v2.4.0.6

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2012
INCOME TAXES |
Schedule of income before taxes |
|  | Years Ended December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |  | 2010 |
U.S. operations |  | $ | 175,992 |  | $ | 48,855 |  | $ | 32,381 |
Foreign operations |  |  | 1,792 |  |  | 4,685 |  |  | 11,576 |
Total |  | $ | 177,784 |  | $ | 53,540 |  | $ | 43,957 |
Schedule of provision for (benefit from) income taxes |
|  | Years Ended December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |  | 2010 |
Current income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 63,466 |  | $ | 17,200 |  | $ | 9,793 |
State |  |  | 6,739 |  |  | 1,657 |  |  | 1,587 |
Foreign |  |  | (4,519 | ) |  | (19,312 | ) |  | (8,182 | )
Total current |  |  | 65,686 |  |  | (455 | ) |  | 3,198 |
Deferred income taxes: |  |  |  |  |  |  |  |  |  |
Federal |  |  | (11,713 | ) |  | (3,540 | ) |  | (1,838 | )
State |  |  | 3,251 |  |  | (172 | ) |  | (81 | )
Foreign |  |  | (1 | ) |  | (50 | ) |  | - |
Total deferred |  |  | (8,463 | ) |  | (3,762 | ) |  | (1,919 | )
Provision for (benefit from) income taxes |  | $ | 57,223 |  | $ | (4,217 | ) | $ | 1,279 |
Reconciliation of the effective income tax rate and the U.S. statutory federal income tax rate |
|  | Years Ended December 31, |
--- | --- | --- | ---
|  | 2012 |  | 2011 |  | 2010 |
|  |  | 35.0 | % |  | 35.0 | % |  | 35.0 | %
State and local income taxes, net of federal benefit |  |  | 3.7 |  |  | 2.3 |  |  | 1.8 |
Difference between U.S. and foreign tax rates |  |  | - |  |  | 0.4 |  |  | (2.3 | )
Tax credits |  |  | (1.3 | ) |  | - |  |  | - |
Domestic manufacturing deduction |  |  | (2.8 | ) |  | (3.3 | ) |  | (2.2 | )
Non-deductible compensation |  |  | 0.2 |  |  | 0.6 |  |  | 0.5 |
Percentage depletion |  |  | (0.4 | ) |  | (1.5 | ) |  | (1.9 | )
Debt restructuring activities |  |  | - |  |  | - |  |  | 1.6 |
Capitalized acquisition costs |  |  | 2.1 |  |  | - |  |  | - |
Change in valuation allowance |  |  | 0.3 |  |  | 0.9 |  |  | (13.4 | )
Net change in unrecognized tax benefits |  |  | (3.5 | ) |  | (39.6 | ) |  | (17.3 | )
Other, net |  |  | (1.1 | ) |  | (2.7 | ) |  | 1.1 |
Effective income tax rate |  |  | 32.2 | % |  | (7.9 | )% |  | 2.9 | %
Schedule of major items of net deferred tax liability |
|  | As of December 31, |
--- | --- | --- | ---
(In thousands) |  | 2012 |  | 2011 |
Deferred tax assets: |  |  |  |  |  |  |
Receivables |  | $ | 2,817 |  | $ | 1,416 |
Inventories |  |  | 4,440 |  |  | 4,051 |
Net operating loss carryforwards |  |  | 4,258 |  |  | 11,596 |
Employee compensation |  |  | 10,789 |  |  | 7,762 |
Accrued liabilities |  |  | 5,420 |  |  | 3,986 |
Tax credits |  |  | 24,338 |  |  | 24,548 |
Environmental |  |  | 2,683 |  |  | 2,254 |
Property, plant and equipment—foreign |  |  | 91,255 |  |  | 80,707 |
Pension |  |  | 19,990 |  |  | 15,872 |
Other deferred tax assets |  |  | 1,181 |  |  | 1,357 |
Total deferred tax assets |  |  | 167,171 |  |  | 153,549 |
Valuation allowance |  |  | (105,286 | ) |  | (101,267 | )
Total deferred tax assets, net of valuation allowance |  |  | 61,885 |  |  | 52,282 |
Deferred tax liability: |  |  |  |  |  |  |
Property, plant and equipment—domestic |  |  | (111,958 | ) |  | (113,767 | )
Intangible assets |  |  | (32,917 | ) |  | (32,610 | )
Other |  |  | - |  |  | (3,066 | )
Debt restructuring |  |  | (50,617 | ) |  | (50,338 | )
Foreign currency translation gain |  |  | (19,088 | ) |  | (15,207 | )
Total deferred tax liability |  |  | (214,580 | ) |  | (214,988 | )
Net deferred tax liability |  | $ | (152,695 | ) | $ | (162,706 | )
Schedule of jurisdictional amount of NOLs and the years in which they will expire | The jurisdictional amount of NOLs as of December 31, 2012, and the years in which they will expire, are as follows (in thousands):
Jurisdiction |  | NOL Amount |  | Year of Expiration
--- | --- | --- | --- | ---
U.S. state |  | $ | 1,654 |  | 2013-2031
Canada federal |  |  | 23,738 |  | 2027-2029
Canada provincial |  |  | 1,196 |  | 2028-2029
Schedule of tax credits that expire over varying amounts and periods | As of December 31, 2012, we had U.S. state and foreign tax credit carryovers. These tax credits expire over varying amounts and periods as follows (in thousands):
Jurisdiction |  | Tax credit Carryover Amount |  | Year of Expiration
--- | --- | --- | --- | ---
U.S. state tax credits (gross of federal benefit) |  | $ | 21,936 |  | indefinite
Foreign tax credits |  |  | 10,079 |  | 2018-2030
Schedule of the tax years that remain subject to examination by major tax jurisdiction |
Tax Jurisdiction |  | Open Years
--- | --- | ---
United States Federal |  | 2009-2012
Canada |  | 2008-2012
Various states |  | 2006-2012
Reconciliation of the liability for unrecognized tax benefits |
|  | 2012 |  | 2011 |  | 2010 |
--- | --- | --- | --- | --- | --- | --- | ---
Balance as of beginning of the year |  | $ | 28,884 |  | $ | 53,315 |  | $ | 58,458 |
Additions for current year tax positions |  |  | 311 |  |  | 210 |  |  | 3,329 |
Additions for prior year tax positions (including interest and penalties of $826, $1,533 and $1,522 for the years ended December 31, 2012, 2011 and 2010, respectively) |  |  | 1,508 |  |  | 1,533 |  |  | 1,626 |
Reductions for prior year tax positions |  |  | (58 | ) |  | (19,345 | ) |  | (7,715 | )
Settlements |  |  | (306 | ) |  | (2,095 | ) |  | (1,303 | )
Reductions related to expirations of statute of limitations |  |  | (7,250 | ) |  | (3,675 | ) |  | (3,215 | )
Foreign currency translation |  |  | 398 |  |  | (1,059 | ) |  | 2,135 |
Balance as of the end of the year |  | $ | 23,487 |  | $ | 28,884 |  | $ | 53,315 |

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- 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 -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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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 FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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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