Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following table presents (loss) income 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,
 
2017
 
2016
 
2015
Domestic
$
(50.9
)
 
$
14.3

 
$
(41.6
)
Foreign
0.9

 
(2.7
)
 
24.0

Total
$
(50.0
)
 
$
11.6

 
$
(17.6
)
Schedule of Components of Income Tax Expense (Benefit)
The following table presents the components of the income tax (benefit) expense:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Current
 
 
 
 
 
Federal
$
(4.6
)
 
$
6.2

 
$
5.0

Foreign
0.8

 
0.4

 
1.6

State and local

 
1.2

 
1.1

Subtotal
(3.8
)
 
7.8

 
7.7

Deferred
 
 
 
 
 
Federal
(7.2
)
 
(3.8
)
 
(14.5
)
Foreign
(0.3
)
 
0.5

 
0.6

State and local
3.1

 
(0.4
)
 
(1.1
)
Subtotal
(4.4
)
 
(3.7
)
 
(15.0
)
Total
$
(8.2
)
 
$
4.1

 
$
(7.3
)
Schedule of Effective Income Tax Rate Reconciliation
The following table presents the differences between our income tax (benefit) expense at the U.S. federal statutory income tax rate and our effective income tax rate:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Continuing operations tax at statutory rate
$
(17.5
)
 
$
4.0

 
$
(6.2
)
Increase in valuation allowances on deferred state income tax assets
7.9

 
0.1

 

Increase in valuation allowances on deferred federal income tax assets
3.8

 

 

State income tax (benefit) expense, net of federal benefit
(3.7
)
 
0.3

 
(0.9
)
Increase in valuation allowances on deferred foreign income tax assets
2.3

 
2.4

 
3.4

Tax on foreign and foreign-source income
(1.4
)
 
(1.9
)
 
(3.6
)
State law changes, net of federal benefit
(1.1
)
 

 

Impact of Tax Reform Act
0.8

 

 

Research and development credits
(0.7
)
 
(0.8
)
 
(0.9
)
Permanent book/tax differences
0.7

 
0.5

 
0.9

Domestic production activities

 
(0.4
)
 

Other
0.7

 
(0.1
)
 

Total
$
(8.2
)
 
$
4.1

 
$
(7.3
)
Schedule of Deferred Tax Assets and Liabilities
 
December 31, 2017
 
December 31, 2016
Deferred income tax assets (liabilities)
 
 
 
Postretirement and postemployment benefits
$
20.7

 
$
33.0

Net operating losses
36.8

 
26.9

Accrued expenses
9.7

 
12.1

Deferred compensation
2.4

 
7.8

Customer claims reserves
3.6

 
5.0

Goodwill
2.6

 
2.7

Pension benefit liabilities
1.2

 
0.4

Tax credit carryforwards
3.7

 
0.4

Other
1.7

 
2.6

Total deferred income tax assets
82.4

 
90.9

Valuation allowances
(41.1
)
 
(28.2
)
Net deferred income tax assets
41.3

 
62.7

Accumulated depreciation
(29.3
)
 
(43.5
)
Inventories
(9.6
)
 
(12.2
)
Intangibles
(3.0
)
 
(10.2
)
Other
(0.4
)
 
(0.7
)
Total deferred income tax liabilities
(42.3
)
 
(66.6
)
Net deferred income tax (liabilities)
$
(1.0
)
 
$
(3.9
)
Deferred income taxes have been classified in the Consolidated Balance Sheet as:
 
 
 
Deferred income tax assets—noncurrent
$
3.4

 
$
4.5

Deferred income tax liabilities—noncurrent
(4.4
)
 
(8.4
)
Net deferred income tax (liabilities)
$
(1.0
)
 
$
(3.9
)
Summary of Valuation Allowance
The following table presents the components of our valuation allowance against deferred income tax assets:
 
Year Ended December 31,
 
2017
 
2016
Foreign
$
23.5


$
23.3

State
13.8


4.9

Federal
3.8

 

Total
$
41.1

 
$
28.2

Summary of Operating Loss Carryforwards
The following is a summary of our net operating loss (“NOL”) carryforwards:
 
Year Ended December 31,
 
2017
 
2016
State
$
176.5

 
$
152.0

Foreign
83.2

 
79.9

Federal
30.5

 

Schedule of Unrecognized Tax Benefits
The following table presents a reconciliation of the total amounts of UTBs, excluding interest and penalties:
 
2017
 
2016
 
2015
Unrecognized tax benefits as of January 1,
$
5.0

 
$
81.9

 
$
76.1

Gross change for current year positions
0.4

 
1.3

 
5.7

(Decreases) increases for prior period positions
(0.6
)
 
(78.2
)
 
0.1

Unrecognized tax benefits balance as of December 31,
$
4.8

 
$
5.0

 
$
81.9

Schedule of Other Income Tax Amounts
The following table details amounts related to certain other taxes:
 
Year Ended December 31,
 
2017
 
2016
 
2015
Payroll taxes
$
17.3

 
$
18.9

 
$
19.2

Property and franchise taxes
4.7

 
4.8

 
4.9