Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

The income tax expense on income from continuing operations for each of the three years in the period ended December 31, 2014 consisted of the following (in millions):



	2014			2013			2012
Current:
Federal	$	11.2		$	17.1		$	4.3
State	2.8			2.1			0.8
Current	14.0			19.2			5.1
Deferred:
Federal	(7.8		)	(5.7		)	(9.0		)
State	(7.6		)	(2.4		)	(2.0		)
Deferred	(15.4		)	(8.1		)	(11.0		)
Total continuing operations tax expense (benefit)	$	(1.4	)	$	11.1		$	(5.9	)

Income Tax Reconciliation

Income tax expense for 2014, 2013 and 2012 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions):



	2014			2013			2012
Computed federal income tax expense	$	10.1		$	8.3		$	—
State income taxes	(4.1		)	1.0			(0.3		)
Non-deductible transaction costs	—			1.6			1.7
Charitable contribution	—			(0.2		)	(3.5		)
Federal solar tax credits	(11.3		)	—			(2.9		)
Other—net	3.9			0.4			(0.9		)
Income tax expense (benefit)	$	(1.4	)	$	11.1		$	(5.9	)

Temporary Differences Affecting Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31 of each year are as follows (in millions):



	2014		2013
Deferred tax assets:
Benefit plans	$	30.7	$	21.1
Capitalized costs	21.9		24.1
Charitable contribution	—		1.5
Joint ventures and other investments	19.0		13.0
Impairment and amortization	6.7		0.5
Insurance and other reserves	4.2		6.7
Solar credit*	4.9		3.5
Other	9.8		5.4
Total deferred tax assets	97.2		75.8

Deferred tax liabilities:
Tax-deferred gains on real estate transactions	252.5		225.4
Basis differences for property and equipment	19.3		23.4
Straight-line rental income and advanced rent	8.4		7.2
Other	2.7		5.2
Total deferred tax liabilities	282.9		261.2

Net deferred tax liability	$	185.7	$	185.4

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in millions):



Balance at January 1, 2012	$	2.5
Additions for tax positions of prior years	—
Additions for tax positions of current year	—
Reductions for tax positions of prior years	(2.5		)
Reductions for lapse of statute of limitations	—
Balance at December 31, 2012	—
Additions for tax positions of prior years	—
Additions for tax positions of current year	—
Reductions for tax positions of prior years	—
Reductions for lapse of statute of limitations	—
Balance at December 31, 2013	—
Additions for tax positions of prior years	—
Additions for tax positions of current year	—
Reductions for tax positions of prior years	—
Reductions for lapse of statute of limitations	—
Balance at December 31, 2014	$	—

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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