XML 71 R40.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
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,
| 2019 |  | 2018 |  | 2017
U.S. | $ | (15.8 | ) |  | $ | (39.7 | ) |  | $ | 26.8 |
Foreign | (69.7 | ) |  | (30.9 | ) |  | 28.6 |
Total | $ | (85.5 | ) |  | $ | (70.6 | ) |  | $ | 55.4 |
Significant components of the income before income tax expense |
Significant components of income tax expense consist of the following:
| Year Ended December 31,
| 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |
U.S. federal current expense (benefit) | — |  |  | 0.0 |  |  | $ | (0.1 | )
State current expense (benefit) | (0.1 | ) |  | (1.1 | ) |  | 1.2 |
Foreign current expense | 0.1 |  |  | 0.8 |  |  | 12.3 |
Total current expense (benefit) | (0.0 | ) |  | (0.3 | ) |  | 13.4 |
Deferred: |  |  |  |  |  |  |  |
U.S. federal deferred benefit | (2.2 | ) |  | (1.6 | ) |  | (2.5 | )
State deferred benefit | (0.2 | ) |  | — |  |  | (0.0 | )
Foreign deferred tax expense (benefit) | (6.0 | ) |  | 1.7 |  |  | (3.3 | )
Total deferred expense (benefit) | (8.4 | ) |  | 0.1 |  |  | (5.8 | )
Total income tax expense (benefit) | $ | (8.4 | ) |  | $ | (0.2 | ) |  | $ | 7.6 |
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:
| 2019 |  | 2018 |  | 2017
Federal Statutory Rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Permanent differences | (13.1 | ) |  | (25.7 | ) |  | 57.5 |
State taxes, net of Federal benefit | (0.1 | ) |  | 3.5 |  |  | (6.6 | )
Rate change | (3.5 | ) |  | (0.6 | ) |  | 370.5 |
Foreign earnings taxed at different rates than U.S. | (3.3 | ) |  | 11.8 |  |  | (40.5 | )
Valuation allowance | 72.8 |  |  | 81.2 |  |  | (401.4 | )
Transition tax | — |  |  | (13.8 | ) |  | — |
Net operating loss expiration and remeasurement | (66.2 | ) |  | (75.8 | ) |  | — |
Changes in uncertain tax reserves | 1.2 |  |  | (1.4 | ) |  | 3.8 |
Other | 1.0 |  |  | 0.1 |  |  | (4.6 | )
Effective tax rate | 9.8 | % |  | 0.3 | % |  | 13.7 | %
Significant components of deferred tax assets and liabilities | The significant components of our deferred tax assets and liabilities as of December 31 are as follows:
| 2019 |  | 2018
Deferred tax assets: |  |  |
Accrued postretirement benefit cost | $ | 39.3 |  |  | $ | 40.3 |
Accrued liabilities | 10.8 |  |  | 10.9 |
Share-based compensation | 0.9 |  |  | 2.1 |
Goodwill | — |  |  | 0.4 |
Net operating losses and tax credits | 432.8 |  |  | 482.8 |
Foreign basis differences | 15.0 |  |  | 13.5 |
Ravenswood retiree legal settlement | 1.9 |  |  | 2.4 |
Other | 2.8 |  |  | 1.9 |
Total deferred tax assets | 503.5 |  |  | 554.3 |
Valuation allowance | (492.4 | ) |  | (552.5 | )
Net deferred tax assets | $ | 11.1 |  |  | $ | 1.8 |
Deferred tax liabilities: |  |  |  |  |
Derivatives | $ | (3.5 | ) |  | $ | — |
Tax over financial statement depreciation | $ | (102.4 | ) |  | (103.9 | )
Total deferred tax liabilities | (105.9 | ) |  | (103.9 | )
Net deferred tax liability | $ | (94.8 | ) |  | $ | (102.1 | )
Changes in valuation allowance | The changes in the valuation allowance are as follows:
| 2019 |  | 2018 |  | 2017
Beginning balance, valuation allowance | $ | 552.5 |  |  | $ | 607.8 |  |  | $ | 839.1 |
Remeasurement of deferred tax assets | (41.6 | ) |  | (32.1 | ) |  | (205.2 | )
Release of valuation allowance | — |  |  | — |  |  | — |
Expiration of net operating losses | (10.8 | ) |  | (12.3 | ) |  | — |
Other change in valuation allowance | (7.7 | ) |  | (11.0 | ) |  | (26.1 | )
Ending balance, valuation allowance | $ | 492.4 |  |  | $ | 552.5 |  |  | $ | 607.8 |
Significant components of Net Operating Loss Carryforwards | The significant components of our NOLs are as follows:
| 2019 |  | 2018
Federal (1) | $ | 1,519.9 |  |  | $ | 1,470.4 |
State (2) | 1,068.3 |  |  | 2,205.0 |
Foreign (3) | 306.8 |  |  | 398.2 |
(1) | The federal NOL begins to expire in 2028.
(2) | The state NOLs begin to expire in 2027.
(3) | The Icelandic NOL expires between 2020 and 2026; the Netherlands 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:
| 2019 |  | 2018 |  | 2017
Balance as of January 1, | $ | 9.5 |  |  | $ | 8.4 |  |  | $ | 6.4 |
Additions based on tax positions related to the current year | — |  |  | 2.0 |  |  | 2.1 |
Decreases due to lapse of applicable statute of limitations | (1.3 | ) |  | (0.9 | ) |  | (0.1 | )
Settlements | — |  |  | — |  |  | — |
Balance as of December 31, | $ | 8.2 |  |  | $ | 9.5 |  |  | $ | 8.4 |
Significant components of unrecognized tax positions | The components of our unrecognized tax benefits are as follows:
| 2019 |  | 2018 |  | 2017
Unrecognized tax benefits - Temporary Differences | $ | 6.8 |  |  | $ | 7.9 |  |  | $ | 8.3 |
Other unrecognized tax benefits | 1.4 |  |  | 1.6 |  |  | 0.1 |
Gross unrecognized tax benefits | $ | 8.2 |  |  | $ | 9.5 |  |  | $ | 8.4 |
Accrued interest and penalties related to unrecognized tax benefits | $ | — |  |  | $ | 0.1 |  |  | $ | — |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -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
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32559-109319 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 + Details
Name: | us-gaap_SummaryOfPositionsForWhichSignificantChangeInUnrecognizedTaxBenefitsIsReasonablyPossibleTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration