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Income Taxes (Tables)

12 Months Ended

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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