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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Deferred Tax Assets and Liabilities

	December 31, 2019			December 31, 2018
Deferred income tax assets (liabilities)
Net operating losses	$	54.8		$	58.7
Postretirement benefits		21.2			18.2
Pension benefit liabilities		12.9			14.3
Deferred compensation		10.5			11.8
Undistributed foreign earnings		-			32.5
Foreign tax credit carryforwards		13.1			19.1
State tax credit carryforwards		9.3			9.8
Capital loss carryforwards		16.0			-
Lease right-of-use liabilities		9.0			-
Other		9.0			17.1
Total deferred income tax assets		155.8			181.5
Valuation allowances		(75.5	)		(79.6	)
Net deferred income tax assets		80.3			101.9
Intangibles		(126.2	)		(132.3	)
Accumulated depreciation		(69.7	)		(62.0	)
Prepaid pension costs		(24.2	)		(11.5	)
Inventories		(4.5	)		(5.5	)
Lease right-of-use assets		(9.0	)		-
Other		(0.2	)		(0.2	)
Total deferred income tax liabilities		(233.8	)		(211.5	)
Net deferred income tax liabilities	$	(153.5	)	$	(109.6	)
Deferred income taxes have been classified in the Consolidated Balance Sheet as:
Deferred income tax assets - non-current	$	10.4		$	14.8
Deferred income tax liabilities - non-current		(163.9	)		(124.4	)
Net deferred income tax liabilities	$	(153.5	)	$	(109.6	)

Schedule Of Income Tax Expense (Benefit)

	2019			2018			2017
Details of taxes
Earnings (loss) from continuing operations before income taxes:
Domestic	$	299.7		$	234.0		$	224.1
Foreign		(0.3	)		8.7			(2.0	)
Total	$	299.4		$	242.7		$	222.1

Income tax expense (benefit):
Current:
Federal	$	31.4		$	45.7		$	26.2
Foreign		0.8			2.1			1.4
State		6.3			8.0			4.7
Total current		38.5			55.8			32.3

Deferred:
Federal		15.1			(3.7	)		(36.6	)
Foreign		(0.3	)		-			(0.1	)
State		3.8			1.0			5.9
Total deferred		18.6			(2.7	)		(30.8	)

Total income tax expense	$	57.1		$	53.1		$	1.5

Schedule Of The Reconciliation To U.S. Statutory Tax Rate

	2019			2018			2017
Reconciliation to U.S. statutory tax rate
Continuing operations tax at statutory rate	$	62.9		$	51.0		$	77.7
Increase in valuation allowances on deferred domestic income tax assets		0.1			10.0			9.1
State income tax expense, net of federal benefit		12.4			9.2			7.9
Domestic production activities		-			-			(5.8	)
Statute closures		(3.8	)		(9.6	)		(2.3	)
State deferred tax adjustments		(1.9	)		-			-
Capital loss utilization on WAVE earnings		(4.4	)		-			-
2017 Tax Act ⁽¹⁾		-			(1.2	)		(82.5	)
Excess tax benefits on share-based compensation		(3.2	)		(3.8	)		-
Tax on foreign and foreign-source income		(1.9	)		(4.4	)		-
Other		(3.1	)		1.9			(2.6	)
Tax expense at effective rate	$	57.1		$	53.1		$	1.5

(1)

On December 22, 2017, the U.S. federal government enacted the 2017 Tax Act, resulting in significant changes from existing U.S. tax laws that impact us, including, but not limited to, reducing the U.S. federal corporate income tax rate from 35% to 21%, allowing immediate 100% deduction for the cost of qualified property, eliminating the domestic production activities deduction, and imposing a one-time transition tax in 2017 on the cumulative earnings and profits of certain foreign subsidiaries that were previously not repatriated and therefore not taxed for U.S. income tax purposes. Our federal income tax expense is based on the new 21% rate for periods beginning in 2018.

Schedule Of Unrecognized Tax Benefits

	2019			2018			2017
Unrecognized tax benefits balance at January 1,	$	42.6		$	53.4		$	86.9
Gross change for current year positions		2.2			3.6			(2.2	)
Increases for prior period positions		-			1.1			2.9
Decrease for prior period positions		(2.1	)		(2.0	)		(0.1	)
Decrease due to statute expirations		(8.0	)		(13.5	)		(34.1	)
Unrecognized tax benefits balance at December 31,	$	34.7		$	42.6		$	53.4

Schedule Of Other Taxes

	2019		2018		2017
Other taxes
Payroll taxes	$	16.0	$	15.6	$	14.2
Property, franchise and capital stock taxes		3.8		3.7		4.0