v2.4.0.8

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of income before taxes

		Year Ended December 31,
(In millions)		2013			2012			2011
United States operations		$	210.1		$	175.9		$	48.8
Foreign operations			31.5			1.8			4.7
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Total		$	241.6		$	177.7		$	53.5
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Schedule of provision for (benefit from) income taxes

		Year Ended December 31,
(In millions)		2013			2012			2011
Current income taxes:
Federal		$	106.2		$	63.5		$	17.2
State			14.9			6.7			1.7
Foreign			7.8			(4.5	)		(19.3	)
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Total current			128.9			65.7			(0.4	)
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Deferred income taxes:
Federal			(49.0	)		(11.7	)		(3.5	)
State			(2.0	)		3.2			(0.2	)
Foreign			(4.3	)		-			(0.1	)
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Total deferred			(55.3	)		(8.5	)		(3.8	)
​	​	​	​	​	​	​	​	​	​	​
Provision for (benefit from) income taxes		$	73.6		$	57.2		$	(4.2	)
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Reconciliation of the effective income tax rate and the U.S. statutory federal income tax rate

		Year Ended December 31,
		2013			2012			2011
			35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit			3.5			3.7			2.3
Difference between U.S. and foreign tax rates			0.1			-			0.4
Tax credits			(0.7	)		(1.3	)		-
Domestic manufacturing deduction			(4.7	)		(2.8	)		(3.3	)
Non-deductible compensation			-			0.2			0.6
Percentage depletion			(1.5	)		(0.4	)		(1.5	)
Goodwill impairment			2.6			-			-
Capitalized Acquisition Costs			0.1			2.1			-
Change in valuation allowance			(0.3	)		0.3			0.9
Net change in unrecognized tax benefits			(1.2	)		(3.5	)		(39.6	)
Other, net			(2.4	)		(1.1	)		(2.7	)
​	​	​	​	​	​	​	​	​	​	​
Effective income tax rate			30.5	%		32.2	%		(7.9	)%
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Schedule of major items of net deferred tax liability

		As of December 31,
(In millions)		2013			2012
Deferred tax assets:
Net operating loss carryforwards		$	47.5		$	4.3
Employee compensation			17.8			10.8
Accrued liabilities			16.8			5.4
Tax credits			29.6			24.3
Environmental			19.1			2.7
Property, plant and equipment			36.9			91.3
Pension			40.6			20.0
Other deferred tax assets			7.0			8.4
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Total deferred tax assets			215.3			167.2
​	​	​	​	​	​	​	​
Valuation allowance			(93.0	)		(105.3	)
​	​	​	​	​	​	​	​
Total deferred tax assets			122.3			61.9
Deferred tax liability:
Property, plant and equipment			(381.8	)		(112.0	)
Intangible assets			(416.3	)		(32.9	)
Inventories			(10.1	)		-
Other			(13.4	)		-
Debt restructuring			(39.2	)		(50.6	)
Foreign outside basis difference			(78.8	)		-
Foreign currency translation gain			(8.3	)		(19.1	)
​	​	​	​	​	​	​	​
Total deferred tax liability			(947.9	)		(214.6	)
​	​	​	​	​	​	​	​
Net deferred tax liability		$	(825.6	)	$	(152.7	)
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Schedule of jurisdictional amount of NOLs and the years in which they will expire

Jurisdiction (in millions)		NOL Amount			Year of Expiration
U.S. State		$	5.3		2030
Canada federal			196.1		2032
Canada provincial			347.8		2032

Schedule of tax credits that expire over varying amounts and periods

Jurisdiction (in millions)		Tax credit Carryover Amount			Year of Expiration
U.S. state tax credits (gross of federal benefit)		$	20,491		Indefinite
U.S. foreign income tax credits			6,594		2023
Canadian income tax credits			9,666		2017-2033

Schedule of the tax years that remain subject to examination by major tax jurisdiction

Tax Jurisdiction		Open Years
United States Federal		2009-2013
Canada		2009-2013
Various states		2006-2013
Taiwan		2012

Reconciliation of the liability for unrecognized tax benefits

		For the Year Ended December 31,
(In millions)		2013			2012			2011
Balance as of beginning of the year		$	18.5		$	22.1		$	35.3
Additions for current year tax positions			0.2			0.2			0.1
Additions for prior year tax positions			1.2			0.8			0.1
Reductions for prior year tax positions			(0.2	)		(2.1	)		(7.2	)
Settlements			-			-			(3.9	)
Reductions related to expirations of statute of limitations			(2.5	)		(2.9	)		(1.7	)
Foreign currency translation			(0.9	)		0.4			(0.6	)
​	​	​	​	​	​	​	​	​	​	​
Balance as of the end of the year		$	16.3		$	18.5		$	22.1
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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.

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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 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.

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Tabular disclosure of tax credit carryforwards available to reduce future taxable income, including amounts, expiration dates, limitations on use and the related deferred tax assets and valuation allowances.

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