Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.6.0.2
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Contingency [Line Items]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Income (Loss) from Continuing Operations Before Income Taxes and Equity Loss from Ventures includes the following components:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
United States
 
$
124.9

 
$
314.2

 
$
(447.5
)
Foreign
 
82.1

 
(1.1
)
 
427.8


 
$
207.0

 
$
313.1

 
$
(19.7
)
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
The components of the provision (benefit) for income taxes on continuing operations consist of the following:
 
 
(In Millions)
 
 
2016
 
2015
 
2014
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(11.1
)
 
$
8.2

 
$
(125.2
)
United States state & local
 
(0.5
)
 
0.3

 
(0.6
)
Foreign
 
(0.1
)
 
0.9

 
11.7

 
 
(11.7
)
 
9.4

 
(114.1
)
Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
(0.5
)
 
165.8

 
20.4

United States state & local
 
—

 
—

 
(24.9
)
Foreign
 
—

 
(5.9
)
 
32.6

 
 
(0.5
)
 
159.9

 
28.1

Total provision (benefit) on income (loss) from continuing operations
 
$
(12.2
)
 
$
169.3

 
$
(86.0
)
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)
 
 
2016
 
2015
 
2014
Tax at U.S. statutory rate of 35%
 
$
72.5

 
35.0
 %
 
$
109.6

 
35.0
 %
 
$
(6.9
)
 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Impact of tax law change
 
149.1

 
72.0

 
—

 
—

 
13.0

 
(66.0
)
Valuation allowance build/(reversal) on tax benefits recorded in prior years
 
(142.6
)
 
(68.9
)
 
165.8

 
52.9

 
15.2

 
(77.2
)
Tax uncertainties
 
(11.3
)
 
(5.5
)
 
84.1

 
26.9

 
—

 
—

Valuation allowance build/(reversal) in current year
 
93.9

 
45.4

 
(104.6
)
 
(33.4
)
 
318.3

 
(1,615.7
)
Prior year adjustments in current year
 
(11.8
)
 
(5.7
)
 
5.9

 
1.9

 
(6.3
)
 
32.1

Worthless stock deduction
 
(73.4
)
 
(35.5
)
 
—

 
—

 
—

 
—

Impact of foreign operations
 
(42.7
)
 
(20.6
)
 
(53.9
)
 
(17.2
)
 
51.4

 
(260.9
)
Percentage depletion in excess of cost depletion
 
(36.1
)
 
(17.4
)
 
(34.9
)
 
(11.1
)
 
(87.9
)
 
446.2

Non-taxable income related to noncontrolling interests
 
(8.8
)
 
(4.2
)
 
(3.0
)
 
(1.0
)
 
(9.4
)
 
47.7

State taxes, net
 
0.4

 
0.2

 
0.2

 
0.1

 
(25.4
)
 
128.9

Settlement of financial guaranty
 
—

 
—

 
—

 
—

 
(347.1
)
 
1,761.9

Income not subject to tax
 
—

 
—

 
—

 
—

 
(27.7
)
 
140.6

Goodwill impairment
 
—

 
—

 
—

 
—

 
22.7

 
(115.2
)
Other items — net
 
(1.4
)
 
(0.7
)
 
0.1

 
—

 
4.1

 
(20.9
)
Provision for income tax (benefit) expense and effective income tax rate including discrete items
 
$
(12.2
)
 
(5.9
)%
 
$
169.3

 
54.1
 %
 
$
(86.0
)
 
436.5
 %
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)
 
 
2016
 
2015
 
2014
Other comprehensive (income) loss:
 
 
 
 
 
 
Pension/OPEB liability
 
$
—

 
$
—

 
$
37.1

Mark-to-market adjustments
 
—

 
0.3

 
3.6

Other
 
0.5

 
5.9

 
0.2

Total
 
$
0.5

 
$
6.2

 
$
40.9

 
 
 
 
 
 
 
Paid in capital — stock based compensation
 
$
—

 
$
—

 
$
(4.8
)
Discontinued Operations
 
$
—

 
$
(6.0
)
 
$
(1,216.0
)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of our deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:
 
 
(In Millions)
 
 
2016
 
2015
Deferred tax assets:
 
 
 
 
Pensions
 
$
114.6

 
$
106.6

Postretirement benefits other than pensions
 
35.2

 
36.5

Alternative minimum tax credit carryforwards
 
251.2

 
218.7

Deferred income
 
44.5

 
57.2

Financial instruments
 
71.3

 
—

Investments in ventures
 
—

 
4.9

Asset retirement obligations
 
22.3

 
5.3

Operating loss carryforwards
 
2,699.7

 
2,791.6

Property, plant and equipment and mineral rights
 
181.2

 
189.8

State and local
 
59.2

 
59.9

Lease liabilities
 
12.9

 
18.3

Other liabilities
 
108.3

 
148.9

Total deferred tax assets before valuation allowance
 
3,600.4

 
3,637.7

Deferred tax asset valuation allowance
 
(3,334.8
)
 
(3,372.5
)
Net deferred tax assets
 
265.6

 
265.2

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 
(34.0
)
 
(35.5
)
Investment in ventures
 
(203.1
)
 
(206.6
)
Intangible assets
 
(1.0
)
 
(1.5
)
Product inventories
 
(3.4
)
 
(2.5
)
Other assets
 
(24.1
)
 
(19.1
)
Total deferred tax liabilities
 
(265.6
)
 
(265.2
)
Net deferred tax assets (liabilities)
 
$
—

 
$
—

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)
 
 
2016
 
2015
 
2014
Unrecognized tax benefits balance as of January 1
 
$
156.2

 
$
72.6

 
$
71.8

Increases/(decreases) for tax positions in prior years
 
(61.0
)
 
6.7

 
—

Increases for tax positions in current year
 
0.2

 
78.5

 
5.9

Decrease due to foreign exchange
 
—

 
—

 
(0.2
)
Settlements
 
(64.7
)
 
(1.1
)
 
—

Lapses in statutes of limitations
 
—

 
(0.5
)
 
(3.7
)
Other
 
—

 
—

 
(1.2
)
Unrecognized tax benefits balance as of December 31
 
$
30.7

 
$
156.2

 
$
72.6