Rendering

Component: (Network and Table)
Network
2315301 - Disclosure - Income Taxes (Tables)
(http://www.atimetals.com/role/IncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Income Tax Disclosure [Abstract]Period [Axis]
2016-01-01 - 2016-12-31
Income Tax Disclosure [Abstract]
 
Schedule of income before income tax
Income (loss) from continuing operations before income taxes for the Company’s U.S. and non-U.S. operations was as follows:
(In millions)
 
2016
 
2015
 
2014
U.S.
 
$
(782.1
)
 
$
(534.6
)
 
$
(46.1
)
Non-U.S.
 
48.1

 
56.6

 
47.6

Income (loss) from continuing operations before income taxes
 
$
(734.0
)
 
$
(478.0
)
 
$
1.5

 
 
Schedule income tax provision (benefit)
The income tax provision (benefit) was as follows:
(In millions)
 
2016
 
2015
 
2014
Continuing operations:
 
 
 
 
 
 
Current:
 
 
 
 
 
 
Federal
 
$
0.5

 
$
(60.7
)
 
$
(47.9
)
State
 
(1.5
)
 
(0.4
)
 
(4.0
)
Foreign
 
14.4

 
9.4

 
9.8

Total
 
13.4

 
(51.7
)
 
(42.1
)
Deferred:
 
 
 
 
 
 
Federal
 
(115.8
)
 
(90.9
)
 
34.1

State
 
(3.5
)
 
30.4

 
(0.2
)
Foreign
 
(1.0
)
 
0.1

 
(0.5
)
Total
 
(120.3
)
 
(60.4
)
 
33.4

Income tax benefit from continuing operations
 
$
(106.9
)
 
$
(112.1
)
 
$
(8.7
)
Income tax benefit from discontinued operations
 
$

 
$

 
$
(0.3
)
Total company income tax benefit
 
$
(106.9
)
 
$
(112.1
)
 
$
(9.0
)
 
 
Schedule of effective income tax rate reconciliation
The following is a reconciliation of income taxes computed at the statutory U.S. Federal income tax rate to the actual effective income tax benefit from continuing operations:
 
 
Income Tax Provision (Benefit)
(In millions)
 
2016
 
2015
 
2014
Taxes computed at the federal rate
 
$
(256.9
)
 
$
(167.3
)
 
$
0.5

State and local income taxes, net of federal tax benefit
 
(26.8
)
 
(20.6
)
 
(2.0
)
Valuation allowance
 
171.5

 
74.5

 
0.5

Foreign earnings taxed at different rate
 
(5.3
)
 
(11.2
)
 
(6.6
)
Adjustment to prior years’ taxes
 
3.4

 
(5.4
)
 
0.1

Tax reserve adjustments
 
3.1

 
3.9

 
(0.5
)
Repatriation of foreign earnings
 
2.1

 
13.4

 
0.3

Other
 
2.0

 
0.6

 
(1.0
)
Income tax benefit
 
$
(106.9
)
 
$
(112.1
)
 
$
(8.7
)
 
 
Schedule of income taxes paid
Income taxes paid and amounts received as refunds were as follows:
(In millions)
 
2016
 
2015
 
2014
Income taxes paid
 
$
8.6

 
$
10.8

 
$
15.1

Income tax refunds received
 
(10.5
)
 
(63.3
)
 
(20.2
)
Income taxes received, net
 
$
(1.9
)
 
$
(52.5
)
 
$
(5.1
)
 
 
Schedule of deferred tax assets and liabilities
The categories of assets and liabilities that have resulted in differences in the timing of the recognition of income and expense at December 31, 2016 and 2015 were as follows:
(In millions)
 
2016
 
2015
Deferred income tax assets
 
 
 
 
Pensions
 
$
281.2

 
$
281.0

Postretirement benefits other than pensions
 
122.9

 
144.7

Federal and state net operating loss tax carryovers
 
400.9

 
228.1

Federal and state tax credits
 
57.2

 
52.2

Deferred compensation and other benefit plans
 
25.7

 
25.9

Self insurance reserves
 
9.7

 
10.8

Other items
 
106.3

 
85.2

Gross deferred income tax assets
 
1,003.9

 
827.9

Valuation allowance for deferred tax assets
 
(322.2
)
 
(105.1
)
Total deferred income tax assets
 
681.7

 
722.8

Deferred income tax liabilities
 
 
 
 
Bases of property, plant and equipment
 
533.8

 
664.1

Inventory valuation
 
77.8

 
62.2

Bases of amortizable intangible assets
 
23.3

 
25.4

Other items
 
50.4

 
46.7

Total deferred tax liabilities
 
685.3

 
798.4

Net deferred tax liability
 
$
(3.6
)
 
$
(75.6
)
 
 
Schedule of changes in unrecognized income tax benefits
The changes in the liability for unrecognized income tax benefits for the years ended December 31, 2016, 2015 and 2014 were as follows:
(In millions)
 
2016
 
2015
 
2014
Balance at beginning of year
 
$
15.0

 
$
73.4

 
$
72.8

Increases in prior period tax positions
 
7.9

 
4.2

 
2.0

Decreases in prior period tax positions
 
(0.1
)
 
(0.6
)
 
(0.6
)
Increases in current period tax positions
 
0.7

 
1.3

 
0.7

Expiration of the statute of limitations
 
(1.1
)
 
(0.7
)
 
(0.5
)
Settlements
 
(4.3
)
 
(62.1
)
 
(0.7
)
Interest and penalties, net
 
(0.3
)
 
(0.5
)
 
(0.3
)
Balance at end of year
 
$
17.8

 
$
15.0

 
$
73.4

 
 
Summary of income tax examinations
A summary of tax years that remain subject to examination, by major tax jurisdiction, is as follows:
Jurisdiction
 
Earliest Year Open to
Examination
U.S. Federal
 
2015
States:
 
 
California
 
2012
Ohio
 
2012
North Carolina
 
2010
Oregon
 
2013
Pennsylvania
 
2013
Foreign:
 
 
China
 
2013
Poland
 
2010
United Kingdom
 
2014
 
 
Summary of Valuation Allowance [Table Text Block]
The Company had $322.2 million and $105.1 million in deferred tax asset valuation allowances at December 31, 2016 and 2015, respectively, which includes the following:
(In millions)
 
2016
 
2015
Federal deferred tax valuation allowances
 
 
 
 
 
Net operating losses
 
$
37.8

 
$

 
Tax credits
 
40.5

 
24.8

 
Temporary differences
 
141.2

 

 
     Total federal deferred tax valuation allowances
 
219.5

 
24.8

State deferred tax valuation allowances
 
 
 
 
 
Net operating losses
 
77.9

 
61.8

 
Tax credits
 
13.3

 
13.8

 
Temporary differences
 
6.5

 
3.3

 
     Total state deferred tax valuation allowances
 
97.7

 
78.9

Foreign deferred tax valuation allowances
 
5.0

 
1.4

Total deferred tax valuation allowances
 
$
322.2

 
$
105.1