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Income taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
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,
| 2014 | 2013 | 2012
U.S. | $ | 77,046 |  | $ | (47,080 | ) | $ | (38,762 | )
Foreign | 52,451 |  | 7,236 |  | 9,439 |
Total | $ | 129,497 |  | $ | (39,844 | ) | $ | (29,323 | )
Significant components of the income before income tax expense |
Significant components of the income tax expense consist of the following:
| Year Ended December 31,
| 2014 | 2013 | 2012
Current: |  |  |
U.S. federal current expense (benefit) | $ | (112 | ) | $ | 532 |  | $ | (161 | )
State current expense (benefit) | 2,252 |  | (445 | ) | (669 | )
Foreign current expense | 15,098 |  | 6,198 |  | 9,808 |
Total current expense | 17,238 |  | 6,285 |  | 8,978 |
Deferred: |  |  |  |  |  |
U.S. federal deferred benefit | (1,696 | ) | (3,905 | ) | (1,564 | )
State deferred benefit | (12 | ) | (207 | ) | — |
Foreign deferred tax expense | 2,778 |  | 958 |  | 1,496 |
Total deferred benefit | 1,070 |  | (3,154 | ) | (68 | )
Total income tax expense | $ | 18,308 |  | $ | 3,131 |  | $ | 8,910 |
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:
| 2014 | 2013 | 2012
Federal Statutory Rate | 35.0 | % | 35.0 | % | 35.0 | %
Permanent differences | 4.3 |  | 54.5 |  | 12.6 |
State taxes, net of Federal benefit | (6.3 | ) | 97.2 |  | 0.1 |
Foreign earnings taxed at different rates than U.S. | (0.5 | ) | 17.4 |  | (369.5 | )
Valuation allowance | (25.4 | ) | (265.9 | ) | 297.6 |
Changes in uncertain tax reserves | 0.6 |  | 40.5 |  | (6.7 | )
Other | 6.4 |  | 13.4 |  | 0.5 |
Effective tax rate | 14.1 | % | (7.9 | )% | (30.4 | )%
Significant components of deferred tax assets and liabilities | Significant components of our deferred tax assets and liabilities as of December 31 are as follows:
| 2014 | 2013
Deferred tax assets: |  |
Accrued postretirement benefit cost | $ | 15,683 |  | $ | 12,851 |
Accrued liabilities | 4,494 |  | 2,355 |
Share-based compensation | 7,350 |  | 5,327 |
Derivative and hedging contracts | 58,687 |  | 116,550 |
Goodwill | 10,521 |  | 12,421 |
Equity contra - other comprehensive loss | 81,567 |  | 61,216 |
Dual consolidated losses and capital losses | 7,509 |  | 14,512 |
Net operating losses and tax credits | 646,158 |  | 637,721 |
Foreign basis differences | 668 |  | — |
Other | 1,239 |  | 1,533 |
Total deferred tax assets | 833,876 |  | 864,486 |
Valuation allowance | (748,283 | ) | (765,023 | )
Net deferred tax assets | $ | 85,593 |  | $ | 99,463 |
Deferred tax liabilities: |  |  |  |
Tax over financial statement depreciation | $ | (142,627 | ) | $ | (145,945 | )
Pension | (14,222 | ) | (11,543 | )
Unremitted foreign earnings | (30,308 | ) | (35,344 | )
Foreign basis differences | — |  | (790 | )
Total deferred tax liabilities | (187,157 | ) | (193,622 | )
Net deferred tax liability | $ | (101,564 | ) | $ | (94,159 | )
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| 2014 | 2013
Beginning balance, valuation allowance | $ | 765,023 |  | $ | 656,352 |
Change in valuation allowance | (16,740 | ) | 108,671 |
Ending balance, valuation allowance | $ | 748,283 |  | $ | 765,023 |
Significant components of Net Operating Loss Carryforwards | The significant components of our NOL carryforwards are as follows:
| 2014 | 2013
Federal (1) | $ | 1,306,482 |  | $ | 1,287,118 |
State (2) | 2,078,105 |  | 2,077,890 |
Foreign (3) | 446,234 |  | 459,457 |
(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:
| 2014 | 2013 | 2012
Balance as of January 1, | $ | 1,200 |  | $ | 17,600 |  | $ | 15,900 |
Additions based on tax positions related to the current year | 1,100 |  | 700 |  | 2,700 |
Decreases due to lapse of applicable statute of limitations | (300 | ) | (2,800 | ) | (800 | )
Settlements | — |  | (14,300 | ) | (200 | )
Balance as of December 31, | $ | 2,000 |  | $ | 1,200 |  | $ | 17,600 |
Significant components of unrecognized tax positions | The components of our unrecognized tax positions are as follows:
| 2014 | 2013 | 2012
Highly certain tax positions | $ | 1,900 |  | $ | 1,100 |  | $ | 16,900 |
Other unrecognized tax benefits | 100 |  | 100 |  | 700 |
Gross unrecognized tax benefits | $ | 2,000 |  | $ | 1,200 |  | $ | 17,600 |
Accrued interest and penalties related to unrecognized tax benefits | $ | — |  | $ | 100 |  | $ | 100 |

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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + 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)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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- 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 Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
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- 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 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
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- 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 + Details
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