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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Provision (Benefit) for Income Taxes | The components of income tax provision (benefit) is comprised of the following:
| For The Years Ended December 31,
| 2023 |  | 2022 |  | 2021
Current |  |  |  |  |
Federal | $ | 42.8 |  |  | $ | 31.2 |  |  | $ | 1.3 |
State | 8.5 |  |  | 3.8 |  |  | 0.7 |
Total current | 51.3 |  |  | 34.9 |  |  | 2.0 |
Deferred |  |  |  |  |
Federal | (13.1) |  |  | (7.6) |  |  | (8.8) |
State | (1.8) |  |  | (0.3) |  |  | (0.9) |
Total deferred | (14.9) |  |  | (7.9) |  |  | (9.7) |
Income tax provision (benefit) | $ | 36.4 |  |  | $ | 27.0 |  |  | $ | (7.7) |
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,
|  | 2023 | % |  | 2022 | % |  | 2021 | %
Tax at the statutory rate |  | 30.3 |  | 21.0 | % |  | 15.3 |  | 21.0 | % |  | (7.5) |  | 21.0 | %
State and local taxes, net of federal income tax impact |  | 5.8 |  | 4.0 | % |  | 2.4 |  | 3.3 | % |  | 0.2 |  | (0.5) | %
Adjustment for state deferred tax rate 1 |  | (0.8) |  | (0.6) | % |  | (5.7) |  | (7.8) | % |  | (0.4) |  | 1.2 | %
Federal credits 2 |  | (1.3) |  | (0.9) | % |  | 7.4 |  | 10.1 | % |  | 0.1 |  | (0.2) | %
Uncertain tax positions |  | 2.2 |  | 1.5 | % |  | (0.6) |  | (0.8) | % |  | (0.2) |  | 0.5 | %
Worthless stock deduction |  | (10.5) |  | (7.3) | % |  | (68.4) |  | (93.6) | % |  | — |  | — | %
Uncertain tax position - worthless stock deduction |  | 10.5 |  | 7.3 | % |  | 68.4 |  | 93.6 | % |  | — |  | — | %
Non-deductible expenses |  | 1.3 |  | 0.9 | % |  | 1.6 |  | 2.2 | % |  | 0.2 |  | (0.6) | %
Change in valuation allowances 1 |  | (0.1) |  | (0.1) | % |  | 5.9 |  | 8.1 | % |  | — |  | 0.1 | %
Other, net |  | (1.0) |  | (0.7) | % |  | 0.6 |  | 0.8 | % |  | (0.1) |  | 0.2 | %
Income tax provision (benefit) |  | 36.4 |  | 25.3 | % |  | 27.0 |  | 37.0 | % |  | (7.7) |  | 21.6 | %
1 In 2022, Idaho revised their state income tax rate. Given our expected utilization, we recorded an offset to our valuation allowances for the amount of this reduction. 2 In 2022, we adjusted our tax positions under audit related to the disallowance of a previously taken federal tax credits based upon interpretation of the law.
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:
| 2023 |  | 2022
Deferred tax assets: |  |  |
Employee benefits | $ | 3.6 |  |  | $ | 3.2 |
Postretirement employee benefits | 13.1 |  |  | 12.9 |
Incentive compensation | 3.7 |  |  | 3.5 |
Inventories | 1.2 |  |  | 2.2 |
Pensions | — |  |  | 0.9 |
Federal and state credit carryforwards | 10.6 |  |  | 10.1 |
Federal and state net operating losses | 1.3 |  |  | 3.3 |
Operating leases | 16.0 |  |  | 12.0 |
Capitalized research credits | 8.0 |  |  | 2.7 |
Total deferred tax assets | 57.5 |  |  | 50.8 |
Valuation allowance | (9.0) |  |  | (10.8) |
Deferred tax assets, net of valuation allowance | 48.4 |  |  | 40.0 |
Deferred tax liabilities: |  |  |
Property, plant and equipment, net | (158.3) |  |  | (168.3) |
Operating leases | (15.0) |  |  | (10.8) |
Pensions | (0.5) |  |  | — |
Intangible assets, net | (1.3) |  |  | (1.8) |
Other | (1.4) |  |  | (1.2) |
Total deferred tax liabilities | (176.5) |  |  | (182.1) |
Net deferred tax liabilities | $ | (128.1) |  |  | $ | (142.1) |
Net deferred tax assets (liabilities) consist of:
| December 31,
| 2023 |  | 2022
Non-current deferred tax assets 1 | $ | 0.8 |  |  | $ | 0.6 |
Non-current deferred tax liabilities | (128.9) |  |  | (142.7) |
Net deferred tax liabilities | $ | (128.1) |  |  | $ | (142.1) |
1 Included in "Other assets, net" on our accompanying December 31, 2023 and 2022 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 |
| For The Years Ended December 31,
| 2023 | 2022 | 2021
Beginning balance | $ | 70.4 |  | $ | 5.9 |  | $ | 6.4 |
Increases: |  |  |
Tax position taken in current year | 0.4 |  | 68.6 |  | 0.2 |
Tax position taken in prior years | 10.4 |  | (0.1) |  | (0.7) |
Decreases: |  |  |
Settlements during the year | (0.3) |  | (3.1) |  | — |
Lapse of statutes in current year | — |  | (0.9) |  | — |
Ending balance | $ | 80.9 |  | $ | 70.4 |  | $ | 5.9 |

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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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