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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Earnings (Loss) From Continuing Operations Before Taxes Per Jurisdiction

Earnings before taxes and equity in net earnings (loss) of affiliate for the years 2017, 2016 and 2015 were taxed under the following jurisdictions: 

	2017				2016				2015
	(In millions of dollars)
Domestic	$	55.2			$	112.4			$	28.9
Foreign	26.5				37.3				34.3
Total	$	81.7			$	149.7			$	63.2

Provision for Income Taxes From Continuing Operations

The provision for income taxes was as follows:

	2017				2016				2015
	(In millions of dollars)
Current tax expense:
U.S. federal	$	6.6			$	10.2			$	8.3
U.S. state and local	2.4				2.4				1.4
Foreign	9.7				10.0				10.8
Total current	18.7				22.6				20.5
Deferred tax expense:
U.S. federal	0.4				11.8				(10.6		)
U.S. state and local	0.1				2.0				0.8
Foreign	(6.4		)		(6.4		)		(2.0		)
Total deferred	(5.9		)		7.4				(11.8		)
Total provision	$	12.8			$	30.0			$	8.7

Deferred Taxes

Deferred taxes are comprised of the following:

	2017				2016
	(In millions of dollars)
Depreciation and amortization	$	(13.4	)		$	(14.6	)
Employee compensation and benefit plans	57.3				75.5
Workers’ compensation	14.5				22.4
Unrealized gain on securities	(60.1		)		(33.6		)
Investment in equity affiliate	(15.5		)		(22.7		)
Loss carryforwards	38.8				36.4
Credit carryforwards	132.7				121.2
Other, net	3.1				3.5
Valuation allowance	(34.6		)		(42.1		)
Net deferred tax assets	$	122.8			$	146.0

The deferred tax balance is classified in the consolidated balance sheet as:

	2017				2016
	(In millions of dollars)
Deferred tax asset	$	183.4			$	180.1
Other long-term liabilities	(60.6		)		(34.1		)
	$	122.8			$	146.0

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:

	2017				2016				2015
	(In millions of dollars)
Income tax based on statutory rate	$	28.6			$	52.4			$	22.1
State income taxes, net of federal benefit	1.6				2.9				1.3
General business credits	(18.1		)		(17.0		)		(17.9		)
Life insurance cash surrender value	(7.4		)		(3.0		)		0.3
Foreign items	(2.8		)		0.4				(2.5		)
Foreign business taxes	4.0				3.6				3.7
Tax law change	13.9				—				(0.7		)
PersolKelly Asia Pacific transaction gain	—				(4.8		)		—
Non-deductible expenses	1.3				1.6				2.3
Change in deferred tax realizability	(7.8		)		(5.9		)		—
Other, net	(0.5		)		(0.2		)		0.1
Total	$	12.8			$	30.0			$	8.7

Net Tax Effect of State and Foreign Loss Carryforwards

The net tax effect of state and foreign loss carryforwards at year-end 2017 totaled $38.8 million, which expire as follows (in millions of dollars): 

Year		Amount
2018-2020		$	1.8
2021-2034		0.8
No expiration		36.2
Total		$	38.8

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: 

	2017				2016				2015
	(In millions of dollars)
Balance at beginning of the year	$	1.4			$	1.7			$	2.4
Additions for prior years’ tax positions	—				0.1				0.1
Reductions for prior years’ tax positions	—				—				(0.7		)
Additions for settlements	—				—				—
Reductions for settlements	—				—				—
Reductions for expiration of statutes	(0.2		)		(0.4		)		(0.1		)
Balance at end of the year	$	1.2			$	1.4			$	1.7

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