v2.4.1.9

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES

Schedule of income before taxes

		Year Ended December 31,
(In millions)		2014			2013			2012
United States operations		$	41.8		$	210.1		$	175.9
Foreign operations			15.9			31.5			1.8
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Total		$	57.7		$	241.6		$	177.7
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Schedule of provision for income taxes

		Year Ended December 31,
(In millions)		2014			2013			2012
Current income taxes:
Federal		$	20.7		$	106.2		$	63.5
State			3.9			14.9			6.7
Foreign			(0.2	)		7.8			(4.5	)
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Total current			24.4			128.9			65.7
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Deferred income taxes:
Federal			(14.5	)		(49.0	)		(11.7	)
State			(0.8	)		(2.0	)		3.2
Foreign			(1.6	)		(4.3	)		-
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Total deferred			(16.9	)		(55.3	)		(8.5	)
​	​	​	​	​	​	​	​	​	​	​
Provision for income taxes		$	7.5		$	73.6		$	57.2
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Reconciliation of the effective income tax rate and the U.S. statutory federal income tax rate

		Year Ended December 31,
		2014			2013			2012
U.S. statutory federal income tax rate			35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit			3.5			3.5			3.7
Difference between U.S. and foreign tax rates			(3.0	)		0.1			-
Tax credits			(3.4	)		(0.7	)		(1.3	)
Domestic manufacturing deduction			(7.9	)		(4.7	)		(2.8	)
Percentage depletion			(6.8	)		(1.5	)		(0.4	)
Net change in unrecognized tax benefits			(16.0	)		(1.2	)		(3.5	)
Change in valuation allowance			2.8			(0.3	)		0.3
Goodwill impairment			2.5			2.6			-
Non-deductible interest			1.7			-			-
Capitalized acquisition costs			-			0.1			2.1
Other, net			4.6			(2.4	)		(0.9	)
​	​	​	​	​	​	​	​	​	​	​
Effective income tax rate			13.0	%		30.5	%		32.2	%
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Schedule of major items of net deferred tax liability

		As of December 31,
(In millions)		2014			2013
Deferred tax assets:
Net operating loss carryforwards		$	35.1		$	47.5
Employee compensation			20.2			17.8
Accrued liabilities			24.2			16.8
Tax credits			24.9			29.6
Environmental			15.4			19.1
Property, plant and equipment			39.1			36.9
Pension			96.3			40.6
Other deferred tax assets			21.2			7.0
​	​	​	​	​	​	​	​
Total deferred tax assets			276.4			215.3
​	​	​	​	​	​	​	​
Valuation allowance			(86.6	)		(93.0	)
​	​	​	​	​	​	​	​
Total deferred tax assets			189.8			122.3
Deferred tax liability:
Property, plant and equipment			(391.8	)		(381.8	)
Intangible assets			(392.6	)		(416.3	)
Inventories			(11.1	)		(10.1	)
Debt restructuring			(29.3	)		(39.2	)
Foreign outside basis difference			(68.2	)		(78.8	)
Other			(15.2	)		(21.7	)
​	​	​	​	​	​	​	​
Total deferred tax liability			(908.2	)		(947.9	)
​	​	​	​	​	​	​	​
Net deferred tax liability		$	(718.4	)	$	(825.6	)
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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		$	55.5		2021-2034
Canada federal			154.9		2032
Canada provincial			265.3		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)		$	19.9		Indefinite
U.S. foreign income tax credits			1.2		2023
Canadian income tax credits			10.8		2017-2034

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

Tax Jurisdiction		Open Years
United States Federal		2011-2014
Canada		2009-2014
Various states		2006-2014
Taiwan		2013-2014

Reconciliation of the liability for unrecognized tax benefits

			Year Ended December 31,
	(In millions)		2014			2013			2012
	Balance as of beginning of the year		$	16.3		$	18.5		$	22.1
	Additions for current year tax positions			0.3			0.2			0.2
	Additions for prior year tax positions			1.0			1.2			0.8
	Reductions for prior year tax positions			(4.0	)		(0.2	)		(2.1	)
	Reductions related to expirations of statute of limitations			(2.8	)		(2.5	)		(2.9	)
	Foreign currency translation			(0.8	)		(0.9	)		0.4
​	​	​	​	​	​	​	​	​	​	​	​
	Balance as of the end of the year		$	10.0		$	16.3		$	18.5
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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 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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