INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of income before taxes

	Year Ended December 31,
(In millions)	2013		2012		2011
United States operations	$	210.1	$	175.9	$	48.8
Foreign operations		31.5		1.8		4.7
Total	$	241.6	$	177.7	$	53.5

Schedule of provision for (benefit from) income taxes

	Year Ended December 31,
(In millions)	2013			2012			2011
Current income taxes:
Federal	$	106.2		$	63.5		$	17.2
State		14.9			6.7			1.7
Foreign		7.8			(4.5	)		(19.3	)
Total current		128.9			65.7			(0.4	)
Deferred income taxes:
Federal		(49.0	)		(11.7	)		(3.5	)
State		(2.0	)		3.2			(0.2	)
Foreign		(4.3	)		-			(0.1	)
Total deferred		(55.3	)		(8.5	)		(3.8	)
Provision for (benefit from) income taxes	$	73.6		$	57.2		$	(4.2	)

Reconciliation of the effective income tax rate and the U.S. statutory federal income tax rate

	Year Ended December 31,
	2013			2012			2011
		35.0	%		35.0	%		35.0	%
State and local income taxes, net of federal benefit		3.5			3.7			2.3
Difference between U.S. and foreign tax rates		0.1			-			0.4
Tax credits		(0.7	)		(1.3	)		-
Domestic manufacturing deduction		(4.7	)		(2.8	)		(3.3	)
Non-deductible compensation		-			0.2			0.6
Percentage depletion		(1.5	)		(0.4	)		(1.5	)
Goodwill impairment		2.6			-			-
Capitalized Acquisition Costs		0.1			2.1			-
Change in valuation allowance		(0.3	)		0.3			0.9
Net change in unrecognized tax benefits		(1.2	)		(3.5	)		(39.6	)
Other, net		(2.4	)		(1.1	)		(2.7	)
Effective income tax rate		30.5	%		32.2	%		(7.9	)%

Schedule of major items of net deferred tax liability

	As of December 31,
(In millions)	2013			2012
Deferred tax assets:
Net operating loss carryforwards	$	47.5		$	4.3
Employee compensation		17.8			10.8
Accrued liabilities		16.8			5.4
Tax credits		29.6			24.3
Environmental		19.1			2.7
Property, plant and equipment		36.9			91.3
Pension		40.6			20.0
Other deferred tax assets		7.0			8.4
Total deferred tax assets		215.3			167.2
Valuation allowance		(93.0	)		(105.3	)
Total deferred tax assets		122.3			61.9
Deferred tax liability:
Property, plant and equipment		(381.8	)		(112.0	)
Intangible assets		(416.3	)		(32.9	)
Inventories		(10.1	)		-
Other		(13.4	)		-
Debt restructuring		(39.2	)		(50.6	)
Foreign outside basis difference		(78.8	)		-
Foreign currency translation gain		(8.3	)		(19.1	)
Total deferred tax liability		(947.9	)		(214.6	)
Net deferred tax liability	$	(825.6	)	$	(152.7	)

Schedule of jurisdictional amount of NOLs and the years in which they will expire

Jurisdiction (in millions)	NOL Amount		Year of Expiration
U.S. State	$	5.3	2030
Canada federal		196.1	2032
Canada provincial		347.8	2032

Schedule of tax credits that expire over varying amounts and periods

Jurisdiction (in millions)	Tax credit Carryover Amount		Year of Expiration
U.S. state tax credits (gross of federal benefit)	$	20,491	Indefinite
U.S. foreign income tax credits		6,594	2023
Canadian income tax credits		9,666	2017-2033

Schedule of the tax years that remain subject to examination by major tax jurisdiction

Tax Jurisdiction	Open Years
United States Federal	2009-2013
Canada	2009-2013
Various states	2006-2013
Taiwan	2012

Reconciliation of the liability for unrecognized tax benefits

	For the Year Ended December 31,
(In millions)	2013			2012			2011
Balance as of beginning of the year	$	18.5		$	22.1		$	35.3
Additions for current year tax positions		0.2			0.2			0.1
Additions for prior year tax positions		1.2			0.8			0.1
Reductions for prior year tax positions		(0.2	)		(2.1	)		(7.2	)
Settlements		-			-			(3.9	)
Reductions related to expirations of statute of limitations		(2.5	)		(2.9	)		(1.7	)
Foreign currency translation		(0.9	)		0.4			(0.6	)
Balance as of the end of the year	$	16.3		$	18.5		$	22.1