Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v2.4.1.9
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:
 
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

Schedule of Income Tax Reconciliation from Federal Income Tax Statutory Rate
 
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:
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:
 
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:
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:
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