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Income Tax Matters (Tables)
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
(Loss) Income Before Income Taxes by Geographic Area

The following table presents (Loss) income before income taxes by geographic area (in millions of dollars):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Domestic

 

$

(30.2

)

 

$

35.2

 

 

$

76.3

 

Foreign

 

 

6.2

 

 

 

3.6

 

 

 

4.1

 

(Loss) income before income taxes

 

$

(24.0

)

 

$

38.8

 

 

$

80.4

 
Income Tax Benefit (Provision)

Income tax benefit (provision) consisted of the following (in millions of dollars):

 

 

 

Federal

 

 

Foreign

 

 

State

 

 

Total

 

Year Ended December 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

—

 

 

$

(2.4

)

 

$

(3.5

)

 

$

(5.9

)

Deferred

 

 

2.1

 

 

 

0.5

 

 

 

4.2

 

 

 

6.8

 

Benefit applied to decrease Other comprehensive income

 

 

3.7

 

 

 

0.3

 

 

 

0.6

 

 

 

4.6

 

Income tax benefit (provision)

 

$

5.8

 

 

$

(1.6

)

 

$

1.3

 

 

$

5.5

 

Year Ended December 31, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

6.1

 

 

$

(0.4

)

 

$

(0.6

)

 

$

5.1

 

Deferred

 

 

(18.8

)

 

 

(0.1

)

 

 

(2.3

)

 

 

(21.2

)

Benefit (expense) applied to decrease (increase) Other comprehensive income

 

 

5.1

 

 

 

(0.1

)

 

 

1.1

 

 

 

6.1

 

Income tax provision

 

$

(7.6

)

 

$

(0.6

)

 

$

(1.8

)

 

$

(10.0

)

Year Ended December 31, 2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current

 

$

5.7

 

 

$

(1.1

)

 

$

(1.8

)

 

$

2.8

 

Deferred

 

 

(19.6

)

 

 

(0.3

)

 

 

(4.5

)

 

 

(24.4

)

Benefit (expense) applied to decrease (increase) Other comprehensive income

 

 

2.7

 

 

 

(0.1

)

 

 

0.6

 

 

 

3.2

 

Income tax provision

 

$

(11.2

)

 

$

(1.5

)

 

$

(5.7

)

 

$

(18.4

)
Reconciliation of Income Tax Benefit (Provision) based on Effective Income Tax Rate and Statutory Tax Rate

The following table presents a reconciliation between the benefit (provision) for income taxes and the amount computed by applying the federal statutory income tax rate to (Loss) income before income taxes (in millions of dollars):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Amount of federal income tax benefit (provision) based on the statutory rate

 

$

5.0

 

 

$

(8.1

)

 

$

(16.9

)

Decrease (increase) in federal valuation allowances

 

 

0.2

 

 

 

—

 

 

 

(0.1

)

Non-deductible compensation expense

 

 

(0.5

)

 

 

(1.1

)

 

 

(1.7

)

Non-deductible (expense) benefit

 

 

(0.2

)

 

 

0.4

 

 

 

0.1

 

State income tax benefit (provision), net of federal benefit 1

 

 

1.0

 

 

 

(1.5

)

 

 

(4.5

)

Research and development credit

 

 

0.6

 

 

 

0.4

 

 

 

7.7

 

Gross decreases (increases) for tax positions from current year

 

 

—

 

 

 

—

 

 

 

(0.3

)

Gross decreases (increases) for tax positions from prior years

 

 

—

 

 

 

0.4

 

 

 

(2.4

)

Foreign income tax expense

 

 

(0.3

)

 

 

(0.4

)

 

 

(0.1

)

Foreign undistributed earnings

 

 

(0.3

)

 

 

(0.1

)

 

 

(0.2

)

Income tax benefit (provision)

 

$

5.5

 

 

$

(10.0

)

 

$

(18.4

)

 

1.

The state income tax benefit was $0.7 million in 2021, reflecting an increase of $1.3 million due to state net operating loss (“NOL”) carryforward expirations and tax rate true-ups in various states, offset by a $1.6 million decrease in the valuation allowance relating to certain state net operating losses. State income taxes were $1.3 million in 2020, reflecting an increase of $3.7 million due to state NOL carryforward expirations and tax rate true-ups in various states, partially offset by a $3.5 million decrease in the valuation allowance relating to certain state net operating losses. State income taxes were $3.8 million in 2019,

reflecting a decrease of $0.7 million due to lower tax rate true-ups in various states, partially offset by an increase of $1.4 million due to a change in the valuation allowance relating to certain state net operating losses.
Deferred Tax Assets and Liabilities The following table presents the components of our net deferred income tax liabilities (in millions of dollars):

 

 

 

As of December 31,

 

 

 

2021

 

 

2020

 

Deferred income tax assets:

 

 

 

 

 

 

 

 

Loss and credit carryforwards

 

$

51.5

 

 

$

33.4

 

Pension Benefits

 

 

7.1

 

 

 

4.8

 

Other assets

 

 

29.0

 

 

 

29.4

 

Leased assets

 

 

11.7

 

 

 

7.3

 

Inventories

 

 

50.4

 

 

 

6.9

 

Valuation allowances

 

 

(4.6

)

 

 

(6.4

)

Total deferred income tax assets

 

 

145.1

 

 

 

75.4

 

Deferred income tax liabilities:

 

 

 

 

 

 

 

 

Property, plant and equipment

 

 

(138.9

)

 

 

(80.8

)

Leased liability

 

 

(10.9

)

 

 

(6.4

)

Undistributed foreign earnings

 

 

(2.4

)

 

 

(2.1

)

Total deferred income tax liabilities

 

 

(152.2

)

 

 

(89.3

)

Net deferred income tax liabilities

 

$

(7.1

)

 

$

(13.9

)

 
Reconciliation of Changes in Gross Unrecognized Tax Benefits

We have gross unrecognized benefits relating to uncertain tax positions. The following table presents a reconciliation of changes in the gross unrecognized tax benefits (in millions of dollars):

 

 

 

Year Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

Gross unrecognized tax benefits at beginning of period

 

$

3.8

 

 

$

4.1

 

 

$

1.5

 

Gross increases for tax positions of current year

 

 

0.3

 

 

 

0.1

 

 

 

0.3

 

Gross increases for tax positions of prior years

 

 

0.4

 

 

 

—

 

 

 

2.3

 

Gross decreases for tax positions of prior years

 

 

(0.3

)

 

 

(0.4

)

 

 

—

 

Settlements

 

 

(0.1

)

 

 

—

 

 

 

—

 

Gross unrecognized tax benefits at end of period

 

$

4.1

 

 

$

3.8

 

 

$

4.1