Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]

from continuing operations before income taxes consists of the following:



	Year ended December 31,
Dollar amounts in millions	2018		2017		2016
Domestic	$	359.1	$	341.8	$	98.4
Foreign	162.0		168.4		71.7
Total	$	521.1	$	510.2	$	170.1

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]



	Year ended December 31,
Dollar amounts in millions	2018			2017			2016
Current tax provision (benefit):
U.S. federal	$	55.5		$	105.8		$	60.4
State and local	8.4			4.4			4.4
Foreign	31.7			7.9			10.4
Net current tax provision (benefit)	95.6			118.1			75.2
Deferred tax provision (benefit):
U.S. federal	11.2			(19.3		)	(48.1		)
State and local	5.8			8.0			1.2
Foreign	11.1			38.2			11.7
Net valuation allowance increase (decrease)	(1.4		)	(25.9		)	(20.2		)
Net deferred tax benefit	26.7			1.0			(55.4		)
Total income tax provision (benefit)	$	122.3		$	119.1		$	19.8

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The tax effects of significant temporary differences creating deferred tax assets and liabilities were as follows:



	December 31,
Dollar amounts in millions	2018			2017 ¹
Accrued liabilities	$	21.4		$	26.6
Pension and post-retirement benefits	8.3			19.9
Share-based compensation	5.3			6.9
Benefit of capital loss and NOL carryovers	15.8			38.9
Other	13.1			10.2
Inventories	7.7			6.6
Market value write down of ARS	3.3			4.9
Benefit of tax credit carryovers	0.4			3.5
Valuation allowance	(12.0		)	(13.6		)
Total deferred tax assets	63.3			103.9
Property, plant and equipment	(111.8		)	(118.2		)
Timber and timberlands	(9.8		)	(11.4		)
Installment sale gain deferral	—			(5.2		)
Total deferred tax liabilities	(121.6		)	(134.8		)
Net deferred tax liabilities	$	(58.3	)	$	(30.9	)
Balance sheet classification
Long-term deferred tax asset	3.9			2.5
Long-term deferred tax liability	(62.2		)	(33.4		)
	$	(58.3	)	$	(30.9	)

Summary of Tax Credit Carryforwards [Table Text Block]

The benefit relating to capital loss, net operating loss (NOL) and credit carryovers included in the above table at December 31, 2018 consists of:



Dollar amounts in millions	Expiration Beginning in	Benefit Amount		Valuation Allowance
State NOL carryovers	2020	$	9.9	$	(0.5	)
State credit carryovers	2019	0.3		(0.1		)
Canadian capital loss carryovers	Indefinitely	5.7		(5.7		)
Canadian credit carryovers	2026	0.1		—
Chilean NOL carryovers	Indefinitely	0.2		(0.2		)
		$	16.2	$	(6.5	)

We periodically review the need for valuation allowances against deferred tax assets and recognize these deferred tax assets to the extent that their realization is more likely than not. As part of our review, we consider all positive and negative evidence, including earnings history, the future reversal of deferred tax liabilities, and the relevant expirations of carryforwards. We believe that the valuation allowances provided are appropriate. If future years’ earnings differ from the estimates used to establish these valuation allowances, or other objective positive or negative evidence arises, we may be required to record an adjustment resulting in an impact on tax expense (benefit) for that period.

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The following table summarizes the differences between the statutory U.S. federal and effective income tax rates on continuing operations:



	Year ended December 31,
	2018		2017		2016
U.S. federal tax rate	21	%	35	%	35	%
State and local income taxes	3		2		2
Effect of foreign tax rates	2		(3	)	(5	)
Effect of foreign exchange on functional currencies	(1	)	1		2
Tax credits	(1	)	(1	)	(12	)
Capital gain - timber	—		—		(15	)
Stock-based compensation	(1	)	—		(2	)
Domestic manufacturing deduction	—		(2	)	(2	)
Valuation allowance	—		(6	)	(12	)
Uncertain tax positions	—		1		21
Effect of U.S. federal rate change on deferred taxes	(1	)	(3	)	—
Other, net	1		(1	)	—
Effective tax rate (%)	23	%	23	%	12	%

Summary of Income Tax Contingencies [Table Text Block]

In accordance with the accounting for uncertain tax positions, the following is a tabular reconciliation of the total amount of unrecognized tax benefits at the beginning and end of the years presented:



	December 31,
Dollar amounts in millions	2018			2017			2016
Beginning balance	$	40.3		$	39.8		$	4.1
Increases:
Tax positions taken in current year	0.7			0.6			26.9
Tax positions taken in prior years	0.7			1.2			10.4
Decreases:
Tax positions taken in current year	—			—			—
Tax positions taken in prior years	—			(1.3		)	—
Settlements during the year	(0.9		)	—			—
Lapse of statute in current year	—			—			(1.6		)
Ending balance	$	40.8		$	40.3		$	39.8