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Income taxes (Tables)

12 Months Ended

Dec. 31, 2013

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,
	2013			2012			2011
U.S.	$	(47,080	)	$	(38,762	)	$	(22,865	)
Foreign	7,236			9,439			45,104
Total	$	(39,844	)	$	(29,323	)	$	22,239

Significant components of the income before income tax expense

Significant components of the income tax expense consist of the following:
	Year Ended December 31,
	2013			2012			2011
Current:
U.S. federal current expense (benefit)	$	532		$	(161	)	$	(22	)
State current expense (benefit)	(445		)	(669		)	1,395
Foreign current expense	6,198			9,808			13,467
Total current expense	6,285			8,978			14,840
Deferred:
U.S. federal deferred benefit	(3,905		)	(1,564		)	(5,772		)
State deferred benefit	(207		)	—			—
Foreign deferred tax expense	958			1,496			5,291
Total deferred benefit	(3,154		)	(68		)	(481		)
Total income tax expense	$	3,131		$	8,910		$	14,359

Reconciliation of the statutory U.S. Federal income tax rate to the 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:
	2013		2012		2011
Federal Statutory Rate	35.0	%	35.0	%	35.0	%
Permanent differences	54.5		12.6		63.2
State taxes, net of Federal benefit	97.2		0.1		6.3
Foreign earnings taxed at different rates than U.S.	17.4		(369.5	)	(60.3	)
Valuation allowance	(265.9	)	297.6		40.8
Changes in uncertain tax reserves	40.5		(6.7	)	5.6
Other	13.4		0.5		(26.0	)
Effective tax rate	(7.9	)%	(30.4	)%	64.6	%

Significant components of deferred tax assets and liabilities

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

	2013			2012
Deferred tax assets:
Accrued postretirement benefit cost	$	12,851		$	9,184
Accrued liabilities	2,355			8,289
Share-based compensation	5,327			2,941
Derivative and hedging contracts	116,550			180,121
Goodwill	12,421			14,654
Equity contra - other comprehensive loss	61,216			81,039
Capital losses	14,512			9,056
Net operating losses and tax credits	637,721			509,618
Other	1,533			138
Total deferred tax assets	864,486			815,040
Valuation allowance	(765,023		)	(656,352		)
Net deferred tax assets	$	99,463		$	158,688
Deferred tax liabilities:
Tax over financial statement depreciation	$	(145,945	)	$	(145,213	)
Pension	(11,543		)	(8,905		)
Income from domestic partnership	—			4
Unremitted foreign earnings	(35,344		)	(93,824		)
Foreign basis differences	(790		)	(3,204		)
Total deferred tax liabilities	(193,622		)	(251,142		)
Net deferred tax liability	$	(94,159	)	$	(92,454	)

Changes in valuation allowance

The changes in the valuation allowance are as follows:

	2013			2012
Beginning balance, valuation allowance	$	656,352		$	773,714
Change in valuation allowance	108,671			(117,362		)
Ending balance, valuation allowance	$	765,023		$	656,352

Significant components of Net Operating Loss Carryforwards

The significant components of our NOL carryforwards are as follows:

	2013			2012
Federal (1)	$	1,287,118		$	1,176,802
State (2)	2,077,890			1,106,961
Foreign (3)	459,457			341,290

(1) The federal NOL begins to expire in 2028.

(2) The state NOLs begin to expire in 2027.

(3) The Icelandic NOL begins to expire in 2017; Dutch NOL begins to expire in 2022.

Reconciliation of beginning and ending amounts of gross unrecognized tax benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits (excluding interest) is as follows:

	2013			2012			2011
Balance as of January 1,	$	17,600		$	15,900		$	16,600
Additions based on tax positions related to the current year	700			2,700			2,500
Decreases due to lapse of applicable statute of limitations	(2,800		)	(800		)	(3,200		)
Settlements	(14,300		)	(200		)	—
Balance as of December 31,	$	1,200		$	17,600		$	15,900

Significant components of unrecognized tax positions

The components of our unrecognized tax positions are as follows:

	2013			2012			2011
Highly certain tax positions	$	1,100		$	16,900		$	15,100
Other unrecognized tax benefits	100			700			800
Gross unrecognized tax benefits	$	1,200		$	17,600		$	15,900
Accrued interest and penalties related to unrecognized tax benefits	$	100		$	100		$	100

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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 income before income tax between domestic and foreign jurisdictions.

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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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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.

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