) |  | $ | (10.1 | ) |  | $ | 19.1 |
Net Tax Effect of State and Foreign Loss Carryforwards | The net tax effect of state and foreign loss carryforwards at year-end 2014 totaled $47.2 million, which expire as follows (in millions of dollars):
Year |  | Amount
2015-2017 |  | $ | 1.9 |
2018-2020 |  | 2.5 |
2021-2024 |  | 1.2 |
2025-2031 |  | 0.3 |
No expiration |  | 41.3 |
Total |  | $ | 47.2 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2014 |  | 2013 |  | 2012
| (In millions of dollars)
Balance at beginning of the year | $ | 2.8 |  |  | $ | 2.9 |  |  | $ | 7.8 |
Additions for prior years’ tax positions | — |  |  | — |  |  | 0.4 |
Reductions for prior years’ tax positions | (0.4 | ) |  | (0.1 | ) |  | (5.3 | )
Additions for settlements | — |  |  | — |  |  | — |
Reductions for settlements | — |  |  | — |  |  | — |
Reductions for expiration of statutes | — |  |  | — |  |  | — |
Balance at end of the year | $ | 2.4 |  |  | $ | 2.8 |  |  | $ | 2.9 |

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- 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://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -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=26873400&loc=d3e23780-122690 + Details
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