|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Summary of Income (Loss) Before Income Taxes |
Income (loss) before income taxes is summarized below:
|
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(Dollars in Thousands) |
United States |
$ |
32,136 |
|
|
$ |
52,422 |
|
|
$ |
(61,434 |
) |
Foreign |
20,651 |
|
|
18,555 |
|
|
(3,978 |
) |
|
$ |
52,787 |
|
|
$ |
70,977 |
|
|
$ |
(65,412 |
) |
|
| Summary of Income Tax Expense (Benefit) |
Income tax expense (benefit) is summarized as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(Dollars in Thousands) |
Current: |
|
|
|
|
|
United States: |
|
|
|
|
|
Federal |
$ |
(3,658 |
) |
|
$ |
7,791 |
|
|
$ |
17,168 |
|
State |
1,968 |
|
|
733 |
|
|
1,264 |
|
Foreign |
14,599 |
|
|
9,518 |
|
|
15,176 |
|
Deferred: |
|
|
|
|
|
United States: |
|
|
|
|
|
Federal |
10,720 |
|
|
15,612 |
|
|
(46,694 |
) |
State |
2,820 |
|
|
4,296 |
|
|
1,864 |
|
Foreign |
(841 |
) |
|
(4,071 |
) |
|
(3,545 |
) |
|
$ |
25,608 |
|
|
$ |
33,879 |
|
|
$ |
(14,767 |
) |
|
| Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate |
Total income tax expense differs from the amount computed by multiplying income before income taxes by the U.S. federal income tax statutory rate. The reasons for this difference are as follows:
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Year Ended December 31, |
|
2013 |
|
2012 |
|
2011 |
|
(Dollars in thousands) |
|
Amount |
|
% of Pre-Tax
Income
|
|
Amount |
|
% of Pre-Tax
Income
|
|
Amount |
|
% of Pre-Tax
Income
|
Computed Expected Tax Expense |
$ |
18,476 |
|
|
35 |
% |
|
$ |
24,842 |
|
|
35 |
% |
|
$ |
(22,894 |
) |
|
35 |
% |
Foreign Taxes |
12,470 |
|
|
24 |
% |
|
13,171 |
|
|
19 |
% |
|
11,752 |
|
|
(17 |
)% |
Tax Effect Different From Statutory Rates |
(8,920 |
) |
|
(17 |
)% |
|
(8,080 |
) |
|
(11 |
)% |
|
(1,571 |
) |
|
2 |
% |
State Taxes, net of federal benefit |
4,099 |
|
|
8 |
% |
|
4,757 |
|
|
7 |
% |
|
2,689 |
|
|
(4 |
)% |
Foreign Tax Credits |
(1,484 |
) |
|
(3 |
)% |
|
(1,867 |
) |
|
(3 |
)% |
|
(14,595 |
) |
|
22 |
% |
Kazakhstan Tax Settlement |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
(536 |
) |
|
1 |
% |
Change in Valuation Allowance |
1,975 |
|
|
4 |
% |
|
(1,662 |
) |
|
(2 |
)% |
|
2,542 |
|
|
(4 |
)% |
Uncertain Tax Positions |
2,472 |
|
|
5 |
% |
|
(6,642 |
) |
|
(9 |
)% |
|
3,647 |
|
|
(6 |
)% |
Permanent Differences |
4,005 |
|
|
7 |
% |
|
5,477 |
|
|
8 |
% |
|
6,356 |
|
|
(10 |
)% |
Prior Year Return to Provision Adjustments |
(6,268 |
) |
|
(12 |
)% |
|
4,057 |
|
|
5 |
% |
|
4,156 |
|
|
(6 |
)% |
Other |
(1,217 |
) |
|
(2 |
)% |
|
(174 |
) |
|
(1 |
)% |
|
(829 |
) |
|
1 |
% |
Unremitted Foreign Earnings-Current Year Adjustment |
— |
|
|
— |
% |
|
— |
|
|
— |
% |
|
(5,484 |
) |
|
8 |
% |
Actual Tax Expense |
$ |
25,608 |
|
|
49 |
% |
|
$ |
33,879 |
|
|
48 |
% |
|
$ |
(14,767 |
) |
|
22 |
% |
|
| Components of Deferred Tax Assets and Liabilities |
The components of the Company’s deferred tax assets and liabilities as of December 31, 2013 and 2012 are shown below:
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|
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|
December 31, |
|
2013 |
|
2012 |
|
(Dollars in Thousands) |
Deferred tax assets |
|
|
|
Current deferred tax assets: |
|
|
|
Reserves established against realization of certain assets |
$ |
1,504 |
|
|
$ |
1,634 |
|
Accruals not currently deductible for tax purposes |
7,223 |
|
|
6,747 |
|
Other state deferred tax asset, net |
990 |
|
|
361 |
|
Foreign Local Office |
223 |
|
|
— |
|
Gross current deferred tax assets |
9,940 |
|
|
8,742 |
|
Current deferred tax valuation allowance |
— |
|
|
— |
|
Net current deferred tax assets |
9,940 |
|
|
8,742 |
|
Non-current deferred tax assets: |
|
|
|
Federal net operating loss carryforwards |
— |
|
|
— |
|
State net operating loss carryforwards |
864 |
|
|
3,095 |
|
Other state deferred tax asset, net |
1,909 |
|
|
914 |
|
Foreign Tax Credits |
27,462 |
|
|
25,977 |
|
FIN 48 |
8,317 |
|
|
8,015 |
|
Foreign tax |
18,499 |
|
|
5,838 |
|
Asset Impairment |
48,743 |
|
|
56,190 |
|
Accruals not currently deductible for tax purposes |
1,017 |
|
|
— |
|
Deferred compensation |
2,436 |
|
|
— |
|
Other |
— |
|
|
71 |
|
Gross long-term deferred tax assets |
109,247 |
|
|
100,100 |
|
Valuation Allowance |
(6,827 |
) |
|
(4,805 |
) |
Net non-current deferred tax assets, net of valuation allowance |
102,420 |
|
|
95,295 |
|
Net deferred tax assets |
112,360 |
|
|
104,037 |
|
Deferred tax liabilities: |
|
|
|
Non-current deferred tax liabilities: |
|
|
|
Property, Plant and equipment |
(32,505 |
) |
|
(19,139 |
) |
Accruals |
— |
|
|
(1,066 |
) |
Foreign tax local |
(1,440 |
) |
|
— |
|
Deferred Compensation |
— |
|
|
2,001 |
|
Other state deferred tax liability, net |
(4,819 |
) |
|
(2,643 |
) |
Other |
(3 |
) |
|
— |
|
Gross non-current deferred tax liabilities |
(38,767 |
) |
|
(20,847 |
) |
Net deferred tax asset |
$ |
73,593 |
|
|
$ |
83,190 |
|
|
| Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|
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|
|
|
|
In Thousands |
Balance at January 1, 2013 |
$ |
(10,030 |
) |
Additions based on tax positions taken during a prior period |
(3,245 |
) |
Reductions related to settlement of tax matters |
1,066 |
|
Reductions related to a lapse of applicable statute of limitations |
— |
|
Balance at December 31, 2013 |
$ |
(12,209 |
) |
|
| Open Tax Years by Major Tax Jurisdiction |
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2013:
|
|
|
Colombia |
2008-present |
Kazakhstan |
2007-present |
Mexico |
2008-present |
Papua New Guinea |
2010-present |
Russia |
2010-present |
United States — Federal |
2011-present |
United Kingdom |
2010-present |
|