XML 49 R33.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Provision (Benefit) for Income Taxes | The income tax provision (benefit) is comprised of the following:
|  | For The Years Ended December 31,
(In millions) |  | 2020 |  | 2019 |  | 2018
Current |  |  |  |  |  |
Federal |  | $ | (17.4) |  |  | $ | (2.1) |  |  | $ | 1.1 |
State |  | 1.8 |  |  | 0.1 |  |  | 2.1 |
Total current |  | (15.6) |  |  | (2.0) |  |  | 3.2 |
Deferred |  |  |  |  |  |
Federal |  | 32.5 |  |  | (0.6) |  |  | 3.6 |
State |  | 4.2 |  |  | 0.3 |  |  | 3.5 |
Total deferred |  | 36.7 |  |  | (0.3) |  |  | 7.1 |
Income tax provision (benefit) |  | $ | 21.1 |  |  | $ | (2.3) |  |  | $ | 10.3 |
Income Tax Reconciliation | The income tax provision (benefit) differs from the amount computed by applying the statutory federal income tax rate to income (loss) before income taxes due to the following:
|  | For The Years Ended December 31,
(In millions) |  | 2020 |  | 2019 |  | 2018
Tax at the statutory rate |  | $ | 20.6 |  |  | $ | (1.7) |  |  | $ | (28.0) |
Goodwill impairment |  | — |  |  | — |  |  | 41.0 |
State and local taxes, net of federal income tax impact |  | 5.6 |  |  | (0.9) |  |  | 4.4 |
Adjustment for state deferred tax rate |  | (0.3) |  |  | (1.2) |  |  | 0.1 |
CARES Act net operating loss carryback |  | (7.0) |  |  | — |  |  | — |
Federal credits |  | (1.3) |  |  | (2.3) |  |  | (10.9) |
Uncertain tax positions |  | 2.2 |  |  | 0.7 |  |  | — |
Stock compensation |  | 1.2 |  |  | 0.6 |  |  | 0.7 |
Non-deductible expenses |  | 1.1 |  |  | 0.4 |  |  | 0.2 |
Change in valuation allowances |  | 0.1 |  |  | 2.3 |  |  | — |
Other, net 1 |  | (1.1) |  |  | (0.2) |  |  | 2.8 |
Income tax provision (benefit) |  | $ | 21.1 |  |  | $ | (2.3) |  |  | $ | 10.3 |
Tax Effects of Significant Temporary Differences Creating Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences creating deferred tax assets and liabilities at December 31 were:
(In millions) |  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Employee benefits |  | $ | 3.4 |  |  | $ | 3.8 |
Postretirement employee benefits |  | 19.2 |  |  | 17.1 |
Incentive compensation |  | 5.2 |  |  | 4.4 |
Inventories |  | 0.6 |  |  | 7.6 |
Pensions |  | 0.2 |  |  | 3.2 |
Federal and state credit carryforwards |  | 16.2 |  |  | 10.3 |
Federal and state net operating losses |  | 3.9 |  |  | 8.8 |
Deferred interest expense |  | — |  |  | 12.4 |
Operating leases |  | 18.0 |  |  | 20.5 |
Other |  | 1.8 |  |  | 1.6 |
Total deferred tax assets |  | 68.5 |  |  | 89.7 |
Valuation allowance |  | (5.4) |  |  | (5.3) |
Deferred tax assets, net of valuation allowance |  | 63.1 |  |  | 84.4 |
Deferred tax liabilities: |  |  |  |
Property, plant and equipment, net |  | (199.7) |  |  | (179.2) |
Operating leases |  | (16.4) |  |  | (18.9) |
Intangible assets, net |  | (3.0) |  |  | (3.8) |
Total deferred tax liabilities |  | (219.1) |  |  | (201.9) |
Net deferred tax liabilities |  | $ | (156.0) |  |  | $ | (117.5) |
Net deferred tax assets (liabilities) consist of:
(In millions) |  | 2020 |  | 2019
Non-current deferred tax assets 1 |  | $ | 2.1 |  |  | $ | 3.8 |
Non-current deferred tax liabilities |  | (158.1) |  |  | (121.3) |
Net deferred tax liabilities |  | $ | (156.0) |  |  | $ | (117.5) |
1 Included in "Other assets, net" on our accompanying December 31, 2020 and 2019 Consolidated Balance Sheets.
Roll Forward of Unrecognized Tax Benefits and Associated Interest and Penalties Included in the Accrued Taxes line item in non-current liabilities |
(In millions) |  | Gross Unrecognized Tax Benefits, Excluding Interest and Penalties |  | Interest and Penalties |  | Total Gross Unrecognized Tax Benefits
Balance at December 31, 2018 |  | $ | 3.1 |  |  | $ | 0.3 |  |  | $ | 3.4 |
Change in prior year tax positions |  | 0.3 |  |  | 0.1 |  |  | 0.4 |
Change in current year tax positions |  | 0.3 |  |  | — |  |  | 0.3 |
Balance at December 31, 2019 |  | 3.7 |  |  | 0.4 |  |  | 4.1 |
Change in prior year tax positions |  | 2.0 |  |  | (0.1) |  |  | 1.9 |
Change in current year tax positions |  | 0.4 |  |  | — |  |  | 0.4 |
Balance at December 31, 2020 |  | $ | 6.1 |  |  | $ | 0.3 |  |  | $ | 6.4 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration