INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

Schedule of Income Tax Expense (Benefit) on Income from Continuing Operations

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



	2016			2015		2014
Current:
Federal	$	2.9		$	13.4	$	15.4
State	0.9			1.6		4.5
Current	$	3.8		$	15.0	$	19.9
Deferred:
Federal	$	(1.4	)	$	18.5	$	(8.1	)
State	0.2			2.8		(7.7		)
Deferred	$	(1.2	)	$	21.3	$	(15.8	)
Income tax expense (benefit)	$	2.6		$	36.3	$	4.1

Schedule of Income Tax Reconciliation

Income tax expense (benefit) for 2016, 2015 and 2014 differs from amounts computed by applying the statutory federal rate to income from continuing operations before income taxes for the following reasons (in millions):



	2016			2015			2014
Computed federal income tax expense	$	12.3		$	34.0		$	14.3
State income taxes	0.6			4.4			1.9
Nondeductible transaction costs	2.4			—			—
Federal solar tax credits	(8.7		)	—			(11.3		)
Share-based compensation	(1.5		)	—			—
Noncontrolling interest	(0.7		)	(0.5		)	(1.1		)
Other—net	(1.8		)	(1.6		)	0.3
Income tax expense (benefit)	$	2.6		$	36.3		$	4.1

Schedule of Tax effects of 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):



	2016		2015
Deferred tax assets:
Employee benefits	$	35.8	$	37.1
Capitalized costs	23.0		22.4
Joint ventures and other investments	1.3		4.3
Impairment and amortization	11.4		7.8
Solar investment benefits	15.0		9.0
Insurance and other reserves	6.0		5.9
Other	3.5		5.7
Total deferred tax assets	$	96.0	$	92.2

Deferred tax liabilities:
Property (including tax-deferred gains on real estate transactions)	$	260.3	$	279.3
Straight-line rental income and advanced rent	8.4		9.0
Other	9.3		6.0
Total deferred tax liabilities	$	278.0	$	294.3

Net deferred tax liability	$	182.0	$	202.1

Summary of Investment Holdings, Schedule of Investments

For the years ended December 31, 2016 and 2015, the Company recorded the following non-cash reductions related to the Company's investments in Waihonu and KRS II in Reduction in Solar Investments in the accompanying consolidated statement of operations (in millions):



	2016		2015
Waihonu	$	8.7	$	—
KRS II	1.1		2.6
Total	$	9.8	$	2.6