Income Taxes (Tables)

6 Months Ended

Jun. 30, 2014

Net Deferred Tax Assets by Country [Line Items]

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The following table summarizes the balance of deferred tax assets, net of deferred tax liabilities, at June 30, 2014, of $821.8 million:

	Deferred Tax Asset (Net of Liabilities)		Valuation Allowance			Net Deferred Tax Asset(2)
United States—Federal(1)	$	729.4	$	(2.1	)	$	727.3
United States—States(1)	70.6		(10.0		)	60.6
Germany	26.4		—			26.4
Other Foreign	7.8		(0.3		)	7.5
Total	$	834.2	$	(12.4	)	$	821.8

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(1) The U.S. Federal deductions generated at emergence of $670 million, the $490 million warrant settlement, and the $616 million present value of the deferred payment obligations as of June 30, 2014, account for a significant portion of the U.S. Federal and State deferred tax assets. The aforementioned settlement of the deferred payment obligations will increase Grace's NOLs by $632 million when paid.

(2) The noncurrent deferred tax asset of $619.9 million reflected in the June 30, 2014, Consolidated Balance Sheet is net of $4.8 million of income tax contingencies related to these deferred tax assets.