Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Schedule of income (loss) before income taxes and adjustment for noncontrolling interests

Components of the Company’s income (loss) before income taxes and adjustment for noncontrolling interests are as follows:

	Predecessor		Successor
	Five Months  Ended May 31, 2010		Seven Months  Ended December 31, 2010		Year Ended December 31,
					2011		2012
Domestic	$	161,014	$	20,595	$	111,884	$	69,914
Foreign		158,940		25,625		(14,621)		(2,629)
	$	319,954	$	46,220	$	97,263	$	67,285

Schedule of provision (benefit) for income taxes

The Company’s provision (benefit) for income taxes consists of the following:

	Predecessor		Successor
	Five Months  Ended May 31, 2010		Seven Months  Ended December 31, 2010		Year Ended December 31,
					2011		2012
Current
Federal	$	-	$	-	$	5,030	$	2,558
State		2,003		(91)		695		480
Foreign		6,888		12,946		15,565		6,817
Deferred
Federal		614		-		-		(35,883)
State		55		-		-		(4,279)
Foreign		30,380		(7,760)		(525)		(1,224)
	$	39,940	$	5,095	$	20,765	$	(31,531)

Schedule reconciles the United States statutory federal rate to the income tax provision

The following schedule reconciles the United States statutory federal rate to the income tax provision:

	Predecessor			Successor
	Five Months  Ended May 31, 2010			Seven Months  Ended December 31, 2010			Year Ended December 31,
							2011			2012
Tax at U.S. statutory rate	$	111,984		$	16,177		$	34,042		$	23,550
State and local taxes		7,899			1,606			860			1,469
Tax credits		(1,936	)		(4,179	)		(4,464	)		(2,875	)
Reorganization items and fresh- start accounting adjustments, net		(37,761	)		-			-			-
US-Canada APA settlement		5,867			(651	)		2,658			-
Foreign withholding taxes		789			1,823			2,290			242
Effect of foreign tax rates		(7,376	)		(3,788	)		(7,739	)		(6,147	)
Tax audits & assessments		(258	)		1,635			260			2,541
Valuation allowance		(38,915	)		(5,377	)		(10,839	)		(57,652	)
Other, net		(353	)		(2,151	)		3,697			7,341
Income tax provision	$	39,940		$	5,095		$	20,765		$	(31,531	)
Effective income tax rate		12.5%			11.0%			21.3%			(46.9	)%

Deferred tax assets and liabilities

Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows:

	2011			2012
Deferred tax assets:
Postretirement and other benefits	$	67,629		$	75,927
Capitalized expenditures		7,221			5,365
Net operating loss and tax credit carryforwards		156,382			138,905
All other items		40,852			42,418
Total deferred tax assets		272,084			262,615
Deferred tax liabilities:
Property, plant and equipment		(49,884	)		(47,480	)
Intangibles		(42,930	)		(37,015	)
All other items		(121	)		(2,662	)
Total deferred tax liabilities		(92,935	)		(87,157	)
Valuation allowances		(152,373	)		(97,285	)
Net deferred tax assets	$	26,776		$	78,173

Net deferred tax assets and liabilities

Net deferred taxes in the consolidated balance sheets are as follows:

	2011			2012
Current assets	$	14,161		$	16,562
Non-current assets		31,968			72,718
Current liabilities		(550	)		(306	)
Non-current liabilities		(18,803	)		(10,801	)
	$	26,776		$	78,173

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	Predecessor			Successor
	Five Months  Ended May 31, 2010			Seven Months  Ended December 31, 2010			Year Ended December 31,
							2011			2012
Balance at beginning of period	$	3,218		$	2,996		$	2,758		$	3,303
Tax positions related to the current period
Gross additions		107			13			951			2,294
Gross reductions		-			(19	)		-			-
Tax positions related to prior years
Gross additions		-			1,676			1,629			110
Gross reductions		(79	)		(1,443	)		-			(396	)
Settlements		(250	)		-			(1,630	)		(411	)
Lapses on statutes of limitations		-			(465	)		(405	)		-
Balance at end of period	$	2,996		$	2,758		$	3,303		$	4,900