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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Taxes  
Income from Operations Before Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 

 

 

2017

    

2016

    

2015

 

 

(In thousands)

U.S.

 

$

24,919

 

$

39,347

 

$

80,318

Non-U.S.

 

 

(179,562)

 

 

75,185

 

 

25,005

Total pre-tax book income

 

$

(154,643)

 

$

114,532

 

$

105,323

 

Components Of Income Tax (benefit) Expense

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 

 

 

2017

    

2016

    

2015

 

 

(In thousands)

Current

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

(493)

 

$

8,005

 

$

19,590

U.S. state and local

 

 

1,657

 

 

4,386

 

 

4,495

Non-U.S.

 

 

5,842

 

 

4,345

 

 

4,264

Total current

 

$

7,006

 

$

16,736

 

$

28,349

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

 

U.S. federal

 

$

732

 

$

9,857

 

$

6,890

U.S. state and local

 

 

874

 

 

1,966

 

 

1,226

Non-U.S.

 

 

(17,904)

 

 

(1,937)

 

 

2,877

Total deferred

 

$

(16,298)

 

$

9,886

 

$

10,993

Total income tax (benefit) expense

 

$

(9,292)

 

$

26,622

 

$

39,342

 

Computation Of Income Tax (Benefit) Expense By Applying U.S. Federal Statutory Tax Rate To Income (Loss) Before Taxes

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended

 

 

December 31, 

 

 

2017

    

2016

    

2015

 

 

(In thousands)

Income tax (benefit) expense, at the statutory tax rate of 19.25%, 20%, and 35% for the years ended December 31, 2017, 2016, and 2015 respectively.

 

$

(29,769)

 

$

22,906

 

$

36,863

Provision to return and deferred tax adjustments

 

 

(264)

 

 

1,858

 

 

145

U.S. state tax, net of federal benefit

 

 

2,181

 

 

3,584

 

 

3,504

Permanent adjustments

 

 

1,411

 

 

1,514

 

 

1,810

Tax rates (less than) in excess of statutory tax rates

 

 

(18,398)

 

 

8,161

 

 

(5,035)

Impact of Finance Structure

 

 

(5,734)

 

 

(8,165)

 

 

 —

Gain on divestiture

 

 

 —

 

 

 —

 

 

3,465

Nondeductible transaction costs

 

 

6,743

 

 

3,844

 

 

 —

Goodwill impairment (non-deductible)

 

 

41,510

 

 

 —

 

 

 —

US Tax Reform (net impact)

 

 

(11,569)

 

 

 —

 

 

 —

Share-based Compensation

 

 

(2,464)

 

 

 —

 

 

 —

Other

 

 

(206)

 

 

316

 

 

(773)

Subtotal

 

 

(16,559)

 

 

34,018

 

 

39,979

Change in valuation allowance

 

 

7,267

 

 

(7,396)

 

 

(637)

Total income tax (benefit) expense

 

$

(9,292)

 

$

26,622

 

$

39,342

 

Net Current And Non-Current Deferred Tax Assets And Liabilities (By Segment)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2017

 

 

North America

 

Europe & Africa

 

Australia & New Zealand

 

Corporate

 

Total

 

 

(In thousands)

Noncurrent deferred tax asset

 

$

29,218

 

$

14,572

 

$

15,803

 

$

942

 

$

60,535

Valuation allowance

 

 

(2,267)

 

 

(891)

 

 

(6,387)

 

 

 —

 

 

(9,545)

Noncurrent deferred tax liability

 

 

(61,486)

 

 

(10,293)

 

 

(9,416)

 

 

 —

 

 

(81,195)

Net noncurrent deferred tax (liability) asset

 

$

(34,535)

 

$

3,388

 

$

 —

 

$

942

 

$

(30,205)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year Ended December 31, 2016

 

 

North America

    

Europe & Africa

    

Australia & New Zealand

    

Corporate

    

Total

 

 

(In thousands)

Noncurrent deferred tax asset

 

$

34,274

 

$

18,644

 

$

 —

 

$

1,768

 

$

54,686

Valuation allowance

 

 

(2,244)

 

 

(850)

 

 

 —

 

 

 —

 

 

(3,094)

Noncurrent deferred tax liability

 

 

(59,194)

 

 

(7,019)

 

 

 —

 

 

 —

 

 

(66,213)

Net noncurrent deferred tax (liability) asset

 

$

(27,164)

 

$

10,775

 

$

 —

 

$

1,768

 

$

(14,621)

 

Deferred Tax Assets And Deferred Tax Liabilities Components Arising From Temporary Difference

 

 

 

 

 

 

 

 

 

December 31, 2017

    

December 31, 2016

 

 

(In thousands)

Noncurrent deferred tax assets

 

 

 

 

 

 

Reserve for receivables

 

$

564

 

$

667

Accrued liabilities and inventory reserves

 

 

6,358

 

 

7,472

Net operating loss carryforward

 

 

12,940

 

 

8,779

Unrealized losses on interest rate swap contracts

 

 

70

 

 

5,452

Share-based compensation expense

 

 

5,859

 

 

11,455

Asset retirement obligations

 

 

2,595

 

 

3,300

Tangible and intangible assets

 

 

25,117

 

 

13,343

Deferred revenue

 

 

287

 

 

878

Other

 

 

6,745

 

 

3,340

Subtotal

 

 

60,535

 

 

54,686

Valuation allowance

 

 

(9,545)

 

 

(3,094)

Noncurrent deferred tax assets

 

$

50,990

 

$

51,592

 

 

 

 

 

 

 

Noncurrent deferred tax liabilities

 

 

 

 

 

 

Tangible and intangible assets

 

$

(79,666)

 

$

(66,116)

Asset retirement obligations

 

 

(45)

 

 

(97)

Unrealized gain on interest rate swap contracts

 

 

(1,181)

 

 

 —

Other

 

 

(303)

 

 

 —

Noncurrent deferred tax liabilities

 

$

(81,195)

 

$

(66,213)

 

 

 

 

 

 

 

Net deferred tax liability

 

$

(30,205)

 

$

(14,621)