Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020 2019 2018
Domestic $ (65.5) $ (65.6) $ (28.1)
Foreign 1.1  (1.7) 3.0 
Total $ (64.4) $ (67.3) $ (25.1)
Schedule of Components of Income Tax Expense (Benefit)
The following table presents the components of the income tax (benefit) expense:
Year Ended December 31,
2020 2019 2018
Current
Federal $ 0.2  $ 0.3  $ 0.3 
Foreign 0.7  0.4  0.6 
State and local 0.1  0.1  0.2 
Subtotal 1.0  0.8  1.1 
Deferred
Federal (2.5) 0.1  (4.6)
Foreign 1.1  0.6  (2.5)
State and local (0.4) 0.1  — 
Subtotal (1.8) 0.8  (7.1)
Total $ (0.8) $ 1.6  $ (6.0)
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,
2020 2019 2018
Continuing operations tax at statutory rate $ (13.5) $ (14.1) $ (5.3)
Increase in valuation allowances on deferred federal income tax assets 10.4  14.3  0.2 
Increase in valuation allowances on deferred state income tax assets 2.6  2.1  0.7 
State income tax benefit, net of federal benefit (2.7) (1.8) (0.6)
Tax on foreign and foreign-source income 0.5  1.2  1.1 
Permanent book/tax differences 0.6  1.1  1.7 
Increase (decrease) in valuation allowances on deferred foreign income tax assets 1.3  0.1  (3.4)
Impact of Tax Cuts and Jobs Act —  —  0.1 
Other —  (1.3) (0.5)
Total $ (0.8) $ 1.6  $ (6.0)
Schedule of Deferred Tax Assets and Liabilities
December 31, 2020 December 31, 2019
Deferred income tax assets (liabilities)
Postretirement and postemployment benefits $ 15.8  $ 17.5 
Net operating losses 38.1  25.1 
Accrued expenses 5.0  4.2 
Deferred compensation 3.2  2.6 
Customer claims reserves 4.3  4.2 
Goodwill 2.1  2.2 
Pension benefit liabilities 0.3  3.5 
Tax credit carryforwards 2.5  3.4 
Intangibles 3.8  2.8 
163(j) Disqualified Interest 2.3  0.6 
Other 2.4  2.0 
Total deferred income tax assets 79.8  68.1 
Valuation allowances (48.5) (35.8)
Net deferred income tax assets 31.3  32.3 
Accumulated depreciation (20.7) (20.6)
Inventories (6.1) (6.7)
Other (2.5) (2.1)
Total deferred income tax liabilities (29.3) (29.4)
Net deferred income tax assets $ 2.0  $ 2.9 
Deferred income taxes have been classified in the Consolidated Balance Sheet as:
Deferred income tax assets—noncurrent $ 4.4  $ 5.3 
Deferred income tax liabilities—noncurrent (2.4) (2.4)
Net deferred income tax assets $ 2.0  $ 2.9 
Summary of Valuation Allowance
The following table presents the components of our valuation allowance against deferred income tax assets:
Year Ended December 31,
2020 2019
Federal $ 33.1  $ 20.3 
State 8.0  5.4 
Foreign 7.4  10.1 
Total $ 48.5  $ 35.8 
Summary of Operating Loss Carryforwards
The following is a summary of our NOL carryforwards:
Year Ended December 31,
2020 2019
Federal $ 124.1  $ 54.7 
State 103.0  56.7 
Foreign 28.1  42.0 
Schedule of Unrecognized Tax Benefits
The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties:
2020 2019 2018
Unrecognized tax benefits as of January 1 $ 0.7  $ 1.6  $ 4.8 
Gross change for current year positions —  —  0.2 
Increase for prior period positions 0.7  —  — 
(Decreases) for prior period positions —  (0.9) (3.4)
Decrease due to statute expirations (0.1) —  — 
Unrecognized tax benefits balance as of December 31 $ 1.3  $ 0.7  $ 1.6 
Schedule of Other Income Tax Amounts
The following table details amounts related to certain other taxes:
Year Ended December 31,
2020 2019 2018
Payroll taxes $ 9.8  $ 10.0  $ 11.7 
Property and franchise taxes 3.0  3.2  2.5