Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
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, 2018, 2017 and 2016, respectively, are as follows (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
 
2016
U.S. current income tax expense
 
$
25,656

 
$
804

 
$
2,307

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

 
(27,764
)
 
47,957

Foreign current income tax expense
 
75,381

 
36,565

 
3,594

Foreign deferred income tax expense (benefit)
 
26,854

 
(6,773
)
 
27

Total
 
$
153,263

 
$
2,832

 
$
53,885

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,
 
 
2018
 
2017
 
2016
Income (loss) before income taxes, as reported
 
$
389,228

 
$
61,796

 
$
(38,568
)
Bargain purchase gain, net of tax
 

 
(4,012
)
 

Income (loss) before income taxes, as taxed
 
389,228

 
57,784

 
(38,568
)
Statutory income tax rate
 
21
%
 
35
%
 
35
%
Expected income tax expense (benefit)
 
81,738

 
20,224

 
(13,499
)
Income earned as non-taxable entity (See Note 2)
 

 

 
15,167

Effect due to change to C corporation (See Note 2)
 

 

 
53,089

Change in tax rate
 
(103
)
 
(21,309
)
 
(25
)
Tax reform - unrepatriated foreign earnings
 

 
(9,727
)
 

Foreign income tax rate differential
 
39,080

 
6,286

 
(1,078
)
Foreign earnings not in reported income
 
46,834

 
22,054

 

Foreign tax credits
 
(89,677
)
 
(29,551
)
 

Withholding taxes
 
13,930

 

 

Other permanent differences
 
13,045

 
503

 
210

State tax expenses
 
5,394

 
39

 
21

Return to provision
 
6,071

 

 

Other
 
680

 
(1,192
)
 

Change in valuation allowance
 
36,271

 
15,505

 

Total
 
$
153,263

 
$
2,832

 
$
53,885

Schedule of Deferred Tax Assets and Liabilities
Deferred tax liabilities attributable to the Company consisted of the following (in thousands):
 
 
Year Ended December 31,
 
 
2018
 
2017
Deferred tax assets:
 
 
 
 
Allowance for doubtful accounts
 
$
1,180

 
$
11,973

Deferred compensation
 
1,032

 
1,032

Accrued liabilities
 
3,428

 
1,442

Foreign tax credits
 
51,776

 
15,505

Other
 
2,094

 
1,448

Valuation allowance
 
(51,776
)
 
(15,505
)
Deferred tax assets
 
7,734

 
15,895

 
 
 
 
 
Deferred tax liabilities:
 
 
 
 
Property and equipment
 
$
(63,181
)
 
$
(40,390
)
Intangible assets
 
(4,936
)
 
(2,839
)
Withholding taxes
 
(17,419
)
 

Other
 
(1,507
)
 
(74
)
Deferred tax liabilities
 
(87,043
)
 
(43,303
)
Net deferred tax liability
 
$
(79,309
)
 
$
(27,408
)
 
 
 
 
 
Reflected in accompanying balance sheet as:
 
 
 
 
Deferred income tax asset
 
$

 
$
6,739

Deferred income tax liability
 
(79,309
)
 
(34,147
)
Total
 
$
(79,309
)

$
(27,408
)