Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Total income tax (benefit) expense was allocated as follows (in thousands):

	Year Ended December 31,
	2013			2012			2011
Income tax (benefit) expense from continuing operations:
Current taxes
Federal taxes	$	(17,711	)	$	57		$	(464	)
State taxes		140			640			329
Foreign taxes		—			506			164
Current taxes	$	(17,571	)	$	1,203		$	29
Deferred taxes
Federal taxes	$	—		$	(376	)	$	56
State taxes		—			537			(4,372	)
Foreign taxes		—			(28	)		—
Deferred taxes	$	—		$	133		$	(4,316	)
Income tax (benefit) expense	$	(17,571	)	$	1,336		$	(4,287	)

ICG’s net deferred tax asset (liability) consists of the following (in thousands):

	As of December 31,
	2013			2012
	(in thousands)
Deferred tax assets:
Net operating loss and capital loss carryforward – 382 limited	$	74,220		$	97,760
Net operating loss carryforward – not 382 limited		34,774			35,811
State net operating loss carryforward, net		—			4,345
Capital loss carryforward – not 382 limited		23,106			44,806
Company basis difference		25,176			18,958
Reserves and accruals		291			5,563
Equity-based compensation expense		5,369			9,196
AMT and other credits		—			582
Other, net		1,302			1,348
Total deferred tax assets		164,238			218,369
Valuation allowance		(150,408	)		(162,283	)
Deferred tax asset		13,830			56,086
Deferred tax liabilities:
Intangible assets		(13,830	)		(25,968	)
Total deferred tax liabilities		(13,830	)		(25,968	)
Total net deferred tax assets	$	—		$	30,118

The effective tax rate differs from the federal statutory rate as follows:

	Year Ended December 31,
	2013			2012			2011
Tax expense (benefit) at statutory rate		(35.0	)%		35.0	%		35.0	%
IRS audit adjustment and interest		—	%		—	%		(0.9	)%
Foreign and state taxes		(2.3	)%		4.6	%		2.1	%
Non-deductible expenses and other		0.6	%		0.1	%		3.7	%
Valuation allowance		—	%		(24.4	)%		(57.8	)%
Prior period adjustment		—	%		(3.6	)%		—	%
Acquisition of MSDSonline		—	%		(6.3	)%		—	%
		(36.7	)%		5.4	%		(17.9	)%