Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign

The following table presents loss from continuing operations before income taxes for U.S. and international operations based on the location of the entity to which such earnings are attributable:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Domestic
$
(65.6
)
 
$
(28.1
)
 
$
(18.0
)
Foreign
(1.7
)
 
3.0

 
(1.1
)
Total
$
(67.3
)
 
$
(25.1
)
 
$
(19.1
)

Schedule of Components of Income Tax Expense (Benefit)
The following table presents the components of the income tax benefit:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Current
 
 
 
 
 
Federal
$
0.3

 
$
0.3

 
$
(4.7
)
Foreign
0.4

 
0.6

 
(0.4
)
State and local
0.1

 
0.2

 

Subtotal
0.8

 
1.1

 
(5.1
)
Deferred
 
 
 
 
 
Federal
0.1

 
(4.6
)
 
(0.3
)
Foreign
0.6

 
(2.5
)
 
0.1

State and local
0.1

 

 
3.3

Subtotal
0.8

 
(7.1
)
 
3.1

Total
$
1.6

 
$
(6.0
)
 
$
(2.0
)

Schedule of Effective Income Tax Rate Reconciliation
The following table presents the differences between our income tax benefit at the U.S. federal statutory income tax rate and our effective income tax rate:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Continuing operations tax at statutory rate
$
(14.1
)
 
$
(5.3
)
 
$
(6.7
)
Increase in valuation allowances on deferred federal income tax assets
14.3

 
0.2

 

Increase in valuation allowances on deferred state income tax assets
2.1

 
0.7

 
5.2

State income tax benefit, net of federal benefit
(1.8
)
 
(0.6
)
 
(0.8
)
Tax on foreign and foreign-source income
1.2

 
1.1

 
(1.4
)
Permanent book/tax differences
1.1

 
1.7

 
0.6

Research and development credits
(0.9
)
 
(0.6
)
 
(0.7
)
Increase/(decrease) in valuation allowances on deferred foreign income tax assets
0.1

 
(3.4
)
 
2.0

State law changes, net of federal benefit

 

 
(1.1
)
Impact of Tax Reform Act

 
0.1

 
0.8

Other
(0.4
)
 
0.1

 
0.1

Total
$
1.6

 
$
(6.0
)
 
$
(2.0
)

Schedule of Deferred Tax Assets and Liabilities
 
December 31, 2019
 
December 31, 2018
Deferred income tax assets (liabilities)
 
 
 
Postretirement and postemployment benefits
$
17.5

 
$
16.7

Net operating losses
25.1

 
19.3

Accrued expenses
4.2

 
9.1

Deferred compensation
2.6

 
5.5

Customer claims reserves
4.2

 
2.9

Goodwill
2.2

 
2.2

Pension benefit liabilities
3.5

 
2.3

Tax credit carryforwards
3.4

 
2.6

Intangibles
2.8

 
1.7

Other
2.6

 
0.8

Total deferred income tax assets
68.1

 
63.1

Valuation allowances
(35.8
)
 
(29.7
)
Net deferred income tax assets
32.3

 
33.4

Accumulated depreciation
(20.6
)
 
(20.2
)
Inventories
(6.7
)
 
(8.7
)
Other
(2.1
)
 
(1.0
)
Total deferred income tax liabilities
(29.4
)
 
(29.9
)
Net deferred income tax assets
$
2.9

 
$
3.5

Deferred income taxes have been classified in the Consolidated Balance Sheet as:
 
 
 
Deferred income tax assets—noncurrent
$
5.3

 
$
5.6

Deferred income tax liabilities—noncurrent
(2.4
)
 
(2.1
)
Net deferred income tax assets
$
2.9

 
$
3.5


Summary of Valuation Allowance
The following table presents the components of our valuation allowance against deferred income tax assets:
 
Year Ended December 31,
 
2019
 
2018
Federal
$
20.3


$
9.4

State
5.4


2.8

Foreign
10.1

 
17.5

Total
$
35.8

 
$
29.7


Summary of Operating Loss Carryforwards
The following is a summary of our net operating loss (“NOL”) carryforwards:
 
Year Ended December 31,
 
2019
 
2018
State
$
56.7

 
$
17.6

Foreign
42.0

 
65.3

Federal
54.7

 
14.0


Schedule of Unrecognized Tax Benefits
The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties:
 
2019
 
2018
 
2017
Unrecognized tax benefits as of January 1
$
1.6

 
$
4.8

 
$
5.0

Gross change for current year positions

 
0.2

 
0.4

(Decreases) for prior period positions
(0.9
)
 
(3.4
)
 
(0.6
)
Unrecognized tax benefits balance as of December 31
$
0.7

 
$
1.6

 
$
4.8


Schedule of Other Income Tax Amounts
The following table details amounts related to certain other taxes:
 
Year Ended December 31,
 
2019
 
2018
 
2017
Payroll taxes
$
10.0

 
$
11.7

 
$
10.9

Property and franchise taxes
3.2

 
2.5

 
2.5