XML 128 R51.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Components of Company's Deferred Tax Assets and Liabilities | The significant components of the Company’s deferred tax assets and liabilities are as follows:
|  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |
|  | $ |  |  | $ |
Deferred tax assets: |  |  |  |  |  |  |  |
Vessels and equipment |  |  | 73,750 |  |  |  | 58,825 |
Tax losses carried forward(1) |  |  | 427,656 |  |  |  | 427,443 |
Other |  |  | 32,012 |  |  |  | 64,194 |
Total deferred tax assets |  |  | 533,418 |  |  |  | 550,462 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Vessels and equipment |  |  | 19,555 |  |  |  | 26,503 |
Long-term debt |  |  | 22,008 |  |  |  | 33,764 |
Other |  |  | 30,519 |  |  |  | 40,117 |
Total deferred tax liabilities |  |  | 72,082 |  |  |  | 100,384 |
Net deferred tax assets |  |  | 461,336 |  |  |  | 450,078 |
Valuation allowance |  |  | (442,504 | ) |  |  | (421,343 | )
Net deferred tax assets |  |  | 18,832 |  |  |  | 28,735 |
(1) | Substantially all of the Company’s net operating loss carryforwards of $1.74 billion relate to its Australian ship-owning subsidiaries and its Norwegian subsidiaries. These net operating loss carryforwards are available to offset future taxable income in the respective jurisdictions, and can be carried forward indefinitely. The Company also has $20.8 million in disallowed finance costs that relate to its Spanish subsidiaries and are available to offset future finance costs and can be carried forward for 18 years.
Components of Provision for Income Taxes | The components of the provision for income taxes are as follows:
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | $ |  |  | $ |  |  | $ |
Current |  |  | 2,742 |  |  |  | 9,167 |  |  |  | (6,768 | )
Deferred |  |  | (5,614 | ) |  |  | 5,239 |  |  |  | 2,478 |
Income tax (expense) recovery |  |  | (2,872 | ) |  |  | 14,406 |  |  |  | (4,290 | )
Reconciliations of Income Tax Rates and Actual Tax Charge | Reconciliations of the tax charge related to the relevant year at the applicable statutory income tax rates and the actual tax charge related to the relevant year are as follows:
|  | Year Ended |  |  | Year Ended |  |  | Year Ended |
|  | December 31, 2013 |  |  | December 31, 2012 |  |  | December 31, 2011 |
|  | $ |  |  | $ |  |  | $ |
Net income (loss) before taxes |  |  | 38,352 |  |  |  | (325,522 | ) |  |  | (372,131 | )
Net loss not subject to taxes |  |  | (267,665 | ) |  |  | (129,307 | ) |  |  | (341,473 | )
Net income (loss) subject to taxes |  |  | 306,017 |  |  |  | (196,215 | ) |  |  | (30,658 | )
At applicable statutory tax rates |  |  | 12,719 |  |  |  | (15,808 | ) |  |  | (8,987 | )
Permanent and currency differences, adjustments to valuation allowances and uncertain tax positions |  |  | (8,173 | ) |  |  | (2,817 | ) |  |  | 7,307 |
Other |  |  | (1,675 | ) |  |  | 4,218 |  |  |  | 5,970 |
Income tax expense (recovery) related to the current year |  |  | 2,872 |  |  |  | (14,406 | ) |  |  | 4,290 |
Unrecognized Tax Benefits, Recorded in Other Long-Term Liabilities | The following is a roll-forward of the Company’s unrecognized tax benefits, recorded in other long-term liabilities, from January 1, 2011 to December 31, 2013:
|  | Year ended |  |  | Year ended |  |  | Year ended |
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | $ |  |  | $ |  |  | $ |
Balance of unrecognized tax benefits - beginning of the year |  |  | 29,364 |  |  |  | 39,804 |  |  |  | 45,302 |
Increases for positions related to the current year |  |  | 1,141 |  |  |  | 4,560 |  |  |  | 3,308 |
Changes for positions taken in prior years |  |  | (1,284 | ) |  |  | (5,085 | ) |  |  | 83 |
Decreases related to statute of limitations |  |  | (8,917 | ) |  |  | (9,915 | ) |  |  | (8,889 | )
Balance of unrecognized tax benefits - end of the year |  |  | 20,304 |  |  |  | 29,364 |  |  |  | 39,804 |

X
- 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://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
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://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
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://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
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration