Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.19.3.a.u2
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Contingency [Line Items]  
Summary of Valuation Allowance [Table Text Block]
The changes in the valuation allowance are presented below:
 
 
(In Millions)
 
 
2019
 
2018
 
2017
Balance at beginning of year
 
$
1,287.3

 
$
1,983.1

 
$
3,095.1

Change in valuation allowance:
 
 
 
 
 
 
Included in income tax expense (benefit)
 
(846.0
)
 
(691.3
)
 
(1,120.0
)
Change in deferred assets in other comprehensive income
 

 
(4.5
)
 
(9.8
)
Acquisition of noncontrolling interest
 

 

 
17.8

Balance at end of year
 
$
441.3

 
$
1,287.3

 
$
1,983.1


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)
 
 
2019
 
2018
 
2017
United States
 
$
311.9

 
$
565.0

 
$
90.7

Foreign
 
0.2

 
(0.3
)
 
17.5


 
$
312.1

 
$
564.7

 
$
108.2


Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The components of the income tax provision (benefit) on continuing operations consist of the following:
 
 
(In Millions)
 
 
2019
 
2018
 
2017
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(0.7
)
 
$
(0.5
)
 
$
(252.6
)
United States state & local
 
0.1

 

 
(0.1
)
Foreign
 
0.2

 
0.7

 
0.3

 
 
(0.4
)
 
0.2

 
(252.4
)
Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
18.0

 
(475.4
)
 

Total income tax provision (benefit) from continuing operations
 
$
17.6

 
$
(475.2
)
 
$
(252.4
)

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)
 
 
2019
 
2018
 
2017
Tax at U.S. statutory rate
 
$
65.5

 
21.0
 %
 
$
118.6

 
21.0
 %
 
$
37.9

 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Percentage depletion in excess of cost depletion
 
(49.3
)
 
(15.8
)
 
(54.6
)
 
(9.7
)
 
(61.6
)
 
(56.9
)
Impact of tax law change - remeasurement of deferred taxes
 

 

 

 

 
407.5

 
376.6

Luxembourg legal entity reduction
 
846.0

 
271.1

 
161.7

 
28.6

 

 

Valuation allowance release:
 
 
 
 
 
 
 
 
 
 
 
 
Tax law change - remeasurement of deferred taxes
 

 

 

 

 
(407.5
)
 
(376.6
)
Current year activity
 

 

 
(79.6
)
 
(14.1
)
 
(469.8
)
 
(434.2
)
Release of U.S. valuation allowance
 

 

 
(460.5
)
 
(81.5
)
 

 

Repeal of AMT
 

 

 

 

 
(235.3
)
 
(217.5
)
Luxembourg legal entity reduction
 
(846.0
)
 
(271.1
)
 
(161.7
)
 
(28.6
)
 

 

Impact of foreign operations
 
0.2

 
0.1

 
0.1

 

 
477.9

 
441.7

Other items, net
 
1.2

 
0.4

 
0.8

 
0.2

 
(1.5
)
 
(1.4
)
Provision for income tax expense (benefit) and effective income tax rate including discrete items
 
$
17.6

 
5.7
 %
 
$
(475.2
)
 
(84.1
)%
 
$
(252.4
)
 
(233.3
)%

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)
 
 
2019
 
2018
 
2017
Other comprehensive income:
 
 
 
 
 
 
Postretirement benefit liability
 
$
11.4

 
$
3.6

 
$

Unrealized net loss on derivative financial instruments
 
0.1

 
0.7

 

Total
 
$
11.5

 
$
4.3

 
$


Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of our deferred tax assets and liabilities are as follows:
 
 
(In Millions)
 
 
2019
 
2018
Deferred tax assets:
 
 
 
 
Operating loss & other carryforwards
 
$
794.9

 
$
2,118.8

Pension and OPEB liabilities
 
113.7

 
102.8

Deferred income
 
25.2

 
23.3

Property, plant and equipment and mineral rights
 
1.4

 
13.3

State and local
 
71.0

 
68.2

Other liabilities
 
45.1

 
48.4

Total deferred tax assets before valuation allowance
 
1,051.3

 
2,374.8

Deferred tax asset valuation allowance
 
(441.3
)
 
(1,287.3
)
Net deferred tax assets
 
610.0

 
1,087.5

Deferred tax liabilities:
 

 

Investment in partnerships
 
(136.8
)
 
(141.2
)
Intercompany notes
 

 
(465.7
)
Other assets
 
(13.7
)
 
(15.8
)
Total deferred tax liabilities
 
(150.5
)
 
(622.7
)
Net deferred tax assets
 
$
459.5

 
$
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)
 
 
2019
 
2018
 
2017
Unrecognized tax benefits balance as of January 1
 
$
29.0

 
$
33.5

 
$
30.7

Increase (decrease) for tax positions in prior years
 
0.2

 
0.1

 
(2.8
)
Increase for tax positions in current year
 

 
3.6

 
4.5

Settlements
 

 

 
1.0

Lapses in statutes of limitations
 

 
(8.2
)
 

Other
 

 

 
0.1

Unrecognized tax benefits balance as of December 31
 
$
29.2

 
$
29.0

 
$
33.5