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Income taxes (Tables)

12 Months Ended

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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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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