v3.3.1.900

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Schedule of Income (Loss) from Continuing Operations Before Taxes | For the years ended December 31, 2015, 2014 and 2013, income (loss) from continuing operations before income taxes consisted of the following:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
United States operations |  | $ | (837.6) |  |  | $ | 62.5 |  |  | $ | 181.0 |
Foreign operations |  |  | (55.4) |  |  |  | 15.9 |  |  |  | 31.5 |
Total |  | $ | (893.0) |  |  | $ | 78.4 |  |  | $ | 212.5 |
Schedule of Provision for (Benefit from) Income Taxes Continuing Operations | Provision for (benefit from) income taxes from continuing operations consists of the following:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (5.5) |  |  | $ | 28.7 |  |  | $ | 98.2 |
State |  |  | (1.7) |  |  |  | 4.7 |  |  |  | 12.8 |
Foreign |  |  | 5.5 |  |  |  | (0.2) |  |  |  | 7.8 |
Total current |  |  | (1.7) |  |  |  | 33.2 |  |  |  | 118.8 |
Deferred income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (35.6) |  |  |  | (16.2) |  |  |  | (49.5) |
State |  |  | (2.7) |  |  |  | (1.1) |  |  |  | (2.1) |
Foreign |  |  | (3.9) |  |  |  | (1.6) |  |  |  | (4.3) |
Total deferred |  |  | (42.2) |  |  |  | (18.9) |  |  |  | (55.9) |
Provision for (benefit from) income taxes |  | $ | (43.9) |  |  | $ | 14.3 |  |  | $ | 62.9 |
Reconciliation of the Effective Income Tax Rate and the U.S. Statutory Federal Income Tax Rate | A reconciliation of the statutory federal income tax rate to the effective income tax rate is as follows:
|  | Year Ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
U.S. statutory federal income tax rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local income taxes, net of federal benefit |  |  | 0.3 |  |  |  | 3.1 |  |  |  | 3.3 |
Difference between U.S. and foreign tax rates |  |  | 0.6 |  |  |  | (2.2 | ) |  |  | 0.1 |
Tax credits |  |  | 0.1 |  |  |  | (2.5 | ) |  |  | (0.8 | )
Domestic manufacturing deduction |  |  | - |  |  |  | (6.8 | ) |  |  | (4.9 | )
Percentage depletion |  |  | 0.7 |  |  |  | (5.0 | ) |  |  | (1.7 | )
Net change in unrecognized tax benefits |  |  | 0.3 |  |  |  | (11.8 | ) |  |  | (1.4 | )
Change in valuation allowance |  |  | (0.6 | ) |  |  | 2.1 |  |  |  | (0.4 | )
Goodwill impairment |  |  | (31.3 | ) |  |  | 1.8 |  |  |  | 3.0 |
Non-deductible interest |  |  | - |  |  |  | 1.3 |  |  |  | - |
Other, net |  |  | (0.2 | ) |  |  | 3.2 |  |  |  | (2.6 | )
Effective income tax rate |  |  | 4.9 | % |  |  | 18.2 | % |  |  | 29.6 | %
Schedule of Major Items of Net Deferred Tax Liability | Our net deferred tax liability consisted of the following major items:
|  | As of December 31, |
(In millions) |  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 27.8 |  |  | $ | 35.1 |
Employee compensation |  |  | 14.9 |  |  |  | 20.2 |
Accrued liabilities |  |  | 12.1 |  |  |  | 24.2 |
Tax credits |  |  | 21.7 |  |  |  | 24.9 |
Environmental liabilities |  |  | 14.5 |  |  |  | 15.4 |
Property, plant and equipment |  |  | 38.2 |  |  |  | 39.1 |
Pension and OPEB liabilities |  |  | 77.5 |  |  |  | 96.3 |
Other deferred tax assets |  |  | 16.6 |  |  |  | 21.2 |
Total deferred tax assets |  |  | 223.3 |  |  |  | 276.4 |
Valuation allowance |  |  | (77.5 | ) |  |  | (86.6 | )
Total deferred tax assets |  |  | 145.8 |  |  |  | 189.8 |
Deferred tax liability: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | (362.1 | ) |  |  | (391.8 | )
Intangible assets |  |  | (367.9 | ) |  |  | (392.6 | )
Inventories |  |  | (3.9 | ) |  |  | (11.1 | )
Debt restructuring |  |  | (19.8 | ) |  |  | (29.3 | )
Foreign outside basis differences |  |  | (37.5 | ) |  |  | (68.2 | )
Other |  |  | (19.7 | ) |  |  | (15.2 | )
Total deferred tax liability |  |  | (810.9 | ) |  |  | (908.2 | )
Net deferred tax liability |  | $ | (665.1 | ) |  | $ | (718.4 | )
Schedule of Jurisdictional Amount of NOLs and the Years in Which They Will Expire | The jurisdictional amount of NOLs as of December 31, 2015, and the years in which they will expire, are as follows:
Jurisdiction (in millions) |  | NOL Amount |  |  | Year of Expiration
U.S. State |  | $ | 33.4 |  |  | 2029-2035
Canada federal |  |  | 107.6 |  |  | 2031
Canada provincial |  |  | 178.1 |  |  | 2031
Schedule of Tax Credits That Expire Over Varying Amounts and Periods | As of December 31, 2015, we had U.S. state and foreign tax credit carryovers. These tax credits expire over varying amounts and periods as follows:
Jurisdiction (in millions) |  | Tax credit Carryover |  |  | Year of Expiration |
U.S. state tax credits (gross of federal benefit) |  | $ | 19.3 |  |  |  | Indefinite |
Canadian income tax credits |  |  | 9.0 |  |  |  | 2016-2033 |
Schedule of the Tax Years That Remain Subject to Examination by Major Tax Jurisdiction | The following table describes the tax years that remain subject to examination by major tax jurisdiction:
Tax Jurisdiction |  | Open Years
United States Federal |  | 2012-2015
Canada |  | 2011-2015
Various states |  | 2011-2015
Taiwan |  | 2010-2015
Reconciliation of the Liability for Unrecognized Tax Benefits | Reconciliations of the liability for unrecognized tax benefits for the years ended December 31, 2015, 2014 and 2013 are set forth in the table below:
|  | Year Ended December 31, |
(In millions) |  | 2015 |  |  | 2014 |  |  | 2013 |
Balance as of beginning of the year |  | $ | 10.0 |  |  | $ | 16.3 |  |  | $ | 18.5 |
Additions for current year tax positions |  |  | 1.4 |  |  |  | 0.3 |  |  |  | 0.2 |
Additions for prior year tax positions |  |  | 0.9 |  |  |  | 1.0 |  |  |  | 1.2 |
Reductions for prior year tax positions |  |  | (0.2 | ) |  |  | (4.0 | ) |  |  | (0.2 | )
Reductions related to expirations of statute of limitations |  |  | (4.3 | ) |  |  | (2.8 | ) |  |  | (2.5 | )
Foreign currency translation |  |  | (1.1 | ) |  |  | (0.8 | ) |  |  | (0.9 | )
Balance as of the end of the year |  | $ | 6.7 |  |  | $ | 10.0 |  |  | $ | 16.3 |

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- 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
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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 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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