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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Income before Income Tax, Domestic and Foreign

The U.S. and international components of Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following:


	Year Ended December 31,
In millions	2019		2018		2017
U.S.	$	305.4	$	298.9	$	227.5
International	48.6		48.6		25.5
Income before Income Taxes and Equity Income of Unconsolidated Entity	$	354.0	$	347.5	$	253.0

Schedule of Components of Income Tax (Expense) Benefit

The provisions for Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity consisted of the following:


	Year Ended December 31,
In millions	2019		2018		2017
Current (Expense) Benefit:
U.S.	$	(10.1)	$	(13.0)	$	0.7
International	(13.5)		(15.7)		(9.2)
Total Current	$	(23.6)	$	(28.7)	$	(8.5)

Deferred (Expense) Benefit:
U.S.	(47.7)		(31.6)		51.0
International	(5.0)		5.6		3.0
Total Deferred	$	(52.7)	$	(26.0)	$	54.0
Income Tax (Expense) Benefit	$	(76.3)	$	(54.7)	$	45.5

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of Income Tax (Expense) Benefit on Income before Income Taxes and Equity Income of Unconsolidated Entity at the federal statutory rate of 21% compared with the Company’s actual Income Tax (Expense) Benefit is as follows:


	Year Ended December 31,
In millions	2019		Percent		2018		Percent		2017		Percent
Income Tax Expense at U.S. Statutory Rate	$	(74.3)	21.0	%	$	(73.0)	21.0	%	$	(88.5)	35.0	%
U.S. State and Local Tax Expense	(12.3)		3.5		(11.7)		3.4		(8.7)		3.4



Permanent Items	(2.8)		0.8		(3.8)		1.1		(2.7)		1.0
U.S. Tax Reform	—		—		10.9		(3.1)		138.0		(54.5)
Change in Valuation Allowance due to Tax Reform	—		—		—		—		(2.0)		0.8
Change in Valuation Allowance	(4.6)		1.3		13.0		(3.7)		(3.5)		1.4
International Tax Rate Differences	(1.6)		0.5		(1.9)		0.5		3.2		(1.3)
Foreign Withholding Tax	(0.7)		0.2		(0.5)		0.1		(0.4)		0.2


Change in Tax Rates	(1.0)		0.3		1.9		(0.5)		(3.0)		1.2
U.S. Federal & State Tax Credits	9.5		(2.7)		0.3		(0.1)		10.2		(4.0)
Uncertain Tax Positions	(1.9)		0.5		(0.7)		0.2		(0.3)		0.1
Capital Loss Expiration	—		—		(2.7)		0.7		—		—
Domestic Minority Interest	13.7		(3.9)		13.7		(3.9)		—		—
Other	(0.3)		0.1		(0.2)		—		3.2		(1.3)
Income Tax (Expense) Benefit	$	(76.3)	21.6	%	$	(54.7)	15.7	%	$	45.5	(18.0)	%

Schedule of Deferred Tax Assets and Liabilities

The tax effects of differences that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as of December 31 were as follows:


In millions	2019		2018
Deferred Income Tax Assets:
Compensation Based Accruals	$	3.8	$	2.9
Net Operating Loss Carryforwards	45.5		73.4
Postretirement Benefits	0.9		1.0
Tax Credits	37.2		30.8
Other	10.9		7.6
Valuation Allowance	(41.1)		(36.3)
Total Deferred Income Tax Assets	$	57.2	$	79.4
Deferred Income Tax Liabilities:





Property, Plant and Equipment	(18.8)		(16.7)
Goodwill	(2.7)		(2.3)
Other Intangibles	(12.3)		(12.3)
Investment in Partnership	(532.2)		(502.1)

Net Noncurrent Deferred Income Tax Liabilities	$	(566.0)	$	(533.4)
Net Deferred Income Tax Liability	$	(508.8)	$	(454.0)

Summary of Valuation Allowance

The following table represents a summary of the valuation allowances against deferred tax assets as of and for the three years ended December 31, 2019, 2018, and 2017, respectively:


	December 31,
In millions	2019		2018		2017
Balance Beginning of Period	$	36.3	$	51.5	$	45.5
Adjustments for Expenses and (Income)	4.6		(13.0)		5.5
Additions (Deductions)	0.2		(2.2)		0.5
Balance at End of Period	$	41.1	$	36.3	$	51.5

Summary of Operating Loss Carryforwards

The U.S. federal net operating loss carryforwards expire as follows:


In millions





2024	$	—
2025	—
2026	—
2027	—
2028	31.8
2029	—
Total	$	31.8

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:


In millions	2019		2018		2017
Balance at January 1,	$	15.5	$	10.5	$	10.1
Additions for Tax Positions of Current Year	3.2		0.8		0.6
Additions for Tax Positions of Prior Years	2.4		5.2		0.7
Reductions for Tax Positions of Prior Years	(0.4)		(1.0)		(0.9)
Balance at December 31,	$	20.7	$	15.5	$	10.5