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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2015
Income Taxes [Abstract]  
Schedule of Income Tax Expense/Benefit

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Income (loss) before taxes:

 

 

 

 

 

 

 

 

 

U.S.

 

$

 (83,537)

 

$

 (34,622)

 

$

 (7,818)

Foreign

 

 

 8,793 

 

 

 26,073 

 

 

 67,777 

Total income (loss) before taxes

 

 

 (74,744)

 

 

 (8,549)

 

 

 59,959 

Income tax expense:

 

 

 

 

 

 

 

 

 

Current income taxes

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

 480 

 

 

 (12,049)

 

 

 3,311 

U.S. state

 

 

 195 

 

 

 (23)

 

 

 355 

Foreign

 

 

 7,488 

 

 

 7,620 

 

 

 22,337 

Total current income taxes

 

 

 8,163 

 

 

 (4,452)

 

 

 26,003 

Deferred income taxes:

 

 

 

 

 

 

 

 

 

U.S. federal

 

 

 (3,902)

 

 

 400 

 

 

 14,968 

U.S. state

 

 

 (118)

 

 

 236 

 

 

 3,639 

Foreign

 

 

 4,309 

 

 

 193 

 

 

 4,929 

Total deferred income taxes

 

 

 289 

 

 

 829 

 

 

 23,536 

Total income tax expense (benefit)

 

$

 8,452 

 

$

 (3,623)

 

$

 49,539 

 

Effective Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Federal income tax rate

 

$

 (26,160)

 

 35.0 

%

 

$

 (2,992)

 

 35.0 

%

 

$

 20,781 

 

 35.0 

%

State income tax rate, net of federal benefit

 

 

 (543)

 

 0.7 

 

 

 

 2,598 

 

 (30.4)

 

 

 

 (373)

 

 (0.6)

 

Effect of rate differences

 

 

 (3,678)

 

 4.9 

 

 

 

 5,317 

 

 (62.2)

 

 

 

 (28,671)

 

 (47.9)

 

Non-deductible / Non-taxable items

 

 

 (2,181)

 

 2.9 

 

 

 

 (9,904)

 

 115.8 

 

 

 

 2,231 

 

 3.4 

 

Change in valuation allowance

 

 

 10,892 

 

 (14.5)

 

 

 

 5,370 

 

 (62.8)

 

 

 

 21,370 

 

 35.6 

 

U.S. tax on foreign earnings

 

 

 32,879 

 

 (43.9)

 

 

 

 6,620 

 

 (77.4)

 

 

 

 22,877 

 

 38.2 

 

Uncertain tax positions

 

 

 (3,952)

 

 5.3 

 

 

 

 (25,172)

 

 294.4 

 

 

 

 4,091 

 

 6.8 

 

Audit settlements

 

 

 1,167 

 

 (1.6)

 

 

 

 13,448 

 

 (157.3)

 

 

 

 3,035 

 

 5.1 

 

Non-deductible write-off of intercompany debt

 

 

 -

 

 -

 

 

 

 -

 

 -

 

 

 

 1,114 

 

 1.9 

 

Non-deductible impairment

 

 

 -

 

 -

 

 

 

 -

 

 -

 

 

 

 2,118 

 

 3.5 

 

Write-off of income tax receivable

 

 

 -

 

 -

 

 

 

 1,577 

 

 (18.4)

 

 

 

 -

 

 -

 

Other

 

 

 28 

 

 (0.1)

 

 

 

 (485)

 

 5.7 

 

 

 

 966 

 

 1.6 

 

Effective income tax rate

 

$

 8,452 

 

 (11.3)

%

 

$

 (3,623)

 

 42.4 

%

 

$

 49,539 

 

 82.6 

%

 

Deferred Income Tax Assets and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

 

 

 

 

 

 

 

 

(in thousands)

Current deferred tax assets:

 

 

 

 

 

 

Accrued expenses

 

$

 -

 

$

 13,217 

Unrealized loss on foreign currency

 

 

 -

 

 

 342 

Other

 

 

 -

 

 

 -

Valuation allowance

 

 

 -

 

 

 (7,008)

Total current deferred tax assets (1)

 

$

 -

 

$

 6,551 

Current deferred tax liabilities:

 

 

 

 

 

 

Unremitted earnings of foreign subsidiary

 

$

 -

 

$

 (14,186)

Other

 

 

 -

 

 

 (44)

Total current deferred tax liabilities (1)

 

$

 -

 

$

 (14,230)

Non-current deferred tax assets:

 

 

 

 

 

 

Stock compensation expense

 

$

 7,142 

 

$

 9,760 

Long-term accrued expenses

 

 

 26,114 

 

 

 6,773 

Net operating loss and charitable contribution carryovers

 

 

 22,518 

 

 

 20,047 

Intangible assets

 

 

 4,725 

 

 

 1,517 

Property and equipment

 

 

 -

 

 

 12,097 

Future uncertain tax position offset

 

 

 456 

 

 

 445 

Unrealized loss on foreign currency

 

 

 466 

 

 

 -

Foreign tax credit

 

 

 27,109 

 

 

 6,259 

Other

 

 

 5,548 

 

 

 1,207 

Valuation allowance

 

 

 (56,572)

 

 

 (40,273)

Total non-current deferred tax assets

 

$

 37,506 

 

$

 17,832 

Non-current deferred tax liabilities:

 

 

 

 

 

 

Unremitted earnings of foreign subsidiary

 

$

 (24,572)

 

$

 -

Property and equipment

 

 

 (6,432)

 

 

 -

Total non-current deferred tax liabilities

 

$

 (31,004)

 

$

 -

 

(1)

In November 2015, the FASB issued guidance to simplify the financial statement presentation of deferred income taxes. The new guidance requires an entity to present deferred tax assets and liabilities as non-current in a classified balance sheet. Prior to the issuance of this guidance, deferred tax liabilities and assets were required to be separately classified into a current amount and a non-current amount in the balance sheet. The new guidance represents a change in accounting principle and is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company elected to early adopt this guidance as of December 31, 2015 and to apply it prospectively. Prior period information was not adjusted. Because the application of this guidance affects the balance sheet classification only, adoption of this guidance did not have a material impact on our consolidated financial statements.
Unrecognized Tax Benefits Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

2015

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

 

(in thousands)

Unrecognized tax benefit—January 1

 

$

 8,444 

 

$

 31,616 

 

$

 31,900 

Gross increases—tax positions in prior period

 

 

 643 

 

 

 7 

 

 

 572 

Gross decreases—tax positions in prior period

 

 

 (385)

 

 

 (3,711)

 

 

 (2,086)

Gross increases—tax positions in current period

 

 

 549 

 

 

 904 

 

 

 3,743 

Settlements

 

 

 (4,126)

 

 

 (20,210)

 

 

 (2,291)

Lapse of statute of limitations

 

 

 (168)

 

 

 (162)

 

 

 (222)

Unrecognized tax benefit—December 31

 

$

 4,957 

 

$

 8,444 

 

$

 31,616 

 

Income Tax Examinations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Netherlands

 

 

2008

to

 2015 

Canada

 

 

2008

to

 2015 

Japan

 

 

2009

to

 2015 

China

 

 

2007

to

 2015 

Singapore

 

 

2011

to

 2015 

United States

 

 

2011

to

 2015