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Income Taxes | 9 Months Ended
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Sep. 30, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Third quarter 2016 results included a benefit for income taxes of $4.3 million, or 0.8% of the loss before income taxes, which includes a $173.1 million income tax valuation allowance charge on U.S. federal deferred tax assets, and $4.1 million of discrete charges. The third quarter 2016 effective tax rate was 34.1% excluding these charges. Beginning in the third quarter of 2015, the Company’s results reflected a three year cumulative loss for U.S. operations; prior thereto, the Company’s historical results reflected a three year cumulative profit. The three year cumulative loss condition, which continues in 2016, limits the ability to consider other positive subjective evidence, such as projections of future results, to assess the realizability of deferred tax assets. The third quarter 2016 actions to indefinitely idle the Rowley, UT titanium sponge production facility (see Note 10 for further information) resulted in a reassessment of the realizability of U.S. federal deferred tax assets. The third quarter 2015 provision for income taxes was $23.4 million, which included a $63.9 million deferred tax valuation allowance. The 2015 valuation allowance included $56.6 million for certain state and federal tax benefits recognized in prior years, and $7.3 million valuation allowance recorded as part of the 2015 effective tax rate, representing approximately a 6% tax rate impact. For the first nine months of 2016, the benefit for income taxes was $64.4 million, or 9.1% of the loss before income taxes, compared to a provision for income taxes of $23.7 million for the 2015 comparable period. The income tax rates for both year-to-date periods were impacted by the valuation allowance charges discussed above. The first nine months of 2016 included discrete tax expense of $0.5 million and income taxes in the first nine months of 2015 included discrete tax expense of $57.9 million, primarily due to the valuation allowance discussed above.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32537-109319 + Details
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