Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

The provision (benefit) for income taxes from continuing operations for the years ended December 31, 2014, 2013 and 2012 (in millions):

	2014		2013			2012
Current
Federal	$	—	$	—		$	—
State		0.6		0.6			0.6
Foreign		0.1		0.2			0.3
		0.7		0.8			0.9
Deferred
Federal		15.0		(121.6	)		4.8
State		2.7		(13.3	)		0.4
		17.7		(134.9	)		5.2
Total provision for taxes	$	18.4	$	(134.1	)	$	6.1

Schedule of Effective Income Tax Rate

The income tax provision (benefit) differs from the amount of income tax determined by applying the Company’s federal corporate income tax rate of 34% to pre-tax income for the years ended December 31, 2014, 2013 and 2012 due to the following (in millions):

	2014		2013			2012
Computed “expected” tax provision (benefit)	$	15.5	$	(0.1	)	$	6.7
Change in income tax resulting from:
State taxes, net of federal benefit		2.1		(8.4	)		1.2
Foreign taxes		0.1		0.2			0.3
Change in valuation allowance		—		(126.0	)		(2.2	)
Other		0.7		0.2			0.1
	$	18.4	$	(134.1	)	$	6.1

Components of Deferred Tax Assets and Liabilities

The components of the deferred tax assets and liabilities at December 31, 2014 and 2013 consist of the following (in millions):

	2014			2013
Deferred tax assets:
Accrued expenses	$	4.4		$	3.5
Accounts receivable		1.2			2.4
Net operating loss carryforward		124.0			125.5
Stock-based compensation		3.6			5.2
Intangible assets		8.0			16.9
Credits		1.0			1.0
Other		1.1			0.9
		143.3			155.4
Valuation allowance		(1.4	)		(1.4	)
Net deferred tax assets	$	141.9		$	154.0
Deferred tax liabilities:
Non-long lived intangible assets	$	(4.8	)	$	(4.9	)
Long-lived Intangible assets		(62.2	)		(55.4	)
Property and equipment		(0.7	)		(1.2	)
Deferred state taxes		(1.7	)		(2.5	)
		(69.4	)		(64.0	)
	$	72.5		$	90.0

Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits (in millions):

	Amount
Balance at December 31, 2012	$	6.4
Change in balances related to tax positions		—
Balance at December 31, 2013	$	6.4
Change in balances related to tax positions		—
Balance at December 31, 2014	$	6.4