XML 28 R18.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2017
Income Taxes [Abstract] |
Income Taxes | Note I – Income Taxes ﻿ The Company’s effective income tax rate is calculated as the amount of income tax expense (benefit) divided by income (loss) before income tax expense. For the three-month and six-month periods ended June 30, 201 7 and 201 6, the Company’s effective income tax rates were as follows: ﻿
﻿ |  |  |  |
﻿ |  |  |  |
﻿ | 2017 |  | 2016 |
﻿Three months ended June 30 | 20.7% |  | 102.2% |
﻿Six months ended June 30 | 69.8% |  | 50.4% |
﻿ The effective tax rates for most periods where earnings are generated, generally exceed the U.S. statutory tax rate of 35% due to several factors, including: the effects of income generated in foreign tax jurisdictions, certain of which have income tax rates that are higher than the U.S. Federal rate; U.S. state tax expense; and certain expenses, including exploration and other expenses in certain foreign jurisdictions, for which no income tax benefits are available or are not presently being recorded due to a lack of reasonable certainty of adequate future revenue against which to utilize these expenses as deductions. Conversely, the effective tax rates for most periods where losses are incurred generally are lower than U.S. statutory tax rate of 35% due to similar reasons. ﻿ The effective tax rate for the three-month period ended June 30, 2017 was below the U.S. statutory tax rate primarily due to a tax benefit recorded in the current period related to investments in foreign areas, partially offset by income tax expense in the same period related to undistributed foreign earnings in the amount of $5.8 million. ﻿ The effective tax ra te for the six-month period ended June 30, 201 7 was above the U.S. statutory tax rate primarily due to tax expense recorded in the current period related to undistributed foreign earnings partially offset by income tax benefit on investment in foreign areas. During the first six-months of 2017, the Company determined that prospective earnings from its Malaysian and Canadian subsidiaries will not be considered reinvested into local operations. Due to this change in assertion, the Company recorded a deferred tax charge of $60.4 million in the six-month period 2017 associated with the estimated tax consequence of the future repatriation of t hese subsidiaries earni ngs during the first six months 2017. This decision provides greater financial flexibility as it considers future domestic investment opportunities. The Company expects to incur further tax charges in future 2017 quarters for additional 2017 foreign earnings as they arise. ﻿ The effective tax rate benefit for both the three-month and six-month period s ended June 30, 201 6 was above the U.S. statutory tax rate primarily due to deferred tax benefits recognized related to the Canadian asset dispositions and income tax benefits on investments in foreign areas. ﻿ ﻿ ﻿ Note I – Income Taxes (Contd.) ﻿ The Company’s tax returns in multiple jurisdictions are subject to audit by taxing authorities. These audits often take years to complete and settle. Although the Company believes that recorded liabilities for unsettled issues are adequate, additional gains or losses could occur in future years from resolution of outstanding unsettled matters. As of June 30, 201 7, the earliest years remaining open for audit and/or settlement in our major taxing jurisdictions are as follows: United States – 2011; Canada – 2012; Malaysia – 20 10; and United Kingdom – 2014.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration