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Income Tax Matters (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income before income taxes by geographic area | Tax Benefit (Provision). (Loss) income before income taxes by geographic area was as follows (in millions of dollars):
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Domestic | $ | (373.6 | ) |  | $ | 102.1 |  |  | $ | 138.9 |
Foreign | 1.8 |  |  | 5.0 |  |  | 4.3 |
(Loss) income before income taxes | $ | (371.8 | ) |  | $ | 107.1 |  |  | $ | 143.2 |
Tax Provision | Income tax benefit (provision) consisted of (in millions of dollars):
| Federal |  | Foreign |  | State |  | Total
2015 |  |  |  |  |  |  |
Current | $ | 0.7 |  |  | $ | 2.1 |  |  | $ | 0.4 |  |  | $ | 3.2 |
Deferred | 93.2 |  |  | (1.2 | ) |  | 1.8 |  |  | $ | 93.8 |
Benefit applied to increase Additional paid in capital/ Other comprehensive income | 33.5 |  |  | 0.4 |  |  | 4.3 |  |  | $ | 38.2 |
Income tax benefit | $ | 127.4 |  |  | $ | 1.3 |  |  | $ | 6.5 |  |  | $ | 135.2 |
2014 |  |  |  |  |  |  |
Current | $ | (1.0 | ) |  | $ | 1.0 |  |  | $ | (0.6 | ) |  | $ | (0.6 | )
Deferred | 6.4 |  |  | 0.3 |  |  | 5.1 |  |  | $ | 11.8 |
Expense applied to decrease Additional paid in capital/Other comprehensive income | (41.6 | ) |  | (0.5 | ) |  | (4.4 | ) |  | $ | (46.5 | )
Income tax (provision) benefit | $ | (36.2 | ) |  | $ | 0.8 |  |  | $ | 0.1 |  |  | $ | (35.3 | )
2013 |  |  |  |  |  |  |
Current | $ | 1.1 |  |  | $ | 16.2 |  |  | $ | (0.2 | ) |  | $ | 17.1 |
Deferred | (49.7 | ) |  | (0.5 | ) |  | (6.7 | ) |  | $ | (56.9 | )
Benefit (expense) applied to increase (decrease) Additional paid in capital/ Other comprehensive income | 1.3 |  |  | (0.1 | ) |  | 0.2 |  |  | $ | 1.4 |
Income tax (provision) benefit | $ | (47.3 | ) |  | $ | 15.6 |  |  | $ | (6.7 | ) |  | $ | (38.4 | )
Reconciliation of income tax provision based on effective income tax rate and statutory tax rate | A reconciliation between the benefit from (provision for) income taxes and the amount computed by applying the federal statutory income tax rate to (loss) income before income taxes is as follows (in millions of dollars):
| Year Ended December 31,
| 2015 |  | 2014 |  | 2013
Amount of federal income tax benefit (provision) based on the statutory rate | $ | 130.1 |  |  | $ | (37.5 | ) |  | $ | (50.1 | )
(Increase) decrease in federal valuation allowances | (0.6 | ) |  | — |  |  | 0.1 |
Non-deductible compensation expense | (0.2 | ) |  | (0.1 | ) |  | (0.3 | )
Non-deductible expense | (0.3 | ) |  | (0.3 | ) |  | (0.9 | )
State income tax benefit (provision), net of federal benefit 1 | 4.2 |  |  | — |  |  | (4.4 | )
Foreign income tax benefit | 0.1 |  |  | 0.3 |  |  | — |
Expiration of statute of limitations | 1.7 |  |  | 2.3 |  |  | 4.6 |
Settlement with taxing authorities | — |  |  | — |  |  | 4.4 |
Advance pricing agreement | (0.2 | ) |  | — |  |  | 2.9 |
Competent Authority settlement | 0.4 |  |  | — |  |  | 5.3 |
Income tax benefit (provision) | $ | 135.2 |  |  | $ | (35.3 | ) |  | $ | (38.4 | )
___________________________
1. | The State income tax benefit was $10.3 million in 2015, but was offset by a $3.1 million increase due to state tax rate and state law changes enacted during the current year and a $3.0 million increase relating to the expiration of certain current and future state net operating losses. State income taxes were $2.3 million in 2014, but were offset by a $1.6 million decrease due to lower tax rates in various states and a $0.7 million in the valuation allowance relating to certain state net operating losses. State income taxes of $4.4 million in 2013 included a $1.2 million increase in the valuation allowance relating to certain unused state net operating losses expected to expire.
Deferred tax assets and liabilities | Deferred Income Taxes. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our net deferred income tax assets were as follows (in millions of dollars):
| Year Ended December 31,
| 2015 |  | 2014
Deferred income tax assets: |  |  |
Loss and credit carryforwards | $ | 255.7 |  |  | $ | 275.4 |
VEBAs (see Note 6) | 25.9 |  |  | 5.1 |
Other assets | 38.7 |  |  | 37.8 |
Inventories | — |  |  | 18.7 |
Valuation allowances | (21.2 | ) |  | (19.2 | )
Total deferred income tax assets | 299.1 |  |  | 317.8 |
Deferred income tax liabilities: |  |  |
Property, plant and equipment | (79.6 | ) |  | (74.1 | )
VEBAs (see Note 6) | — |  |  | (120.6 | )
Inventories | (9.4 | ) |  | (6.7 | )
Total deferred income tax liabilities | (89.0 | ) |  | (201.4 | )
Net deferred income tax assets 1 | $ | 210.1 |  |  | $ | 116.4 |
__________________________
1. | Of the total net deferred income tax assets of $210.1 million, $49.6 million was included in Prepaid expenses and other current assets, $162.6 million was presented as Deferred tax assets, net and $2.1 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2015. Of the total net deferred income tax assets of $116.4 million, $86.4 million was included in Prepaid expenses and other current assets and $30.9 million was presented as Deferred tax assets, net and $0.9 million was presented as Deferred tax liabilities on the Consolidated Balance Sheet as of December 31, 2014.
Reconciliation of changes in the gross unrecognized tax benefits | We have gross unrecognized benefits relating to uncertain tax positions. A reconciliation of changes in the gross unrecognized tax benefits is as follows (in millions of dollars):
|  | Year Ended December 31,
|  | 2015 |  | 2014 |  | 2013
Gross unrecognized tax benefits at beginning of period |  | $ | 2.2 |  |  | $ | 3.8 |  |  | $ | 15.7 |
Gross increases for tax positions of prior years |  | 0.1 |  |  | — |  |  | — |
Gross decreases for tax positions of prior years |  | — |  |  | — |  |  | (7.6 | )
Gross decrease for tax positions relating to lapse of a statute of limitation |  | (0.6 | ) |  | (1.4 | ) |  | (3.3 | )
Foreign currency translation |  | — |  |  | (0.2 | ) |  | (1.0 | )
Gross unrecognized tax benefits at end of period |  | $ | 1.7 |  |  | $ | 2.2 |  |  | $ | 3.8 |

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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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