|
Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2014
|
| Income Tax Disclosure [Abstract] |
|
| Summary of Income (Loss) Before Income Taxes |
Income before income taxes is summarized below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Dollars in thousands |
2014 |
|
2013 |
|
2012 |
United States |
$ |
37,547 |
|
|
$ |
32,136 |
|
|
$ |
52,422 |
|
Foreign |
10,990 |
|
|
20,651 |
|
|
18,555 |
|
|
$ |
48,537 |
|
|
$ |
52,787 |
|
|
$ |
70,977 |
|
|
| Summary of Income Tax Expense (Benefit) |
Income tax expense (benefit) is summarized as follows:
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|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Dollars in thousands |
2014 |
|
2013 |
|
2012 |
Current: |
|
|
|
|
|
United States: |
|
|
|
|
|
Federal |
$ |
(3,079 |
) |
|
$ |
(3,658 |
) |
|
$ |
7,791 |
|
State |
5,335 |
|
|
1,968 |
|
|
733 |
|
Foreign |
20,311 |
|
|
14,599 |
|
|
9,518 |
|
|
|
|
|
|
|
Deferred: |
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|
|
|
|
United States: |
|
|
|
|
|
Federal |
4,703 |
|
|
10,720 |
|
|
15,612 |
|
State |
(379 |
) |
|
2,820 |
|
|
4,296 |
|
Foreign |
(2,815 |
) |
|
(841 |
) |
|
(4,071 |
) |
|
$ |
24,076 |
|
|
$ |
25,608 |
|
|
$ |
33,879 |
|
|
| Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate |
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|
|
|
|
|
|
|
|
|
Year Ended December 31, |
Dollars in thousands |
2014 |
|
2013 |
|
2012 |
Current: |
|
|
|
|
|
United States: |
|
|
|
|
|
Federal |
$ |
(3,079 |
) |
|
$ |
(3,658 |
) |
|
$ |
7,791 |
|
State |
5,335 |
|
|
1,968 |
|
|
733 |
|
Foreign |
20,311 |
|
|
14,599 |
|
|
9,518 |
|
|
|
|
|
|
|
Deferred: |
|
|
|
|
|
United States: |
|
|
|
|
|
Federal |
4,703 |
|
|
10,720 |
|
|
15,612 |
|
State |
(379 |
) |
|
2,820 |
|
|
4,296 |
|
Foreign |
(2,815 |
) |
|
(841 |
) |
|
(4,071 |
) |
|
$ |
24,076 |
|
|
$ |
25,608 |
|
|
$ |
33,879 |
|
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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| Components of Deferred Tax Assets and Liabilities |
The components of the Company’s deferred tax assets and liabilities as of December 31, 2014 and 2013 are shown below:
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|
December 31, |
Dollars in thousands |
2014 |
|
2013 |
Deferred tax assets |
|
|
|
Current deferred tax assets: |
|
|
|
Reserves established against realization of certain assets |
$ |
2,156 |
|
|
$ |
1,504 |
|
Accruals not currently deductible for tax purposes |
4,897 |
|
|
7,223 |
|
Other state deferred tax asset, net |
412 |
|
|
990 |
|
Foreign Local Office |
11 |
|
|
223 |
|
Gross current deferred tax assets |
7,476 |
|
|
9,940 |
|
Current deferred tax valuation allowance |
— |
|
|
— |
|
Net current deferred tax assets |
7,476 |
|
|
9,940 |
|
Non-current deferred tax assets: |
|
|
|
Federal net operating loss carryforwards |
17,235 |
|
|
— |
|
State net operating loss carryforwards |
1,130 |
|
|
864 |
|
Other state deferred tax asset, net |
1,246 |
|
|
1,909 |
|
Foreign Tax Credits |
37,344 |
|
|
27,462 |
|
FIN 48 |
4,870 |
|
|
8,317 |
|
Foreign tax |
28,645 |
|
|
18,499 |
|
Asset Impairment |
38,931 |
|
|
48,743 |
|
Accruals not currently deductible for tax purposes |
— |
|
|
1,017 |
|
Deferred compensation |
3,210 |
|
|
2,436 |
|
Other |
— |
|
|
— |
|
Gross long-term deferred tax assets |
132,611 |
|
|
109,247 |
|
Valuation Allowance |
(9,922 |
) |
|
(6,827 |
) |
Net non-current deferred tax assets, net of valuation allowance |
122,689 |
|
|
102,420 |
|
Net deferred tax assets |
130,165 |
|
|
112,360 |
|
Deferred tax liabilities: |
|
|
|
Non-current deferred tax liabilities: |
|
|
|
Property, Plant and equipment |
(43,637 |
) |
|
(32,505 |
) |
Foreign tax local |
(4,985 |
) |
|
(1,440 |
) |
Other state deferred tax liability, net |
(3,491 |
) |
|
(4,819 |
) |
Other |
(2 |
) |
|
(3 |
) |
Gross non-current deferred tax liabilities |
(52,115 |
) |
|
(38,767 |
) |
Net deferred tax asset |
$ |
78,050 |
|
|
$ |
73,593 |
|
|
| Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
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|
|
|
|
Dollars in thousands |
|
Balance at January 1, 2014 |
$ |
(12,209 |
) |
Additions based on tax positions taken during a prior period |
(3,862 |
) |
Additions based on tax positions taken during the current period |
(385 |
) |
Reductions related to settlement of tax matters |
6,088 |
|
Reductions based on tax positions taken during a prior period |
2,169 |
|
Balance at December 31, 2014 |
$ |
(8,199 |
) |
|
| Open Tax Years by Major Tax Jurisdiction |
The following describes the open tax years, by major tax jurisdiction, as of December 31, 2014:
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|
Colombia |
2010-present |
Kazakhstan |
2007-present |
Mexico |
2009-present |
Papua New Guinea |
2011-present |
Russia |
2011-present |
United States — Federal |
2012-present |
United Kingdom |
2012-present |
|