Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes

Schedule of income (loss) before income taxes

Income (loss) before income taxes consists of the following components (in thousands):

	Successor			Predecessor
	August 1, 2015  Through  December 31, 2015			January 1, 2015  Through July 31,  2015			Year Ended  December 31,  2014			Year Ended  December 31,  2013
Domestic	$	(34,139	)	$	29,053		$	122,347		$	72,660
Foreign	470			(32,261		)	(53,091		)	(20,063		)
	$	(33,669	)	$	(3,208	)	$	69,256		$	52,597

Schedule of significant components of income taxes

Significant components of income taxes are as follows (in thousands):

	Successor			Predecessor
	August 1, 2015  Through December 31, 2015			January 1, 2015 Through July 31, 2015			Year Ended  December 31, 2014			Year Ended  December 31, 2013
Current:
Federal	$	—		$	14,370		$	49,918		$	31,629
State and Local	8			305			1,085			696
Foreign	646			392			135			1,530
	654			15,067			51,138			33,855
Deferred:
Federal	(18,308		)	(4,115		)	(7,808		)	(7,025		)
State and Local	(789		)	(57		)	(110		)	(98		)
Foreign	(789		)	(46		)	(1,821		)	(1,591		)
	(19,886		)	(4,218		)	(9,739		)	(8,714		)
(Benefit) provision for income taxes	$	(19,232	)	$	10,849		$	41,399		$	25,141

Schedule of reconciliation of income tax expense at the U.S. Federal statutory income tax rate to actual income tax provision

A reconciliation of income tax expense at the U.S. Federal statutory income tax rate to actual income tax provision is as follows (in thousands):

	Successor			Predecessor
	August 1, 2015  Through  December 31, 2015			January 1, 2015  Through July 31,  2015			Year Ended  December 31,  2014			Year Ended  December 31,  2013
Tax at Statutory Rate	$	(11,785	)	$	(1,123	)	$	24,240		$	18,410
State income taxes, net of federal tax benefit	(508		)	141			596			354
Effect of Foreign Items	(411		)	2,315			4,017			(1,516		)
Valuation Allowance	(2,004		)	9,321			12,878			8,477
Tax Incentives	(34		)	—			(332		)	(584		)
Warrants	(4,557		)	—			—			—
Other	67			195			—			—
(Benefit) provision for income taxes	$	(19,232	)	$	10,849		$	41,399		$	25,141

Schedule of significant components of the Company's deferred tax assets and liabilities

	Successor			Predecessor
	December 31,  2015			December 31,  2014
Deferred Tax Assets:
Intangible assets other than goodwill	$	3,788		$	—
Pension and other retiree obligations	425			—
Inventory	2,070			—
Other Accruals and Reserves	1,132			2,479
Loss and Credit Carryforwards	12,991			31,217
Other	816			2,247
Gross Deferred Tax Assets	21,222			35,943
Valuation Allowance	(9,111		)	(27,813		)
Net Deferred Tax Asset	12,111			8,130
Liabilities:
Intangible assets other than goodwill	—			(31,637		)
Property, Plant and Equipment	(118		)	—
Total Deferred Tax Liabilities	(118		)	(31,637		)
Net Deferred Tax Asset / (Liability)	$	11,993		$	(23,507	)