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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2012
Income Tax Disclosure [Abstract]  
Schedule of Income from Continuing Operations Before Income Taxes and Equity Income (Loss) from Ventures
Income (Loss) from Continuing Operations Before Income Taxes and Equity Income (Loss) from Ventures includes the following components:
 
 
(In Millions)
 
 
2012
 
2011
 
2010
United States
 
$
838.6

 
$
1,506.5

 
$
602.1

Foreign
 
(1,340.4
)
 
684.0

 
664.3

 
 
$
(501.8
)
 
$
2,190.5

 
$
1,266.4

Schedule of Components of Provision (Benefit) for Income Taxes on Continuing Operations
The components of the provision (benefit) for income taxes on continuing operations consist of the following:
 
 
(In Millions)
 
 
2012
 
2011
 
2010
Current provision (benefit):
 
 
 
 
 
 
United States federal
 
$
71.1

 
$
246.8

 
$
109.6

United States state & local
 
7.6

 
2.8

 
2.6

Foreign
 
50.2

 
224.7

 
155.1

 
 
128.9

 
474.3

 
267.3

Deferred provision (benefit):
 
 
 
 
 
 
United States federal
 
221.2

 
23.8

 
61.1

United States state & local
 
1.4

 
4.7

 
5.2

Foreign
 
(95.6
)
 
(95.1
)
 
(51.1
)
 
 
127.0

 
(66.6
)
 
15.2

Total provision on income (loss) from continuing
    operations
 
$
255.9

 
$
407.7

 
$
282.5

Schedule of Effective Income Tax Reconciliation
Reconciliation of our income tax attributable to continuing operations computed at the U.S. federal statutory rate is as follows:
 
 
 
(In Millions)
 
 
2012
 
2011
 
2010
Tax at U.S. statutory rate of 35 percent
 
$
(175.6
)
 
$
766.7

 
$
443.2

Increase (decrease) due to:
 
 
 
 
 
 
Foreign exchange remeasurement
 
62.3

 
(62.6
)
 

Non-taxable loss (income) related to noncontrolling interests
 
61.0

 
(63.6
)
 

Impact of tax law change
 
(357.1
)
 

 
16.1

Percentage depletion in excess of cost depletion
 
(109.1
)
 
(153.4
)
 
(103.1
)
Impact of foreign operations
 
65.2

 
(44.0
)
 
(89.0
)
Legal entity restructuring
 

 

 
(87.4
)
Income not subject to tax
 
(108.0
)
 
(67.5
)
 

Goodwill impairment
 
202.2

 

 

Non-taxable hedging income
 

 
(32.4
)
 

State taxes, net
 
7.3

 
7.5

 
3.1

Manufacturer’s deduction
 
(4.7
)
 
(11.9
)
 

Valuation allowance
 
634.5

 
49.5

 
83.3

Tax uncertainties
 
(14.8
)
 
17.7

 
27.7

Other items — net
 
(7.3
)
 
1.7

 
(11.4
)
Income tax expense
 
$
255.9

 
$
407.7

 
$
282.5

Schedule of Income Taxes Other Than Continuing Operations
The components of income taxes for other than continuing operations consisted of the following:
 
 
(In Millions)
 
 
2012
 
2011
 
2010
Other comprehensive (income) loss:
 
 
 
 
 
 
Pension/OPEB liability
 
$
13.8

 
$
(60.2
)
 
$
14.0

Mark-to-market adjustments
 
1.7

 
(17.7
)
 
1.7

Other
 
2.6

 

 

Total
 
$
18.1

 
$
(77.9
)
 
$
15.7

 
 
 
 
 
 
 
Paid in capital — stock based compensation
 
$
(12.8
)
 
$
(4.6
)
 
$
(4.0
)
Discontinued Operations
 
$
10.4

 
$
3.2

 
$
9.5

Schedule of Significant Components of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities as of December 31, 2012 and 2011 are as follows:
 
 
(In Millions)
 
 
2012
 
2011
Deferred tax assets:
 
 
 
 
Pensions
 
$
161.2

 
$
154.8

MRRT starting base allowance
 
357.1

 

Postretirement benefits other than pensions
 
87.7

 
109.8

Alternative minimum tax credit carryforwards
 
274.9

 
228.5

Capital loss carryforwards
 

 
3.8

Investment in ventures
 
14.1

 

Asset retirement obligations
 
48.2

 
42.9

Operating loss carryforwards
 
396.4

 
260.7

Product inventories
 
45.4

 
30.1

Properties
 
49.2

 
44.8

Lease liabilities
 
31.0

 
38.8

Other liabilities
 
140.9

 
149.3

Total deferred tax assets before valuation allowance
 
1,606.1

 
1,063.5

Deferred tax asset valuation allowance
 
858.4

 
223.9

Net deferred tax assets
 
747.7

 
839.6

Deferred tax liabilities:
 
 
 
 
Properties
 
1,350.5

 
1,345.0

Investment in ventures
 
207.6

 
155.9

Intangible assets
 
24.6

 
13.5

Income tax uncertainties
 
48.5

 
56.7

Financial derivatives
 
1.6

 
1.3

Product inventories
 
19.6

 

Other assets
 
101.9

 
98.2

Total deferred tax liabilities
 
1,754.3

 
1,670.6

Net deferred tax (liabilities) assets
 
$
(1,006.6
)
 
$
(831.0
)
Schedule of Classification of Deferred Tax Assets and Liabilities
The deferred tax amounts are classified in the Statements of Consolidated Financial Position as current or long-term consistently with the asset or liability to which they relate. Following is a summary:
 
 
(In Millions)
 
 
2012
 
2011
Deferred tax assets:
 
 
 
 
United States
 
 
 
 
Current
 
$
5.2

 
$
17.7

Long-term
 

 
162.8

Total United States
 
5.2

 
180.5

Foreign
 
 
 
 
Current
 
3.8

 
4.2

Long-term
 
151.5

 
46.7

Total deferred tax assets
 
160.5

 
231.4

Deferred tax liabilities:
 
 
 
 
United States
 
58.4

 

Foreign
 
 
 
 
Long-term
 
1,108.7

 
1,062.4

Total deferred tax liabilities
 
1,167.1

 
1,062.4

Net deferred tax (liabilities)
 
$
(1,006.6
)
 
$
(831.0
)
Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
 
 
 
(In Millions)
 
 
2012
 
2011
 
2010
Unrecognized tax benefits balance as of January 1
 
$
102.1

 
$
79.8

 
$
75.2

Increases for tax positions in prior years
 
2.7

 
42.1

 
1.9

Increases for tax positions in current year
 
11.1

 
29.5

 

Increase due to foreign exchange
 

 

 
0.7

Settlements
 
(60.4
)
 
(3.5
)
 

Lapses in statutes of limitations
 

 
(45.8
)
 

Other
 

 

 
2.0

Unrecognized tax benefits balance as of December 31
 
$
55.5

 
$
102.1

 
$
79.8