Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Income before Income Tax, Domestic and Foreign |
United States and foreign income (loss) from operations before income taxes was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
United States |
$ |
(166,326 |
) |
|
$ |
(239,989 |
) |
Foreign |
22,409 |
|
|
6,458 |
|
Loss before income taxes |
$ |
(143,917 |
) |
|
$ |
(233,531 |
) |
|
| Schedule of Components of Income Tax Expense (Benefit) |
The income tax provision based on the income (loss) from operations was as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
Current provision (benefit): |
|
|
|
Federal |
$ |
(2,046 |
) |
|
$ |
289 |
|
State |
(174 |
) |
|
211 |
|
Foreign |
15,679 |
|
|
10,473 |
|
Total current provision |
13,459 |
|
|
10,973 |
|
Deferred benefit: |
|
|
|
Federal |
9 |
|
|
(6,924 |
) |
State |
10 |
|
|
(331 |
) |
Foreign |
(3,952 |
) |
|
(650 |
) |
Total deferred benefit |
(3,933 |
) |
|
(7,905 |
) |
Total income tax provision (benefit) |
$ |
9,526 |
|
|
$ |
3,068 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
Income taxes differ from the amounts computed by applying the federal income tax rate of 21% for 2019 and 2018. A reconciliation of this difference is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
2019 |
|
2018 |
Income tax benefit at federal statutory rate |
$ |
(30,223 |
) |
|
$ |
(49,042 |
) |
State income tax, net of federal benefit |
(164 |
) |
|
(185 |
) |
Permanent items |
766 |
|
|
633 |
|
Change in fair value of financial instruments |
(224 |
) |
|
(4 |
) |
Forfeited foreign net operating losses
|
42,541 |
|
|
— |
|
Stock-based compensation |
1,551 |
|
|
2,700 |
|
Tax credits |
(124 |
) |
|
(106 |
) |
Other |
535 |
|
|
(12,636 |
) |
Uncertain tax positions |
396 |
|
|
107 |
|
Withholding taxes |
6,456 |
|
|
9,137 |
|
Rate differential |
(350 |
) |
|
6,657 |
|
Change in enacted tax rate |
(132 |
) |
|
54 |
|
Change in valuation allowance |
(11,502 |
) |
|
69,508 |
|
Income tax provision (benefit) |
$ |
9,526 |
|
|
$ |
3,068 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Significant components of the deferred income taxes are as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
December 31, |
|
2019 |
|
2018 |
Deferred tax assets: |
|
|
|
Goodwill |
$ |
5,134 |
|
|
$ |
6,734 |
|
Allowances and reserves |
2,016 |
|
|
1,469 |
|
Accrued liabilities |
2,063 |
|
|
3,908 |
|
Inventories |
2,120 |
|
|
1,839 |
|
Stock-based compensation |
3,596 |
|
|
4,363 |
|
Interest expense carryover |
38,615 |
|
|
23,877 |
|
Tax credits |
2,860 |
|
|
2,225 |
|
Net operating losses |
116,290 |
|
|
144,010 |
|
Right of use liability |
13,519 |
|
|
— |
|
Other |
1,074 |
|
|
448 |
|
Total deferred tax assets |
187,287 |
|
|
188,873 |
|
Less: valuation allowance |
(152,987 |
) |
|
(161,511 |
) |
Net deferred tax assets |
$ |
34,300 |
|
|
$ |
27,362 |
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
Property, plant and equipment |
$ |
(9,387 |
) |
|
$ |
(8,737 |
) |
Right of use assets |
(10,733 |
) |
|
— |
|
Intangible assets |
(1,315 |
) |
|
(7,149 |
) |
Investments in affiliates |
(15,675 |
) |
|
(17,253 |
) |
Debt costs |
(1,589 |
) |
|
(2,550 |
) |
Total deferred tax liabilities |
(38,699 |
) |
|
(35,689 |
) |
Net deferred tax liabilities |
$ |
(4,399 |
) |
|
$ |
(8,327 |
) |
|
| Schedule of Unrecognized Tax Benefits Roll Forward |
The following table summarizes the changes to unrecognized tax benefits for the years ended December 31, 2019 and 2018 (in thousands):
|
|
|
|
|
|
|
|
|
|
2019 |
|
2018 |
Balance at beginning of year |
$ |
7,942 |
|
|
$ |
8,728 |
|
Reversal of prior tax positions |
(86 |
) |
|
(786 |
) |
Settlements |
(196 |
) |
|
— |
|
Balance at end of year |
$ |
7,660 |
|
|
$ |
7,942 |
|
|
| Summary of Valuation Allowance |
The following table summarizes the changes in the valuation allowance balance for the years ended December 31, 2019 and 2018 (in thousands):
|
|
|
|
|
|
Amount |
Balance at December 31, 2017 |
$ |
85,393 |
|
Increase in valuation allowance |
76,118 |
|
Balance at December 31, 2018 |
161,511 |
|
Decrease in valuation allowance |
(8,524 |
) |
Balance at December 31, 2019 |
$ |
152,987 |
|
|