Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.10.0.1
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Contingency [Line Items]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Income from continuing operations before income taxes includes the following components:
 
 
(In Millions)
 
 
2018
 
2017
 
2016
United States
 
$
565.0

 
$
90.7

 
$
124.9

Foreign
 
(0.3
)
 
17.5

 
(14.5
)

 
$
564.7

 
$
108.2

 
$
110.4

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The components of the income tax benefit on continuing operations consist of the following:
 
 
(In Millions)
 
 
2018
 
2017
 
2016
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(0.5
)
 
$
(252.6
)
 
$
(11.1
)
United States state & local
 

 
(0.1
)
 
(0.5
)
Foreign
 
0.7

 
0.3

 
(0.1
)
 
 
0.2

 
(252.4
)
 
(11.7
)
Deferred benefit:
 
 
 
 
 
 
United States federal
 
(475.4
)
 

 
(0.5
)
Total income tax benefit from continuing operations
 
$
(475.2
)
 
$
(252.4
)
 
$
(12.2
)
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:
 
 
(In Millions)
 
 
2018
 
2017
 
2016
Tax at U.S. statutory rate
 
$
118.6

 
21.0
 %
 
$
37.9

 
35.0
 %
 
$
38.6

 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Percentage depletion in excess of cost depletion
 
(54.6
)
 
(9.7
)
 
(61.6
)
 
(56.9
)
 
(36.1
)
 
(32.7
)
Impact of tax law change - remeasurement of deferred taxes
 

 

 
407.5

 
376.6

 
149.1

 
135.1

Dissolution of Luxembourg entities
 
161.7

 
28.6

 

 

 

 

Prior year adjustments in current year
 
(1.0
)
 
(0.2
)
 
(1.1
)
 
(1.0
)
 
(11.8
)
 
(10.7
)
Valuation allowance build (reversal):
 
 
 
 
 
 
 
 
 
 
 
 
Tax law change - remeasurement of deferred taxes
 

 

 
(407.5
)
 
(376.6
)
 
(149.1
)
 
(135.1
)
Current year activity
 
(80.6
)
 
(14.3
)
 
(466.3
)
 
(431.0
)
 
122.9

 
111.3

Release of U.S. valuation allowance
 
(460.5
)
 
(81.5
)
 

 

 

 

Repeal of AMT
 

 

 
(235.3
)
 
(217.5
)
 

 

Dissolution of Luxembourg entities
 
(161.7
)
 
(28.6
)
 

 

 

 

Prior year adjustments in current year
 
1.0

 
0.2

 
(3.5
)
 
(3.2
)
 
9.3

 
8.4

Tax uncertainties
 
(1.3
)
 
(0.2
)
 
(1.4
)
 
(1.3
)
 
(11.3
)
 
(10.2
)
Worthless stock deduction
 

 

 

 

 
(73.4
)
 
(66.5
)
Impact of foreign operations
 
0.1

 

 
477.9

 
441.7

 
(40.6
)
 
(36.8
)
Other items, net
 
3.1

 
0.6

 
1.0

 
0.9

 
(9.8
)
 
(8.9
)
Provision for income tax benefit and effective income tax rate including discrete items
 
$
(475.2
)
 
(84.1
)%
 
$
(252.4
)
 
(233.3
)%
 
$
(12.2
)
 
(11.1
)%
Income Taxes Other Than Continuing Operations Disclosure Text Block [Table Text Block]
The components of income taxes for other than continuing operations consisted of the following:
 
 
(In Millions)
 
 
2018
 
2017
 
2016
Other comprehensive (income) loss:
 
 
 
 
 
 
Postretirement benefit liability
 
$
3.6

 
$

 
$

Unrealized net loss on derivative financial instruments
 
0.7

 

 

Other
 

 

 
0.5

Total
 
$
4.3

 
$

 
$
0.5

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of our deferred tax assets and liabilities are as follows:
 
 
(In Millions)
 
 
2018
 
2017
Deferred tax assets:
 
 
 
 
Operating loss carryforwards
 
$
2,118.8

 
$
2,362.4

Pensions
 
77.5

 
76.3

OPEB
 
25.3

 
25.6

Deferred income
 
23.3

 
24.2

Intangible assets
 
11.6

 
13.0

Property, plant and equipment and mineral rights
 
13.3

 

State and local
 
68.2

 
74.2

Other liabilities
 
36.8

 
30.4

Total deferred tax assets before valuation allowance
 
2,374.8

 
2,606.1

Deferred tax asset valuation allowance
 
(1,287.3
)
 
(1,983.1
)
Net deferred tax assets
 
1,087.5

 
623.0

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 

 
(1.5
)
Investment in ventures
 
(141.2
)
 
(137.5
)
Intercompany notes
 
(465.7
)
 
(465.7
)
Other assets
 
(15.8
)
 
(18.3
)
Total deferred tax liabilities
 
(622.7
)
 
(623.0
)
Net deferred tax assets
 
$
464.8

 
$

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
 
(In Millions)
 
 
2018
 
2017
 
2016
Unrecognized tax benefits balance as of January 1
 
$
33.5

 
$
30.7

 
$
156.2

Increase (decrease) for tax positions in prior years
 
0.1

 
(2.8
)
 
(61.0
)
Increase for tax positions in current year
 
3.6

 
4.5

 
0.2

Settlements
 

 
1.0

 
(64.7
)
Lapses in statutes of limitations
 
(8.2
)
 

 

Other
 

 
0.1

 

Unrecognized tax benefits balance as of December 31
 
$
29.0

 
$
33.5

 
$
30.7