Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.8.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2017
Income Tax Contingency [Line Items]  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
Income from continuing operations before income taxes and equity loss from ventures includes the following components:
 
 
(In Millions)
 
 
2017
 
2016
 
2015
United States
 
$
90.7

 
$
124.9

 
$
314.2

Foreign
 
38.7

 
82.1

 
(1.1
)

 
$
129.4

 
$
207.0

 
$
313.1

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)
 
 
2017
 
2016
 
2015
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
(252.6
)
 
$
(11.1
)
 
$
8.2

United States state & local
 
(0.1
)
 
(0.5
)
 
0.3

Foreign
 
0.3

 
(0.1
)
 
0.9

 
 
(252.4
)
 
(11.7
)
 
9.4

Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
—

 
(0.5
)
 
165.8

Foreign
 
—

 
—

 
(5.9
)
 
 
—

 
(0.5
)
 
159.9

Total provision (benefit) on income from continuing operations
 
$
(252.4
)
 
$
(12.2
)
 
$
169.3

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)
 
 
2017
 
2016
 
2015
Tax at U.S. statutory rate of 35%
 
$
45.3

 
35.0
 %
 
$
72.5

 
35.0
 %
 
$
109.6

 
35.0
 %
Increase (decrease) due to:
 
 
 
 
 
 
 
 
 
 
 
 
Impact of tax law change - remeasurement of deferred taxes
 
407.5

 
314.8

 
149.1

 
72.0

 
—

 
—

Prior year adjustments in current year
 
(1.1
)
 
(0.8
)
 
(11.8
)
 
(5.7
)
 
5.9

 
1.9

Valuation allowance build (reversal)
 
 
 
 
 
 
 
 
 
 
 
 
Tax law change - remeasurement of deferred taxes
 
(407.5
)
 
(314.8
)
 
(149.1
)
 
(72.0
)
 
—

 
—

Current year activity
 
(471.7
)
 
(364.4
)
 
93.9

 
45.4

 
(104.6
)
 
(33.4
)
Repeal of AMT
 
(235.3
)
 
(181.7
)
 
—

 
—

 
—

 
—

Prior year adjustments in current year
 
(3.0
)
 
(2.4
)
 
6.5

 
3.1

 
165.8

 
52.9

Tax uncertainties
 
(1.4
)
 
(1.1
)
 
(11.3
)
 
(5.5
)
 
84.1

 
26.9

Worthless stock deduction
 
—

 
—

 
(73.4
)
 
(35.5
)
 
—

 
—

Impact of foreign operations
 
475.4

 
367.2

 
(42.7
)
 
(20.6
)
 
(53.9
)
 
(17.2
)
Percentage depletion in excess of cost depletion
 
(61.6
)
 
(47.6
)
 
(36.1
)
 
(17.4
)
 
(34.9
)
 
(11.1
)
Non-taxable loss (income) related to noncontrolling interests
 
1.3

 
1.0

 
(8.8
)
 
(4.2
)
 
(3.0
)
 
(1.0
)
State taxes, net
 
(0.1
)
 
—

 
0.4

 
0.2

 
0.2

 
0.1

Other items, net
 
(0.2
)
 
(0.2
)
 
(1.4
)
 
(0.7
)
 
0.1

 
—

Provision for income tax (benefit) expense and effective income tax rate including discrete items
 
$
(252.4
)
 
(195.0
)%
 
$
(12.2
)
 
(5.9
)%
 
$
169.3

 
54.1
 %
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)
 
 
2017
 
2016
 
2015
Other comprehensive (income) loss:
 
 
 
 
 
 
Postretirement benefit liability
 
$
—

 
$
—

 
$
5.9

Mark-to-market adjustments
 
—

 
—

 
0.3

Other
 
—

 
0.5

 
—

Total
 
$
—

 
$
0.5

 
$
6.2

 
 
 
 
 
 
 
Discontinued Operations
 
$
—

 
$
—

 
$
(6.0
)
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
Significant components of our deferred tax assets and liabilities as of December 31, 2017 and 2016 are as follows:
 
 
(In Millions)
 
 
2017
 
2016
Deferred tax assets:
 
 
 
 
Pensions
 
$
76.3

 
$
114.6

Postretirement benefits other than pensions
 
25.6

 
35.2

Alternative minimum tax credit carryforwards
 
—

 
251.2

Deferred income
 
24.2

 
44.5

Intangible assets
 
12.2

 
—

Financial instruments
 
—

 
71.3

Asset retirement obligations
 
9.9

 
22.3

Operating loss carryforwards
 
2,368.1

 
2,699.7

Property, plant and equipment and mineral rights
 
188.2

 
181.2

State and local
 
74.2

 
59.2

Lease liabilities
 
9.6

 
12.9

Other liabilities
 
100.4

 
108.3

Total deferred tax assets before valuation allowance
 
2,888.7

 
3,600.4

Deferred tax asset valuation allowance
 
(2,238.5
)
 
(3,334.8
)
Net deferred tax assets
 
650.2

 
265.6

Deferred tax liabilities:
 

 

Property, plant and equipment and mineral rights
 
(1.5
)
 
(34.0
)
Investment in ventures
 
(137.5
)
 
(203.1
)
Intangible assets
 
—

 
(1.0
)
Product inventories
 
(3.8
)
 
(3.4
)
Intercompany notes
 
(465.7
)
 
—

Other assets
 
(41.7
)
 
(24.1
)
Total deferred tax liabilities
 
(650.2
)
 
(265.6
)
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)
 
 
2017
 
2016
 
2015
Unrecognized tax benefits balance as of January 1
 
$
30.7

 
$
156.2

 
$
72.6

Increase (decrease) for tax positions in prior years
 
(2.8
)
 
(61.0
)
 
6.7

Increase for tax positions in current year
 
4.5

 
0.2

 
78.5

Decrease due to foreign exchange
 
—

 
—

 
—

Settlements
 
1.0

 
(64.7
)
 
(1.1
)
Lapses in statutes of limitations
 
—

 
—

 
(0.5
)
Other
 
0.1

 
—

 
—

Unrecognized tax benefits balance as of December 31
 
$
33.5

 
$
30.7

 
$
156.2