XML 23 R46.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2011
Income Tax Disclosure [Abstract] |
Components of pre-tax book income (loss) |
The components of pre-tax book income (loss) consist of the following: |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2010 |  |  | 2009 |
U.S. |  | $ | (22,865 | ) |  | $ | 37,487 |  |  | $ | (114,273 | )
Foreign |  |  | 45,104 |  |  |  | 30,059 |  |  |  | (35,870 | )
Total |  | $ | 22,239 |  |  | $ | 67,546 |  |  | $ | (150,143 | )
Significant components of income tax expense (benefit) |
Significant components of the income tax expense (benefit) consist of the following: |
|  | Year Ended December 31, |
|  | 2011 |  |  | 2009 |  |  | 2008 |
Current: |  |  |  |  |  |  |  |  |
U.S. federal current expense (benefit) |  | $ | (22 | ) |  | $ | 191 |  |  | $ | (22,166 | )
State current expense (benefit) |  |  | 1,395 |  |  |  | (1,047 | ) |  |  | (1,294 | )
Foreign current expense (benefit) |  |  | 13,467 |  |  |  | 11,485 |  |  |  | (2,123 | )
Total current expense (benefit) |  |  | 14,840 |  |  |  | 10,629 |  |  |  | (25,583 | )
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
U.S. federal deferred expense (benefit) |  |  | (5,772 | ) |  |  | (2,945 | ) |  |  | (3,024 | )
State deferred expense (benefit) |  |  | - |  |  |  | (75 | ) |  |  | 677 |
Foreign deferred tax expense |  |  | 5,291 |  |  |  | 3,524 |  |  |  | 15,573 |
Total deferred expense (benefit) |  |  | (481 | ) |  |  | 504 |  |  |  | 13,226 |
Total income tax expense (benefit) |  | $ | 14,359 |  |  | $ | 11,133 |  |  | $ | (12,357 | )
Reconciliation of statutory U.S. Federal income tax rate to effective income tax rate on income (loss) |
A reconciliation of the statutory U.S. Federal income tax rate to the effective income tax rate on income (loss) is as follows: |
|  | 2011 |  |  | 2010 |  |  | 2009 |
Federal Statutory Rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
Permanent differences |  |  | 38.2 |  |  |  | (9.8 | ) |  |  | (1.0 | )
State taxes, net of Federal benefit |  |  | 6.3 |  |  |  | (1.7 | ) |  |  | 7.6 |
Foreign earnings taxed at different rates than U.S. |  |  | (93.9 | ) |  |  | (27.8 | ) |  |  | 3.0 |
Equity earnings in joint ventures |  |  | - |  |  |  | - |  |  |  | 1.7 |
Unremitted earnings |  |  | 33.6 |  |  |  | 7.3 |  |  |  | 10.7 |
Valuation allowance |  |  | 65.8 |  |  |  | 22.7 |  |  |  | (57.0 | )
Changes in uncertain tax reserves |  |  | 5.6 |  |  |  | (5.1 | ) |  |  | 8.2 |
Other |  |  | (26.0 | ) |  |  | (4.1 | ) |  |  | - |
Effective tax rate |  |  | 64.6 | % |  |  | 16.5 | % |  |  | 8.2 | %
Significant components of our deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities as of December 31 are as follows:
|  | 2011 |  |  | 2010 |
Deferred tax assets: |  |  |  |  |  |
Accrued postretirement benefit cost |  | $ | 8,281 |  |  | $ | 8,690 |
Accrued liabilities |  |  | 3,308 |  |  |  | 11,963 |
Share-based compensation |  |  | 3,758 |  |  |  | 4,169 |
Derivative and hedging contracts |  |  | 103,048 |  |  |  | 25,157 |
Goodwill |  |  | 17,551 |  |  |  | 20,760 |
Equity contra - other comprehensive loss |  |  | 77,142 |  |  |  | 55,810 |
Capital losses |  |  | 7,506 |  |  |  | 7,802 |
Net operating losses |  |  | 619,357 |  |  |  | 675,427 |
Other |  |  | 55 |  |  |  | 39 |
Total deferred tax assets |  |  | 840,006 |  |  |  | 809,817 |
Valuation allowance |  |  | (773,714 | ) |  |  | (714,423 | )
Net deferred tax assets |  | $ | 66,292 |  |  | $ | 95,394 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Tax over financial statement depreciation |  | $ | (147,021 | ) |  | $ | (152,204 | )
Pension |  |  | (7,021 | ) |  |  | (1,311 | )
Income from domestic partnership |  |  | 4 |  |  |  | 3 |
