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Income taxes (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2018

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule Of U.S. And Non-U.S. Components Of Income (Loss) Before Provision (Benefit) For Income Taxes

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Successor

Predecessor

For the year ended December 31, 2017

For the year ended December 31, 2016

For the period August 15 through December 31, 2015

For the period January 1 through August 14, 2015

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(Dollars in thousands)

U.S.

$

(26,981

)

$

(44,971

)

$

(16,827

)

$

(84,599

)

Non-U.S.

30,412

(71,450

)

(4,916

)

(10,919

)

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$

3,431

$

(116,421

)

$

(21,743

)

$

(95,518

)

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Summary Of Provision For Income Taxes

The following tables summarize the provision for income taxes for the six months ended June 30, 2018 and June 30, 2017:

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		For the six months ended June 30,
​	​	​	​	​	​	​	​
		2018			2017
​	​	​	​	​	​	​	​
(Dollars in thousands)
Tax (benefit) expense		$	11,379		$	1,286
Pretax income (loss)			435,189			(34,325	)
Effective tax rates			2.6%			(3.7)%
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Successor

Predecessor

For the year ended December 31, 2017

For the year ended December 31, 2016

For the period August 15 through December 31, 2015

For the period January 1 through August 14, 2015

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(Dollars in thousands)

U.S income taxes:

Current

$

(1,066

)

$

(878

)

$

(52

)

$

(20

)

Deferred

38

1,152

686

403

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(1,028

)

274

634

383

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Non-U.S. income taxes:

Current

5,924

5,389

1,566

5,547

Deferred

(15,677

)

(13,215

)

4,682

522

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(9,753

)

(7,826

)

6,248

6,069

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Total income tax (benefit) expense

$

(10,781

)

$

(7,552

)

$

6,882

$

6,452

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Schedule Of Income Tax Expense (Benefit) Computed By Applying The U.S. Federal Income Tax Rate

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		Successor									Predecessor
		For the year ended December 31, 2017			For the year ended December 31, 2016			For the period August 15 through December 31, 2015			For the period January 1 through August 14, 2015
​	​	​		​	​		​	​		​	​		​
		(Dollars in thousands)
Tax at statutory U.S. federal rate		$	1,201		$	(40,747	)	$	(7,610	)	$	(33,431	)
Valuation allowance, net		(89,269		)	35,091			7,355			21,532
State taxes, net of federal tax benefit		3,437			(2,324		)	(697		)	(2,005		)
Impact of the 2017 Tax Act—transition tax		39,628			—			—			—
Impact of the 2017 Tax Act—tax rate change		52,228			—			—			—
U.S. tax impact of foreign earnings (net foreign tax credits)		1,151			51			139			—
Establishment/resolution of uncertain tax positions		(840		)	(513		)	64			71
Adjustment for foreign income taxed at different rates		(2,359		)	12,738			7,120			11,136
Foreign tax credits		(18,244		)	—			—			—
Non-U.S. tax exemptions, holidays and credits		288			(175		)	228			(691		)
Goodwill impairment/disposal		700			—			—			8,026
Investment in subsidiary impairment deduction		—			(10,114		)	—			—
Other		1,299			(1,562		)	283			1,814
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(Benefit) provision for income taxes		$	(10,781	)	$	(7,552	)	$	6,882		$	6,452
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Schedule Of Deferred Tax Assets And Deferred Tax Liabilities

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		As of December 31,
​	​	​		​	​		​
		2017			2016
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		(Dollars in thousands)
Deferred tax assets:
Fixed assets		$	—		$	41,677
Postretirement and other employee benefits		19,392			32,275
Foreign tax credit and other carryforwards		175,229			153,169
Capitalized research and experimental costs		9,417			18,146
Environmental reserves		493			4,237
Inventory		7,933			15,227
Original issue discount		2,603			6,461
Long-term contract option amortization		1,204			2,074
Provision for rationalization charges		502			7,498
Other		1,536			3,391
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Total gross deferred tax assets		218,309			284,155
Less: valuation allowance		(150,839		)	(244,841		)
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Total deferred tax assets		67,470			39,314
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Deferred tax liabilities:
Fixed assets		$	68,098		$	47,346
Debt discount amortization / Deferred financing fees		3,191			6,544
Inventory		5,128			3,482
Goodwill and acquired intangibles		—			2,295
Other		2,031			2,751
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Total deferred tax liabilities		78,448			62,418
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Net deferred tax liability		$	(10,978	)	$	(23,104	)
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Schedule Of Valuation Allowance Activity

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		(Dollars in thousands)
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Balance as of December 31, 2015		$	165,539
(Credited) / charged to income		78,469
Translation adjustment		583
Changes attributable to movement in underlying assets		250
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Balance as of December 31, 2016		$	244,841
(Credited) / charged to income		(87,194		)
Translation adjustment		207
Changes attributable to movement in underlying assets		(7,015		)
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Balance as of December 31, 2017		$	150,839
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Reconciliation Of The Beginning And Ending Amount Of Unrecognized Tax Benefits

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		(Dollars in thousands)
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Balance as of December 31, 2015		$	3,921
Lapse of statutes of limitations		(603		)
Foreign currency impact		20
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Balance as of December 31, 2016		$	3,338
Additions for tax positions of prior years		114
Lapse of statutes of limitations		(989		)
Foreign currency impact		29
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Balance as of December 31, 2017		$	2,492
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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 the change in unrecognized tax benefits.

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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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