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]  
Schedule of Income before Income Tax, Domestic and Foreign
United States and foreign income (loss) from continuing operations before income taxes was as follows (in thousands):
 
 December 31,
 
 December 31,
 
 December 31,
 
2014
 
2013
 
2012
United States
$
(51,809
)
 
$
(99,503
)
 
$
(42,803
)
Foreign
5,189

 
(13,399
)
 

Pretax loss from operations
$
(46,620
)
 
$
(112,902
)
 
$
(42,803
)
Schedule of Components of Income Tax Expense (Benefit)
The income tax provision (benefit) based on the income (loss) from continuing operations was as follows (in thousands):
 
 December 31,
 
 December 31,
 
 December 31,
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
Federal
$
2,724

 
$
1,878

 
$

State
114

 
7

 

Foreign
12,804

 
4,858

 

 
$
15,642

 
$
6,743

 
$

Deferred:
 
 
 
 
 
Federal
$
(451
)
 
$
(2,742
)
 
$

State
37

 
3

 

Foreign
(4,654
)
 
(2,165
)
 

 
(5,068
)
 
(4,904
)
 

Total provision
$
10,574

 
$
1,839

 
$

Schedule of Effective Income Tax Rate Reconciliation
The income tax provision (benefit) from continuing operations differs from the amount obtained by applying the Federal statutory tax rate as follows (in thousands):
 
 December 31,
 
 December 31,
 
 December 31,
 
2014
 
2013
 
2012
Income tax provision (benefit) at Federal statutory rate
$
(16,317
)
 
$
(39,512
)
 
$
(14,553
)
State income tax, net of federal benefit
4

 
(384
)
 
(850
)
Permanent items
3,221

 
25,374

 
4,776

Stock compensation
1,575

 
(82
)
 
315

Tax credits
(626
)
 
(3,093
)
 
(125
)
Other
(1,376
)
 
1,463

 

Uncertain tax positions
2,597

 
95

 

Withholding taxes
3,386

 
2,831

 

Rate differential
(2,050
)
 
5,783

 

Rate adjustment

 
60

 

Change in valuation allowance
20,160

 
9,304

 
10,437

 
$
10,574

 
$
1,839

 
$

Schedule of Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred taxes were as follows (in thousands):
 
 December 31,
 
 December 31,
 
2014
 
2013
Deferred tax assets:
 
 
 
Intangible assets
$
11,031

 
$
6,596

Allowances and reserves
2,843

 
294

Accrued expenses
4,134

 
2,505

Inventory
567

 
1,053

Stock compensation
2,611

 
980

Tax credits
5,358

 
4,309

Net operating losses
55,944

 
39,282

Total gross deferred tax asset
82,488

 
55,019

Less valuation allowance
(73,659
)
 
(50,782
)
Net deferred tax assets
$
8,829

 
$
4,237

 
 
 
 
Deferred tax liabilities:
 
 
 
Fixed assets
$
(1,185
)
 
$
(1,385
)
Intangible assets
(24,847
)
 
(25,422
)
Investments in affiliates
(47
)
 
(51
)
Other
(1,095
)
 
(25
)
Total deferred tax liabilities:
(27,174
)
 
(26,883
)
Net deferred tax assets (liabilities)
$
(18,345
)
 
$
(22,646
)

 
 December 31,
 
 December 31,
Presented on the balance sheet as follows (in thousands):
2014
 
2013
Deferred tax assets:
 
 
 
Net current deferred assets
$
4,719

 
$
3,252

Net noncurrent deferred assets
346

 
480

Total deferred tax assets
$
5,065

 
$
3,732

 
 
 
 
Deferred tax liabilities:
 
 
 
Net current deferred tax liabilities
$
(80
)
 
$
(1,192
)
Net noncurrent deferred tax liabilities
(23,330
)
 
(25,186
)
Total deferred tax liabilities
$
(23,410
)
 
$
(26,378
)
Schedule of Unrecognized Tax Benefits Roll Forward
The following table summarizes the changes to unrecognized tax benefits for the years ended December 31, 2014 and 2013 (in thousands):
 
2014
 
2013
Balance at beginning of year
$
2,831

 
$

Additions from business combinations

 
2,569

Reversal of prior tax positions
(1,795
)
 

Additions based on tax positions related to the current year
3,201

 
262

Balance at end of year
$
4,237

 
$
2,831

Summary of Valuation Allowance
The following table summarizes the changes in the valuation allowance balance for the years ended December 31, 2014, 2013 (in thousands):
Balance at December 31, 2012
$
39,122

Acquired valuation allowance from purchased acquisitions
2,356

Increase in valuation allowance
9,304

Balance at December 31, 2013
$
50,782

Increase in valuation allowance
22,877

Balance at December 31, 2014
$
73,659