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Income Taxes
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3 Months Ended | ||
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Mar. 31, 2015
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| Income Taxes |
We did not record any current or deferred U.S. federal income tax provision or benefit for the three month periods ended March 31, 2015 and 2014 because we have experienced operating losses since inception. The Company has recognized a full valuation allowance related to its net deferred tax assets, including substantial net operating loss carryforwards. In conjunction with the 2014 acquisitions, the Company recorded a net deferred tax liability of $6.6 million in its purchase price allocations (see Note 2). This liability was used to reduce the overall deferred tax asset of the Company and as a result, the Company reduced its existing valuation allowance by that amount, recognizing a credit to earnings of $6.6 million in the third and fourth quarters of 2014. |
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- Definition
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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