Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Consolidated Income (Loss) From Continuing Operations

Our consolidated income from continuing operations before income taxes was generated in the following jurisdictions (in thousands):



	Year Ended December 31,
	2017			2016			2015
U.S.	$	(64,423	)	$	(766	)	$	46,728
Foreign	44,885			25,297			29,618
Consolidated	$	(19,538	)	$	24,531		$	76,346

Summary of Income Tax Expense (Benefit)

The following table summarizes income tax provision (benefit) from continuing operations by jurisdiction (in thousands):



	Year Ended December 31,
	2017			2016			2015
Current income tax provision:
Foreign	$	7,058		$	2,821		$	4,301
U.S. federal	—			—			—
U.S. state	383			—			32
	7,441			2,821			4,333
Deferred income tax provision (benefit):
Foreign	5,318			4,071			4,747
U.S. federal	(15,379		)	5,142			21,865
U.S. state	232			(766		)	2,585
	(9,829		)	8,447			29,197
Provision (benefit) for income taxes	$	(2,388	)	$	11,268		$	33,530

Reconciliation of Income Tax Provision (Benefit)

The following table reconciles income tax provision at the U.S. federal statutory rate to the consolidated provision (benefit) for income taxes (in thousands):



	Year Ended December 31,
	2017				2016			2015
Income from continuing operations before income taxes	$	(19,538	)		$	24,531		$	76,346
U.S. federal statutory rate	35		%		35		%	35		%
Provision at statutory rate	(6,838		)		8,586			26,721
State income taxes—net of federal benefit	401				(498		)	1,701
Effect of rates other than statutory	(3,842		)		(1,966		)	(2,306		)
Effect of U.S. taxation on foreign branches	15,710				8,854			10,366
Foreign tax adjustment, prior years	—				—			7
Noncontrolling interest	—				(3,908		)	(4,373		)
Foreign tax credit and offset to branch deferreds	45,245				(6,026		)	(1,740		)
Effect of U.S. deduction of foreign tax	(7,514		)		—			—
Impact of valuation allowance on deferred tax assets	(65,327		)		6,026			1,740
Foreign withholding taxes	858				18			6
Stock-based compensation	1,351				—			—
Effect of U.S. federal statutory rate reduction	17,638			—	—			—
Other, net	(70		)		182			1,408
Provision (benefit) for income taxes	$	(2,388	)		$	11,268		$	33,530

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities are as follows at December 31, 2017 and 2016 (in thousands):



	December 31,
	2017			2016
Deferred tax assets:
Net operating loss and other credit carryforwards	$	44,867		$	58,129
Compensation and benefits	7,156			9,411
Inventories	322			231
Intangible assets	16,714			34,573
Pension plan	1,760			4,811
Allowance for doubtful accounts	956			971
Deferred revenue	4,953			4,451
Equity investment in partnerships	—			54,686
Foreign tax credit and offset to branch deferreds	56,719			110,052
Other	28,201			46,601
less: valuation allowance	(45,682		)	(110,243		)
Net deferred tax assets	115,966			213,673
Deferred tax liabilities:
Intangible assets	(5,074		)	(4,709		)
Prepaid expenses	(1,447		)	(136		)
Property, plant and equipment	(108,646		)	(223,325		)
Equity investment in partnerships	(24,315		)	—
Other	(2,402		)	(4,411		)
Total deferred tax liabilities	(141,884		)	(232,581		)
Net deferred tax liabilities	$	(25,918	)	$	(18,908	)