Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of income tax expense (benefit) attributable to the Company for the year ended December 31, 2019, 2018 and 2017, respectively, are as follows (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
U.S. current income tax expense
 
$
386

 
$
25,656

 
$
804

U.S. deferred income tax (benefit) expense
 
(21,761
)
 
25,372

 
(27,764
)
Foreign current income tax expense
 
30,172

 
75,381

 
36,565

Foreign deferred income tax (benefit) expense
 
(20,878
)
 
26,854

 
(6,773
)
Total
 
$
(12,081
)
 
$
153,263

 
$
2,832

Schedule of Effective Income Tax Rate Reconciliation
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
 
2017
(Loss) income before income taxes, as reported
 
$
(91,125
)
 
$
389,228

 
$
61,796

Bargain purchase gain, net of tax
 

 

 
(4,012
)
(Loss) income before income taxes, as taxed
 
(91,125
)
 
389,228

 
57,784

Statutory income tax rate
 
21
%
 
21
%
 
35
%
Expected income tax (benefit) expense
 
(19,136
)
 
81,738

 
20,224

Change in tax rate
 

 
(103
)
 
(21,309
)
Tax reform - unrepatriated foreign earnings
 

 

 
(9,727
)
Foreign income tax rate differential
 
9,387

 
39,080

 
6,286

Foreign earnings not in reported income
 
12,581

 
46,834

 
22,054

Foreign tax credits
 
(26,141
)
 
(89,677
)
 
(29,551
)
Withholding taxes
 
3,635

 
13,930

 

Goodwill impairment
 
6,506

 
675

 

Other permanent differences
 
1,873

 
12,370

 
503

State tax expenses
 
2,364

 
5,394

 
39

Return to provision
 
(15,156
)
 
6,071

 

Other
 

 
680

 
(1,192
)
Change in valuation allowance
 
12,006

 
36,271

 
15,505

Total
 
$
(12,081
)
 
$
153,263

 
$
2,832

Schedule of Deferred Tax Assets and Liabilities
Deferred tax liabilities attributable to the Company consisted of the following (in thousands):
 
 
Year Ended December 31,
 
 
2019
 
2018
Deferred tax assets:
 
 
 
 
Allowance for doubtful accounts
 
$
1,189

 
$
1,180

Lease asset
 
11,105

 

Deferred compensation
 

 
1,032

Accrued liabilities
 
950

 
3,428

Net operating loss carryover
 
4,180

 
467

Foreign tax credits
 
76,060

 
51,776

Other
 
1,633

 
1,627

Valuation allowance
 
(63,783
)
 
(51,776
)
Deferred tax assets
 
31,334

 
7,734

 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
Property and equipment
 
$
(55,180
)
 
$
(63,181
)
Intangible assets
 

 
(4,936
)
Withholding taxes
 

 
(17,419
)
Lease liability
 
(11,151
)
 

Other
 
(1,876
)
 
(1,507
)
Deferred tax liabilities
 
(68,207
)
 
(87,043
)
Net deferred tax liability
 
$
(36,873
)
 
$
(79,309
)
 
 
 
 
 
Reflected in accompanying balance sheet as:
 
 
 
 
Deferred income tax asset
 
$

 
$

Deferred income tax liability
 
(36,873
)
 
(79,309
)
Total
 
$
(36,873
)

$
(79,309
)