INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2017 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Income (Loss) Before Income Taxes and Equity Earnings |
For financial reporting purposes, income (loss) before income taxes and equity earnings for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
U.S. |
|
$ |
(148,248 |
) |
|
$ |
(12,913 |
) |
|
$ |
27,699 |
|
Foreign |
|
(4,457 |
) |
|
(6,446 |
) |
|
(3,740 |
) |
Total |
|
$ |
(152,705 |
) |
|
$ |
(19,359 |
) |
|
$ |
23,959 |
|
|
| Schedule of Components of Income Tax Expense (Benefit) |
The components of income tax expense (benefit) for the years ended December 31, 2017, 2016 and 2015 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
|
2015 |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
— |
|
|
$ |
17 |
|
|
$ |
(70 |
) |
State |
|
7 |
|
|
5 |
|
|
63 |
|
Foreign |
|
(3,530 |
) |
|
1,213 |
|
|
(76 |
) |
Total current |
|
(3,523 |
) |
|
1,235 |
|
|
(83 |
) |
Deferred: |
|
|
|
|
|
|
Federal |
|
(121,359 |
) |
|
(5,060 |
) |
|
13,977 |
|
State |
|
1,923 |
|
|
479 |
|
|
364 |
|
Foreign |
|
294 |
|
|
(11 |
) |
|
(141 |
) |
Total deferred |
|
(119,142 |
) |
|
(4,592 |
) |
|
14,200 |
|
Income tax expense |
|
$ |
(122,665 |
) |
|
$ |
(3,357 |
) |
|
$ |
14,117 |
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The following table reconciles the difference between the statutory federal income tax rate for the Company and the effective income tax rate for the years ended December 31, 2017, 2016 and 2015:
|
|
|
|
|
|
|
|
|
|
|
Provision (benefit): |
|
2017 |
|
2016 |
|
2015 |
Statutory rate |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State taxes, net of federal tax benefit |
|
5.3 |
% |
|
18.5 |
% |
|
(0.1 |
)% |
State valuation allowance |
|
(6.6 |
)% |
|
(21.0 |
)% |
|
1.8 |
% |
Transfer of asset to Hauser |
|
— |
% |
|
— |
% |
|
4.0 |
% |
Write-off of deferred tax asset upon consolidation of Aeróleo |
|
— |
% |
|
— |
% |
|
16.0 |
% |
Foreign valuation allowance |
|
(1.0 |
)% |
|
(14.1 |
)% |
|
— |
% |
Brazilian PERT Program |
|
2.2 |
% |
|
— |
% |
|
— |
% |
Other |
|
(0.6 |
)% |
|
(1.1 |
)% |
|
2.2 |
% |
Tax Act |
|
46.0 |
% |
|
— |
% |
|
— |
% |
|
|
80.3 |
% |
|
17.3 |
% |
|
58.9 |
% |
|
| Schedule of Net Deferred Tax Liabilities |
The components of net deferred income tax liabilities as of December 31, 2017 and 2016 were as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
Deferred tax liabilities: |
|
|
|
|
Property and equipment |
|
$ |
126,595 |
|
|
$ |
242,977 |
|
Buy-in on maintenance contracts |
|
655 |
|
|
1,443 |
|
Total deferred tax liabilities |
|
127,250 |
|
|
244,420 |
|
Deferred tax assets: |
|
|
|
|
Equipment leases |
|
47 |
|
|
224 |
|
Tax loss carryforwards |
|
52,293 |
|
|
34,674 |
|
Stock compensation |
|
843 |
|
|
2,131 |
|
Reserves |
|
897 |
|
|
1,452 |
|
Other |
|
1,539 |
|
|
2,042 |
|
Valuation allowance |
|
(34,967 |
) |
|
(21,575 |
) |
Total deferred tax assets |
|
20,652 |
|
|
18,948 |
|
Net deferred tax liabilities |
|
$ |
106,598 |
|
|
$ |
225,472 |
|
|
| Summary of Income Tax Contingencies |
A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits, excluding interest and penalties, is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
2015 |
Unrecognized tax benefits at the beginning of the year |
$ |
261 |
|
|
$ |
648 |
|
$ |
— |
|
Reductions due to settlements with taxing authorities |
(250 |
) |
|
(570 |
) |
— |
|
Increases due to tax positions taken during the current year |
— |
|
|
183 |
|
— |
|
Increases due to the consolidation of Aeróleo |
— |
|
|
— |
|
648 |
|
Unrecognized tax benefits at the end of the year |
$ |
11 |
|
|
$ |
261 |
|
$ |
648 |
|
|
| Summary of Valuation Allowance |
A reconciliation of the beginning and ending amount of the valuation allowance is as follows (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
2017 |
|
2016 |
2015 |
Valuation allowance at the beginning of the year |
$ |
21,575 |
|
|
$ |
12,650 |
|
$ |
806 |
|
Increases to state valuation allowance |
10,010 |
|
|
6,768 |
|
434 |
|
Increases due to consolidation of Aeróleo |
— |
|
|
— |
|
11,285 |
|
Increases due to foreign valuation allowances |
7,578 |
|
|
2,157 |
|
125 |
|
Decrease due to Brazilian PERT Program |
(4,196 |
) |
|
— |
|
— |
|
Valuation allowance at the end of the period |
$ |
34,967 |
|
|
$ |
21,575 |
|
$ |
12,650 |
|
|