Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income before Income Tax, Domestic and Foreign

The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following:


	Year Ended December 31,
In millions	2019		2018		2017
U.S.	$	304.9	$	299.3	$	227.5
International	48.6		48.5		25.5
Income before Income Taxes and Equity Income of Unconsolidated Entity	$	353.5	$	347.8	$	253.0

Schedule of Components of Income Tax (Expense) Benefit

The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following:


	Year Ended December 31,
In millions	2019		2018		2017
Current Expense:
U.S.	$	(1.1)	$	(1.6)	$	(15.9)
International	(13.5)		(15.7)		(9.2)
Total Current	$	(14.6)	$	(17.3)	$	(25.1)

Deferred (Expense) Benefit:
U.S.	(0.8)		(0.1)		343.8
International	(5.0)		5.6		3.0
Total Deferred	$	(5.8)	$	5.5	$	346.8
Income Tax (Expense) Benefit	$	(20.4)	$	(11.8)	$	321.7

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21% compared with the Company’s actual Income Tax (Expense) Benefit is as follows:


	Year Ended December 31,
In millions	2019		Percent		2018		Percent		2017		Percent
Income Tax Expense at U.S. Statutory Rate	$	(74.2)	21.0	%	$	(73.1)	21.0	%	$	(88.5)	35.0	%
U.S. State and Local Tax Expense	(0.9)		0.2		(1.5)		0.5		(8.7)		3.4



Permanent Items	(1.0)		0.3		(8.1)		2.3		(2.7)		1.0
Income Taxed at Corporate Partners	65.4		(18.5)		71.3		(20.5)		—		—
U.S. Tax Reform	—		—		—		—		158.5		(62.7)
Change in Valuation Allowance due to Tax Reform	—		—		—		—		(2.0)		0.8
Change in Valuation Allowance	(5.6)		1.5		2.9		(0.8)		(3.5)		1.4
Change in Valuation Allowance due to Tax Status	—		—		—		—		20.3		(8.0)
International Tax Rate Differences	(1.6)		0.5		(1.9)		0.5		3.2		(1.3)
Foreign Withholding Tax	(0.7)		0.2		(0.5)		0.2		(0.4)		0.2


Change in Tax Rates	(0.7)		0.2		(0.5)		0.1		(3.0)		1.2
U.S. Federal & State Tax Credits	—		—		—		—		10.2		(4.0)
Uncertain Tax Positions	(0.1)		0.1		—		—		(0.3)		0.1
Change in Tax Status	—		—		—		—		235.4		(93.0)
Other	(1.0)		0.3		(0.4)		0.1		3.2		(1.3)
Income Tax (Expense) Benefit	$	(20.4)	5.8	%	$	(11.8)	3.4	%	$	321.7	(127.2)	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows:


In millions	2019		2018
Deferred Income Tax Assets:
Compensation Based Accruals	$	3.7	$	2.8
Net Operating Loss Carryforwards	30.5		29.4
Postretirement Benefits	0.7		0.8
Tax Credits	0.7		1.5
Other	1.9		1.9
Valuation Allowance	(31.8)		(26.1)
Total Deferred Income Tax Assets	$	5.7	$	10.3
Deferred Income Tax Liabilities:





Property, Plant and Equipment	(16.3)		(14.8)
Goodwill	(1.8)		(1.5)
Other Intangibles	(12.1)		(12.2)
Other	(0.3)		—
Net Noncurrent Deferred Income Tax Liabilities	$	(30.5)	$	(28.5)
Net Deferred Income Tax Liability	$	(24.8)	$	(18.2)

Summary of Valuation Allowance

The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2019, 2018, and 2017, respectively:


	December 31,
In millions	2019		2018		2017
Balance Beginning of Period	$	26.1	$	31.2	$	45.5
Charges to Costs and Expenses	5.6		(2.9)		(14.8)
Additions (Deductions)	0.1		(2.2)		0.5
Balance at End of Period	$	31.8	$	26.1	$	31.2

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


In millions	2019		2018		2017
Balance at January 1,	$	1.8	$	1.8	$	1.8
Additions for Tax Positions of Current Year	0.1		—		—
Additions for Tax Positions of Prior Years	0.1		0.1		0.1
Reductions for Tax Positions of Prior Years	—		(0.1)		(0.1)
Balance at December 31,	$	2.0	$	1.8	$	1.8