XML 173 R39.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provision (Benefit) for Income Taxes | The components of income tax provision (benefit) from continuing operations is comprised of the following:
| For The Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | (73.9) |  |  | $ | 17.4 |  |  | $ | 19.8 |
State | (1.1) |  |  | 3.0 |  |  | 1.9 |
Total current | (75.0) |  |  | 20.5 |  |  | 21.7 |
Deferred |  |  |  |  |
Federal | 50.9 |  |  | (3.7) |  |  | 3.2 |
State | (3.0) |  |  | 0.1 |  |  | 4.3 |
Total deferred | 47.9 |  |  | (3.6) |  |  | 7.5 |
Income tax provision (benefit) | $ | (27.1) |  |  | $ | 16.9 |  |  | $ | 29.2 |
Income Tax Reconciliation | The income tax provision (benefit) from continuing operations 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,
|  | 2024 | % |  | 2023 | % |  | 2022 | %
Tax at the statutory rate |  | $ | (21.2) |  | 21.0 | % |  | $ | 13.8 |  | 21.0 | % |  | $ | 17.2 |  | 21.0 | %
State and local taxes, net of federal income tax impact |  | (4.5) |  | 4.5 | % |  | 2.6 |  | 4.0 | % |  | 3.2 |  | 3.9 | %
Adjustment for state deferred tax rate 1 |  | (0.1) |  | 0.1 | % |  | (0.2) |  | (0.2) | % |  | (4.7) |  | (5.7) | %
Federal credits 2 |  | (3.0) |  | 3.0 | % |  | (1.0) |  | (1.6) | % |  | 7.5 |  | 9.2 | %
Uncertain tax positions |  | 0.1 |  | (0.1) | % |  | 2.2 |  | 3.3 | % |  | (0.6) |  | (0.7) | %
Non-deductible expenses |  | 0.7 |  | (0.7) | % |  | 1.3 |  | 1.9 | % |  | 1.6 |  | 1.9 | %
Change in valuation allowances 1 |  | 0.4 |  | (0.4) | % |  | (0.7) |  | (1.1) | % |  | 4.2 |  | 5.1 | %
Other, net |  | 0.6 |  | (0.6) | % |  | (1.0) |  | (1.5) | % |  | 0.6 |  | 0.8 | %
Income tax provision (benefit) |  | $ | (27.1) |  | 26.8 | % |  | $ | 16.9 |  | 25.8 | % |  | $ | 29.2 |  | 35.5 | %
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:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Employee benefits | $ | 2.2 |  |  | $ | 2.1 |
Postretirement employee benefits | 11.4 |  |  | 13.0 |
Incentive compensation | 2.6 |  |  | 3.7 |
Inventories | 5.2 |  |  | 0.9 |
Pensions | 0.9 |  |  | — |
Federal and state credit carryforwards | 9.6 |  |  | 8.6 |
Federal and state net operating losses | 1.0 |  |  | 1.4 |
Operating leases | 6.9 |  |  | 8.1 |
Capitalized research credits | 10.7 |  |  | 4.4 |
Other | 1.7 |  |  | — |
Total deferred tax assets | 52.1 |  |  | 42.2 |
Valuation allowance | (8.0) |  |  | (7.6) |
Deferred tax assets, net of valuation allowance | 44.2 |  |  | 34.6 |
Deferred tax liabilities: |  |  |
Property, plant and equipment, net | (124.6) |  |  | (59.0) |
Operating leases | (6.8) |  |  | (7.9) |
Pensions | — |  |  | (0.5) |
Intangible assets, net | — |  |  | (1.3) |
Other | (0.7) |  |  | (1.2) |
Total deferred tax liabilities | (132.1) |  |  | (69.8) |
Net deferred tax liabilities | $ | (88.0) |  |  | $ | (35.2) |
Net deferred tax assets (liabilities) consist of:
| December 31,
| 2024 |  | 2023
Non-current deferred tax assets 1 | $ | 1.7 |  |  | $ | 0.8 |
Non-current deferred tax liabilities | (89.7) |  |  | (36.0) |
Net deferred tax liabilities | $ | (88.0) |  |  | $ | (35.2) |
1 Included in "Other assets, net" on our accompanying December 31, 2024 and 2023 Consolidated Balance Sheets.
Schedule of Unrecognized Tax Benefits Roll Forward |
| For The Years Ended December 31,
| 2024 | 2023 | 2022
Beginning balance | $ | 80.9 |  | $ | 70.4 |  | $ | 5.9 |
Increases: |  |  |
Tax position taken in current year | 0.9 |  | 0.4 |  | 68.6 |
Tax position taken in prior years | — |  | 10.4 |  | (0.1) |
Decreases: |  |  |
Settlements during the year | — |  | (0.3) |  | (3.1) |
Tax position taken in prior years | (78.4) |  | — |  | — |
Lapse of statutes in current year | (1.0) |  | — |  | (0.9) |
Ending balance | $ | 2.4 |  | $ | 80.9 |  | $ | 70.4 |

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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types: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://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration