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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 allowances1						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 assets1			$	1.7					$	0.8
Non-current deferred tax liabilities			(89.7)						(36.0)
Net deferred tax liabilities			$	(88.0)					$	(35.2)

1Included 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

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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