Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.3.1.900
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2015
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)
 
 
2015
 
2014
 
2013
United States
 
$
314.2

 
$
(447.5
)
 
$
840.8

Foreign
 
(1.1
)
 
427.8

 
350.1

 
 
$
313.1

 
$
(19.7
)
 
$
1,190.9

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)
 
 
2015
 
2014
 
2013
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
8.2

 
$
(125.2
)
 
$
110.4

United States state & local
 
0.3

 
(0.6
)
 
4.0

Foreign
 
0.9

 
11.7

 
94.8

 
 
9.4

 
(114.1
)
 
209.2

Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
165.8

 
20.4

 
35.0

United States state & local
 
—

 
(24.9
)
 
3.0

Foreign
 
(5.9
)
 
32.6

 
(9.6
)
 
 
159.9

 
28.1

 
28.4

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

 
$
(86.0
)
 
$
237.6

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)
 
 
2015
 
2014
 
2013
Tax at U.S. statutory rate of 35 percent
 
$
109.6

 
35.0
 %
 
$
(6.9
)
 
35.0
 %
 
$
416.8

 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Non-taxable income related to noncontrolling interests
 
(3.0
)
 
(1.0
)
 
(9.4
)
 
47.7

 
(5.4
)
 
(0.5
)
Impact of tax law change
 
—

 
—

 
13.0

 
(66.0
)
 
—

 
—

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

 
(97.6
)
 
(8.2
)
Impact of foreign operations
 
(53.9
)
 
(17.2
)
 
51.4

 
(260.9
)
 
(48.7
)
 
(4.1
)
Income not subject to tax
 
—

 
—

 
(27.7
)
 
140.6

 
(84.7
)
 
(7.1
)
Goodwill impairment
 
—

 
—

 
22.7

 
(115.2
)
 
—

 
—

State taxes, net
 
0.2

 
0.1

 
(25.4
)
 
128.9

 
5.6

 
0.5

Settlement of financial guaranty
 
—

 
—

 
(347.1
)
 
1,761.9

 
—

 
—

Valuation allowance - current year
 
(104.6
)
 
(33.4
)
 
318.3

 
(1,615.7
)
 
53.2

 
4.5

Valuation allowance on tax benefits - prior
 
165.8

 
52.9

 
15.2

 
(77.2
)
 
—

 
—

Tax uncertainties
 
84.1

 
26.9

 
—

 
—

 
12.5

 
1.1

Prior year adjustment in current year
 
5.9

 
1.9

 
(6.3
)
 
32.1

 
4.9

 
0.4

Other items — net
 
0.1

 
—

 
4.1

 
(20.9
)
 
(19.0
)
 
(1.6
)
Income tax (benefit) expense
 
$
169.3

 
54.1
 %
 
$
(86.0
)
 
436.5
 %
 
$
237.6

 
20.0
 %
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)
 
 
2015
 
2014
 
2013
Other comprehensive (income) loss:
 
 
 
 
 
 
Pension/OPEB liability
 
$
—

 
$
37.1

 
$
83.2

Mark-to-market adjustments
 
0.3

 
3.6

 
1.8

Other
 
5.9

 
0.2

 
(9.8
)
Total
 
$
6.2

 
$
40.9

 
$
75.2

 
 
 
 
 
 
 
Paid in capital — stock based compensation
 
$
—

 
$
(4.8
)
 
$
3.5

Discontinued Operations
 
$
(6.0
)
 
$
(1,216.0
)
 
$
(184.5
)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of our deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:
 
 
(In Millions)
 
 
2015
 
2014
Deferred tax assets:
 
 
 
 
Pensions
 
$
106.6

 
$
99.5

Postretirement benefits other than pensions
 
36.5

 
50.4

Alternative minimum tax credit carryforwards
 
218.7

 
219.1

Investments in ventures
 
4.9

 
—

Asset retirement obligations
 
5.3

 
29.4

Operating loss carryforwards
 
2,791.6

 
679.0

Product inventories
 
57.2

 
25.6

Property, plant and equipment and mineral rights
 
189.8

 
337.8

State and local
 
59.9

 
41.9

Lease liabilities
 
18.3

 
14.1

Other liabilities
 
148.9

 
95.6

Total deferred tax assets before valuation allowance
 
3,637.7

 
1,592.4

Deferred tax asset valuation allowance
 
(3,372.5
)
 
(1,152.3
)
Net deferred tax assets
 
265.2

 
440.1

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 
(35.5
)
 
—

Investment in ventures
 
(206.6
)
 
(198.0
)
Intangible assets
 
(1.5
)
 
(7.3
)
Product inventories
 
(2.5
)
 
(3.1
)
Other assets
 
(19.1
)
 
(65.9
)
Total deferred tax liabilities
 
(265.2
)
 
(274.3
)
Net deferred tax assets (liabilities)
 
$
—

 
$
165.8

Deferred Tax Assets and Liabilities by Location [Table Text Block]
 
 
(In Millions)
 
 
2015
 
2014
Deferred tax assets:
 
 
 
 
United States
 
$
—

 
$
165.8

Foreign
 
—

 
9.7

Total deferred tax assets
 
—

 
175.5

Deferred tax liabilities:
 
 
 
 
United States
 
—

 
—

Foreign
 
—

 
9.7

Total deferred tax liabilities
 
—

 
9.7

Net deferred tax assets (liabilities)
 
$
—

 
$
165.8

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)
 
 
2015
 
2014
 
2013
Unrecognized tax benefits balance as of January 1
 
$
72.6

 
$
71.8

 
$
53.5

Increases for tax positions in prior years
 
6.7

 
—

 
13.0

Increases for tax positions in current year
 
78.5

 
5.9

 
5.3

Increase due to foreign exchange
 
—

 
(0.2
)
 
—

Settlements
 
(1.1
)
 
—

 
—

Lapses in statutes of limitations
 
(0.5
)
 
(3.7
)
 
—

Other
 
—

 
(1.2
)
 
—

Unrecognized tax benefits balance as of December 31
 
$
156.2

 
$
72.6

 
$
71.8