Annual report pursuant to Section 13 and 15(d)

INCOME TAXES

v2.4.1.9
INCOME TAXES
 12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES
The components of income tax expense (benefit) for the years ended December 31, 2014, 2013 and 2012 were as follows (in thousands):
 
 
2014
 
2013
 
2012
Current:
 
 
 
 
 
 
Federal
 
$
—

 
$
3,758

 
$
(51,420
)
State
 
15

 
91

 
267

Foreign
 
1,220

 
742

 
(60
)
Total current
 
1,235

 
4,591

 
(51,213
)
Deferred:
 
 
 
 
 
 
Federal
 
6,870

 
5,912

 
58,566

State
 
180

 
1,224

 
(55
)
Total deferred
 
7,050

 
7,136

 
58,511

Income tax expense
 
$
8,285

 
$
11,727

 
$
7,298


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, 2014, 2013 and 2012:
Provision (benefit):
 
2014
 
2013
 
2012
Statutory rate
 
35.0
%
 
35.0
%
 
35.0
 %
SEACOR share award plans
 
—
%
 
—
%
 
(0.8
)%
State taxes, net of federal tax benefit
 
0.8
%
 
1.7
%
 
0.6
 %
Valuation allowance
 
0.1
%
 
2.7
%
 
—
 %
Other
 
0.7
%
 
0.8
%
 
0.7
 %
 
 
36.6
%
 
40.2
%
 
35.5
 %

The components of net deferred income tax liabilities as of December 31, 2014 and 2013 were as follows (in thousands):
 
 
2014
 
2013
Deferred tax liabilities:
 
 
 
 
Property and equipment
 
$
222,521

 
$
211,062

Buy-in on maintenance contracts
 
2,488

 
3,078

Other
 
—

 
560

Total deferred tax liabilities
 
225,009

 
214,700

Deferred tax assets:
 
 
 
 
Equipment leases
 
496

 
638

State NOL
 
6,857

 
6,874

Other
 
3,431

 
751

Valuation allowance
 
(806
)
 
(790
)
Total deferred tax assets
 
9,978

 
7,473

Net deferred tax liabilities
 
$
215,031

 
$
207,227


As of December 31, 2014 and 2013, the Company had state income tax net operating loss ("NOL") carryforwards of $117.0 million and $116.2 million, respectively, in various states, which will expire from 2020 to 2033. As of December 31, 2014 and 2013, the Company had deferred tax assets of $6.9 million related to the state NOL carryforwards.
The Company believes that it is more likely than not the benefit from some state NOL carryover will not be realized. In recognition of the risk, the Company has provided a valuation allowance of $0.8 million as of December 31, 2014 on the deferred tax assets relating to those NOL carry forwards. If the assumptions change and the Company determines it will be able to realize those NOLs, the tax benefits relating to any reversal of the valuation allowance on deferred tax assets would be recorded in the income tax provision in the period in which such adjustments are identified.
As of December 31, 2014 and 2013, the Company had no unrecognized tax benefits. The Company did not incur any interest and penalties nor accrue any interest for the years ended December 31, 2014, 2013 and 2012.