Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income tax benefit (expense)
Income tax benefit (expense) for the years ended December 31 is as follows:
 
2016
 
2015
 
2014
Current income tax benefit (expense)
 
 
 
 
 
Federal
$

 
$

 
$

State
94

 

 

Foreign
(1,036
)
 
(225
)
 

 
(942
)
 
(225
)
 

Deferred income tax benefit (expense)
 
 
 
 
 
Federal
2,113

 
24,151

 
(14,112
)
State
6,936

 
9,736

 
1,420

Foreign
(2,560
)
 
1,035

 
9

Net operating loss carryforwards created
105,165

 
88,110

 
61,640

 
111,654

 
123,032

 
48,957

Income tax benefit (expense) before valuation allowances
110,712

 
122,807

 
48,957

Deferred tax valuation allowances
(114,980
)
 
(114,106
)
 
(52,529
)
Income tax benefit (expense)
$
(4,268
)
 
$
8,701

 
$
(3,572
)
Effective income tax rate continuing operations tax rate reconciliation
A reconciliation of the reported amount of income tax expense to the amount computed by applying the statutory federal income tax rate to earnings from continuing operations before income taxes is as follows:
 
2016
 
2015
 
2014
U.S. Federal income tax expense at a statutory rate of 35 percent
$
(17,143
)
 
$
56,144

 
$
(30,139
)
State taxes, net of federal income tax benefit
11,442

 
12,777

 
5,119

Tax position on government incentives
117,630

 
85,423

 
76,662

Goodwill impairment tax impact
2,876

 
(35,062
)
 

Bargain purchase gain

 
1,875

 

Foreign net operating loss expiration
(2,383
)
 

 

Other
(1,710
)
 
1,650

 
(2,685
)
Total (expense) benefits for income taxes before valuation allowances
110,712

 
122,807

 
48,957

Valuation allowances
(114,980
)
 
(114,106
)
 
(52,529
)
Total benefit (expense) for income taxes
$
(4,268
)
 
$
8,701

 
$
(3,572
)
Tax effects of temporary differences that give rise to the Company's deferred tax assets and liabilities
The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:
 
2016
 
2015
Deferred Tax Assets:
 
 
 
Goodwill
$
42,082

 
$
39,172

Net operating loss carryforwards
346,768

 
243,865

Tax credit carryforwards
1,597

 
1,597

Start-up costs
857

 
988

Stock-based compensation
5,853

 
4,703

Terminal leases
2,603

 
3,859

Capitalized research and development
11,394

 
8,096

Accrued compensation
4,419

 
2,546

Inventory capitalization
3,227

 
2,046

Allowance for doubtful accounts
800

 
567

Other
2,363

 
1,569

Deferred tax assets
421,963

 
309,008

Deferred Tax Liabilities:
 
 
 
Prepaid expenses
(1,724
)
 
(1,338
)
Property, plant and equipment
(61,431
)
 
(65,398
)
Intangibles
(3,591
)
 
(3,909
)
Deferred revenue
(3,454
)
 

Convertible debt
(5,797
)
 
(3,626
)
Unrealized gain (loss) on available for sale investments
874

 
(1,752
)
Other
(2,084
)
 
(2,007
)
Deferred tax liabilities
(77,207
)
 
(78,030
)
Net deferred tax assets (liabilities)
344,756

 
230,978

Valuation allowance
(365,035
)
 
(250,164
)
Net deferred taxes
$
(20,279
)
 
$
(19,186
)
Valuation allowance for deferred tax assets
Activity regarding the valuation allowance for deferred tax assets was as follows:
 
2016
 
2015
 
2014
Beginning of year balance
$
250,164

 
$
136,547

 
$
76,916

Changes in valuation allowance charged to income
114,980

 
114,106

 
52,529

Foreign currency translation
(109
)
 
(773
)
 

Acquisition

 
284

 
7,102

End of year balance
$
365,035

 
$
250,164

 
$
136,547

Reconciliation of total amounts of unrecognized tax benefits
A reconciliation of the total amounts of unrecognized tax benefits at December 31 is as follows:
 
2016
 
2015
 
2014
Beginning and end of year balance
$
1,900

 
$
1,900

 
$
1,900