Unremitted foreign earnings |  |  | - |  |  |  | (23,560 | )
Foreign basis differences |  |  | (3,212 | ) |  |  | (4,321 | )
Total deferred tax liabilities |  |  | (157,250 | ) |  |  | (181,393 | )
Net deferred tax liability |  | $ | (90,958 | ) |  | $ | (85,999 | )
Changes in valuation allowance | The changes in the allowance allowances are as follows:
|  | 2011 |  |  | 2010 |
Beginning balance, valuation allowance |  | $ | 714,423 |  |  | $ | 681,094 |
Change in valuation allowance |  |  | 59,291 |  |  |  | 33,329 |
Ending balance, valuation allowance |  | $ | 773,714 |  |  | $ | 714,423 |
Significant components of Net Operating Loss carry-forrwards | The significant components of our NOL carryforwards are as follows:
|  | 2011 |  |  | 2010 |
Federal (1) |  | $ | 1,447,616 |  |  | $ | 1,691,172 |
State (2) |  |  | 1,450,934 |  |  |  | 1,133,249 |
Icelandic (3) |  |  | 298,113 |  |  |  | 185,881 |
(1) | The federal NOL begins to expire in 2028.
(2) | The state NOL begins to expire in 2027.
(3) | The Icelandic NOL begins to expire in 2016.
Reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) | A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Balance as of January 1, |  | $ | 16,600 |  |  | $ | 21,200 |  |  | $ | 21,600 |
Additions based on tax positions related to the current year |  |  | 2,500 |  |  |  | 4,400 |  |  |  | 5,200 |
Reductions based on tax positions related to the current year |  |  | - |  |  |  | - |  |  |  | - |
Additions based on tax positions of prior years |  |  | - |  |  |  | - |  |  |  | - |
Reductions for tax positions of prior years |  |  | - |  |  |  | - |  |  |  | (4,600 | )
Decreases due to lapse of applicable statute of limitations |  |  | (3,200 | ) |  |  | (9,000 | ) |  |  | (700 | )
Settlements |  |  | - |  |  |  | - |  |  |  | (300 | )
Balance as of December 31, |  | $ | 15,900 |  |  | $ | 16,600 |  |  | $ | 21,200 |
Significant components of unrecognized tax positions | The components of our unrecognized tax positions are as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Highly certain tax positions |  | $ | 15,100 |  |  | $ | 14,600 |  |  | $ | 17,400 |
Other unrecognized tax benefits |  |  | 800 |  |  |  | 2,000 |  |  |  | 4,600 |
Gross unrecognized tax benefits |  | $ | 15,900 |  |  | $ | 16,600 |  |  | $ | 21,200 |
Accrued interest and penalties related to unrecognized tax benefits |  | $ | 100 |  |  | $ | 300 |  |  | $ | 1,700 |

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 2 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References No definition available. + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 48 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. 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=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of unrecognized tax benefits for which a material change is reasonably possible in the next twelve months, typically including the nature of the uncertainty, the event(s) that could cause a material change, and an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made. An unrecognized tax benefit is the difference between a tax position taken in a tax return and the amounts recognized in the financial statements for which it is more likely than not, based on the technical merits of the position, that the tax position will not be sustained upon examination. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name FASB Interpretation (FIN) -Number 48 -Paragraph 21 -Subparagraph d -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Valuation Allowance -URI http://asc.fasb.org/extlink&oid=6528051 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43 -Subparagraph c -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration