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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

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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.

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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.

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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.

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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.

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