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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule Of Earnings (Loss) From Continuing Operations Before Income Taxes

The following table reflects earnings (loss) from continuing operations before income taxes by domestic and foreign tax jurisdictions:

	Year Ended December 31,
(In millions)	2015			2014			2013
U.S.	$	(43.8	)	$	(8.5	)	$	(16.5	)
Foreign		3.0			—			—
Loss from continuing operations	$	(40.8	)	$	(8.5	)	$	(16.5	)

Summary of Income Tax Expense

The following table summarizes income tax benefit, within continuing operations, for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
(In millions)	2015			2014			2013
Current income tax expense (benefit):
Federal	$	(13.9	)	$	(3.1	)	$	(2.4	)
State		0.4			(0.7	)		(0.5	)
Foreign		6.5			—			—
Total current income tax benefit		(7.0	)		(3.8	)		(2.9	)
Deferred income tax expense (benefit):
Federal		1.3			(4.6	)		0.5
State		(0.1	)		—			0.1
Foreign		(3.3	)		—			—
Total deferred income tax expense (benefit)		(2.1	)		(4.6	)		0.6
Total income tax benefit	$	(9.1	)	$	(8.4	)	$	(2.3	)

Reconciliation of Effective Federal Tax Rates with Statutory Federal Income Tax Rate

The following table provides a reconciliation of the effective tax rates in the consolidated statements of operations from continuing operations with the statutory U.S. federal income tax rate of 34.0%:

	Year Ended December 31,
(In millions)	2015			2014			2013
U.S. federal statutory rate		34.0	%		34.0	%		34.0	%
State income taxes		(0.6	)%		4.9	%		2.2	%
Foreign income taxes		(0.4	)%		0.0	%		0.0	%
Deferred tax valuation allowance		(26.5	)%		(131.3	)%		(10.6	)%
Fair value adjustments		(1.2	)%		14.7	%		(14.9	)%
Revisions to prior years		19.1	%		171.4	%		2.1	%
Other permanent items		(2.1	)%		(0.1	)%		(0.2	)%
Other		0.0	%		4.7	%		2.3	%
Effective tax rate		22.3	%		98.3	%		14.9	%

Summary of Unrecognized Tax Benefits

The following table provides a summary of the activity in the amount of unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013:

	Year Ended December 31,
(In millions)	2015		2014			2013
Balance, beginning of period	$	—	$	0.3		$	0.4
Additions		0.3		0.3			—
Reductions		—		—			(0.1	)
Settlements		—		(0.6	)		—
Balance, end of period	$	0.3	$	—		$	0.3

Components of Deferred Tax Assets and Deferred Tax Liabilities

The components of the Company’s deferred tax assets, liabilities and valuation allowances as of December 31, 2015 and 2014 are summarized in the following table:

	December 31,
(In millions)	2015			2014
Deferred tax assets:
Net operating loss carryforwards	$	366.9		$	375.2
Alternative minimum tax credits		11.8			10.9
Repurchase reserve		0.2			2.1
Inventory		0.4			0.6
Compensation		1.1			0.9
Pension obligations		5.7			—
Other		2.1			1.0
Total deferred tax assets		388.2			390.7
Deferred tax valuation allowance		(382.4	)		(385.6	)
Deferred tax assets, net of valuation allowance		5.8			5.1
Deferred tax liabilities:
Property, plant and equipment		(11.4	)		—
Intangible assets		(1.1	)		(0.6	)
Other		—			0.4
Total deferred tax liabilities		(12.5	)		(0.2	)
Net deferred assets (liabilities)	$	(6.7	)	$	4.9

Summary of Deferred Tax Valuation Allowance

The following table provides information about the activity of our deferred tax valuation allowance:

	Year Ended December 31,
(In millions)	2015			2014		2013
Balance, beginning of period	$	385.6		$	375.0	$	373.7
Additions (reductions) recorded in the provision for income taxes		(5.8	)		10.6		1.3
Business acquired		2.6			—		—
Balance, end of period	$	382.4		$	385.6	$	375.0