Income Taxes (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2013

Dec. 31, 2012

Summary of Income Taxes

	Three Months Ended June 30,						Six Months Ended June 30,
	2013			2012			2013			2012
Income tax benefit (provision)	$	(1	)	$	84		$	(2	)	$	66
Income (Loss) before Income Taxes	$	—		$	1,060		$	(44	)	$	1,164
Effective tax rate		—	%		(8	)%		(5	)%		(6	)%

Details Income Loss from Continuing Operations Before Income Taxes

Income (loss) from continuing operations before income taxes is comprised of the following:

	Successor					Predecessor
	Year Ended December 31, 2012			Eleven Months Ended December 31, 2011		One Month Ended January 31, 2011		Year Ended December 31, 2010
Australia	$	1,019		$	70	$	107	$	2
United States		10			120		497		(10	)
Other		(21	)		72		28		15
Total	$	1,008		$	262	$	632	$	7

Schedule of Income Tax Benefit (Provision) From Continuing Operations

The income tax benefit (provision) from continuing operations is summarized below:

	Successor						Predecessor
	Year Ended December 31, 2012			Eleven Months Ended December 31, 2011			One Month Ended January 31, 2011			Year Ended December 31, 2010
Australian:
Current	$	(28	)	$	(1	)	$	—		$	(6	)
Deferred		124			(4	)		(1	)		5
U.S. Federal & State:
Current		(9	)		—			—			—
Deferred		—			—			—			—
Other:
Current		—			(14	)		—			(1	)
Deferred		38			(1	)		—			—
Total benefit(provision) from continuing operations	$	125		$	(20	)	$	(1	)	$	(2	)

Summary of Statutory Income Tax Rates

In the following table, the applicable statutory income tax rates are reconciled to the Company’s effective income tax rates for “Income (Loss) from Continuing Operations” as reflected in the Consolidated Statements of Operations.

	Successor						Predecessor
	Year Ended December 31, 2012			Eleven Months Ended December 31, 2011			One Month Ended January 31, 2011			Year Ended December 31, 2010
Statutory tax rate		30	%		35	%		35	%		35	%
Increases (decreases) resulting from:
Tax rate differences		(6	)		(5	)		—			93
Foreign exchange		—			—			—			39
Disallowable expenditures		(1	)		7			—			166
Foreign interest disallowance		—			2			—			61
Gain on bargain purchase (net of tax)		(31	)		—			—			—
Resetting of tax basis to market value		(7	)		—			—			—
Permanent adjustment for fresh start (net of tax)		—			—			(29	)		—
Prior year accruals		—			(1	)		—			23
Change in uncertain tax positions		—			(6	)		—			54
U.S. state income taxes		—			2			—			(15	)
Valuation allowances		(1	)		(25	)		(1	)		(427	)
Withholding taxes		2			—			—			—
Other, net		2			(1	)		(5	)		1
Effective tax rate		(12	%)		8	%		0	%		30	%

Summary of Net Deferred Tax Assets and Liabilities

Net deferred tax assets (liabilities) at December 31, 2012 and 2011 were comprised of the following:

	Successor
	December 31, 2012			December 31, 2011
Deferred tax assets:
Net operating loss and other carryforwards	$	664		$	495
Property, plant and equipment		197			6
Reserves for environmental remediation and restoration		31			6
Obligations for pension and other employee benefits		79			57
Investments		31			34
Grantor trusts		109			123
Inventory		2			4
Interest		24			—
Other accrued liabilities		50			16
Long-term notes payable		52			—
Unrealized foreign exchange losses		10			1
Other		8			1
Total deferred tax assets		1,257			743
Valuation allowance associated with deferred tax assets		(753	)		(561	)
Net deferred tax assets		504			182
Deferred tax liabilities:
Property, plant and equipment		(386	)		(67	)
Intangibles		(110	)		(118	)
Inventory		(22	)		(1	)
Other		(8	)		(2	)
Total deferred tax liabilities		(526	)		(188	)
Net deferred tax asset (liability)	$	(22	)	$	(6	)
Balance sheet classifications:
Deferred tax assets—current	$	114		$	4
Deferred tax assets—long-term		91			9
Deferred tax liability—current		(5	)		—
Deferred tax liability—long-term		(222	)		(19	)
Net deferred tax asset	$	(22	)	$	(6	)

Schedule of Tax Loss Carryforwards

The deferred tax assets generated by tax loss carryforwards have been partially offset by valuation allowances. The expiration of these carryforwards at December 31, 2012, is shown below. These expiration amounts are comprised of Australian, United States, state, and other jurisdictional losses.

	Australia		U.S. Federal		U.S. State		Other		Tax Loss Carryforwards Total
2013	$	—	$	—	$	—	$	22	$	22
2014		—		—		—		52		52
2015		—		—		—		31		31
2016		—		—		11		6		17
2017		—		—		—		3		3
Thereafter		253		1,226		1,431		322		3,232
Total tax losses	$	253	$	1,226	$	1,442	$	436	$	3,357

Summary Showing Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of unrecognized tax benefits for 2012 is as follows:

	Successor 2012
Balance at January 1	$	2
Additions for tax positions related to prior year		2
Balance at December 31	$	4

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

	2011
Predecessor: Balance at January 1	$	13
Successor: Balance at January 31		13
Additions for tax positions related to the current year		1
Decrease due to settlements		(3	)
Decrease due to lapse of applicable statute of limitations		(9	)
Successor: Balance at December 31	$	2