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Income taxes (Tables)

12 Months Ended

Dec. 31, 2015

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,
	2015				2014				2013
U.S.	$	(62,203	)		$	91,026			$	(47,080	)
Foreign	21,081				52,451				7,236
Total	$	(41,122	)		$	143,477			$	(39,844	)

Significant components of the income before income tax expense

Significant components of the income tax expense consist of the following:
	Year Ended December 31,
	2015				2014				2013
Current:
U.S. federal current expense (benefit)	$	—			$	(112	)		$	532
State current expense (benefit)	(706		)		2,252				(445		)
Foreign current expense	13,473				15,098				6,198
Total current expense	12,767				17,238				6,285
Deferred:
U.S. federal deferred benefit	(1,564		)		(1,696		)		(3,905		)
State deferred benefit	—				(12		)		(207		)
Foreign deferred tax expense	(1,927		)		2,778				958
Total deferred benefit	(3,491		)		1,070				(3,154		)
Total income tax expense	$	9,276			$	18,308			$	3,131

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:
	2015			2014			2013
Federal Statutory Rate	35.0	%		35.0	%		35.0	%
Permanent differences	1.9			4.3			54.5
State taxes, net of Federal benefit	(16.0	)		(6.2	)		97.2
Foreign earnings taxed at different rates than U.S.	3.0			(1.3	)		17.4
Valuation allowance	(56.6	)		(26.0	)		(265.9	)
Changes in uncertain tax reserves	(4.2	)		0.6			40.5
Other	14.3			6.4			13.4
Effective tax rate	(22.6	)%		12.8	%		(7.9	)%

Significant components of deferred tax assets and liabilities

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

	2015			2014
Deferred tax assets:
Accrued postretirement benefit cost	$	14,825		$	15,683
Accrued liabilities	1,080			4,494
Share-based compensation	6,421			7,350
Derivative and hedging contracts	—			58,687
Goodwill	7,949			10,521
Pension and post-retirement obligations in other comprehensive income	78,753			81,567
Net operating losses and tax credits	700,819			646,158
Foreign basis differences	2,083			668
Other	10,676			8,748
Total deferred tax assets	822,606			833,876
Valuation allowance	(768,764		)	(748,283		)
Net deferred tax assets	$	53,842		$	85,593
Deferred tax liabilities:
Tax over financial statement depreciation	$	(116,327	)	$	(142,627	)
Pension	(15,608		)	(14,222		)
Unremitted foreign earnings	(18,901		)	(30,308		)
Total deferred tax liabilities	(150,836		)	(187,157		)
Net deferred tax liability	$	(96,994	)	$	(101,564	)

Changes in valuation allowance

The changes in the valuation allowance are as follows:

	2015			2014
Beginning balance, valuation allowance	$	748,283		$	765,023
Change in valuation allowance	20,481			(16,740		)
Ending balance, valuation allowance	$	768,764		$	748,283

Significant components of Net Operating Loss Carryforwards

The significant components of our NOL carryforwards are as follows:

	2015			2014
Federal (1)	$	1,470,251		$	1,306,482
State (2)	2,094,687			2,078,105
Foreign (3)	466,743			446,234

(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:

	2015			2014			2013
Balance as of January 1,	$	2,000		$	1,200		$	17,600
Additions based on tax positions related to the current year	1,800			1,100			700
Decreases due to lapse of applicable statute of limitations	—			(300		)	(2,800		)
Settlements	—			—			(14,300		)
Balance as of December 31,	$	3,800		$	2,000		$	1,200

Significant components of unrecognized tax positions

The components of our unrecognized tax positions are as follows:

	2015			2014			2013
Highly certain tax positions	$	3,700		$	1,900		$	1,100
Other unrecognized tax benefits	100			100			100
Gross unrecognized tax benefits	$	3,800		$	2,000		$	1,200
Accrued interest and penalties related to unrecognized tax benefits	$	—		$	—		$	100

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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 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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