Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Schedule of Income before Income Tax, Domestic and Foreign

Consolidated income (loss) from continuing operations before taxes consists of the following:



(in millions)	2014			2013			2012
U.S.	$	(9.7	)	$	0.8		$	45.5
Foreign	(18.1		)	(27.5		)	(32.6		)
Consolidated (loss) income from continuing operations before tax	$	(27.8	)	$	(26.7	)	$	12.9

Schedule of Components of Income Tax Expense (Benefit)

Provision for (benefit from) income taxes from continuing operations consists of the following:



(in millions)	2014			2013			2012
Current:
U.S. federal	$	—		$	—		$	(4.6	)
State and local	—			—			(0.1		)
Foreign income and withholding taxes	0.6			0.6			(0.6		)
Total current:	0.6			0.6			(5.3		)
Deferred:
U.S. federal	—			7.7			(4.8		)
State and local	—			—			—
Foreign	(0.1		)	(0.6		)	(0.1		)
Total deferred:	(0.1		)	7.1			(4.9		)
Provision for (benefit from) income taxes from continuing operations	$	0.5		$	7.7		$	(10.2	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation between the actual income tax expense (benefit) and the income tax expense (benefit) computed by applying the statutory federal income tax rate of 35% to income before tax is as follows:



(in millions)	2014			2013			2012
Income taxes expense (benefit) at U.S. statutory rate	$	(9.7	)	$	(9.3	)	$	4.5
State and local income taxes, net of federal benefit	—			—			(0.1		)
Foreign tax rate differential	(0.1		)	0.2			0.2
Valuation allowances	11.0			(2.1		)	(88.7		)
Tax attribute expiration	—			9.1			68.5
Intra-period allocation	(0.1		)	7.1			(4.8		)
Release of uncertain tax positions	—			—			(4.5		)
Tax refunds	—			(0.4		)	(1.0		)
Deemed foreign dividend	—			—			15.7
Deferred tax adjustments	(0.1		)	4.0			—
Transfer pricing	—			2.2			—
Tax exempt income	(2.8		)	(5.8		)	—
Non-deductible expense	2.4			1.9			—
Other items, net	(0.1		)	0.8			—
Income tax expense (benefit) at effective worldwide tax rates	$	0.5		$	7.7		$	(10.2	)

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities as of December 31, were as follows:



(in millions)	2014			2013
Deferred tax assets:
Other postretirement liabilities	$	9.4		$	6.3
Product warranty and self-insured risks	0.4			0.3
Tax carry forwards	292.3			292.9
Other accruals and miscellaneous	22.1			22.6
Subtotal	324.2			322.1
Valuation allowance	(313.5		)	(305.2		)
Total deferred tax assets	10.7			16.9
Deferred tax liabilities:
Property, plant & equipment	5.9			7.8
Pension	—			—
Unrealized gains on securities	2.9			6.4
Other	1.8			2.6
Total deferred tax liabilities	10.6			16.8
Net deferred tax assets	$	0.1		$	0.1

Deferred Tax Balance Sheet Classification

Deferred tax details included in the Consolidated Balance Sheets at December 31, are as follows:



(in millions)	2014		2013
Deferred tax assets:
Deferred tax assets - Short term	$	0.5	$	0.8
Deferred tax assets - Long Term	1.0		1.1
Total deferred tax assets	1.5		1.9
Deferred tax liabilities*:
Deferred tax liabilities - Short Term	1.0		1.1
Deferred tax liabilities - Long Term	0.4		0.7
Total deferred tax liabilities	1.4		1.8
Net deferred tax (liabilities) assets	$	0.1	$	0.1

Summary of Other Tax Carryforwards

At December 31, 2014, we had the following tax carry forwards:



(in millions)	Amounts		Expiration
U.S. Federal Net Operating Loss	$	184.1	2027-2034
U.S. State Net Operating Loss	17.3		2016-2034
Foreign Net Operating Losses	53.5		Unlimited
U.S. Tax Credits	37.1		2015-2031
U.S. Alternative Minimum Tax Credit	0.3		Unlimited
Total operating loss and tax credit carry forwards	$	292.3