Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Taxes [Abstract]  
Provision for Income Taxes

Year Ended December 31,

2020

2019

2018

U.S. Federal:

(in thousands)

Current

$

(337)

$

(337)

$

(674)

Deferred

11,814

3,916

(15,910)

Foreign:

Current

3,859

9,747

14,327

Deferred

12,345

10,564

(40,997)

Total

$

27,681

$

23,890

$

(43,254)

Summary of Differences between the Financial Statement and Tax Bases of Assets and Liabilities

As of December 31,

(in thousands)

2020

2019

Deferred tax assets:

Basis difference in fixed assets

$

27,995

$

26,590

Foreign tax credit carryforward

34,144

34,144

Alternative minimum tax credit carryover

337

U.S. federal net operating losses

32,579

30,572

Foreign net operating losses

24,602

11,770

Asset retirement obligations

3,640

3,407

Operating leases

1,472

Basis difference in accrued liabilities

368

676

Basis difference in receivables

331

171

Other

1,121

1,120

Total deferred tax assets

126,252

108,787

Valuation allowance

(126,252)

(84,628)

Net deferred tax assets

$

$

24,159

Pretax Income

Year Ended December 31,

(in thousands)

2020

2019

2018

U.S.

$

(2,908)

$

(13,330)

$

(5,672)

Foreign

(17,494)

34,372

61,146

$

(20,402)

$

21,042

$

55,474

Statutory Rate Reconciliation

Year Ended December 31,

(in thousands)

2020

2019

2018

Tax provision computed at U.S. statutory rate

$

(4,284)

$

4,386

$

11,650

Foreign taxes not offset in U.S. by foreign tax credits

(9,801)

16,015

24,840

Recognition of foreign deferred tax assets, net of U.S. impact

(45,751)

Unrealizable foreign deferred tax assets

24,176

Permanent differences

97

180

(104)

Foreign tax credit expirations

9,616

4,311

Increase/(decrease) in valuation allowance

41,635

(6,307)

(62,270)

Other

34

(106)

Total income tax expense (benefit)

$

27,681

$

23,890

$

(43,254)

Income Tax Years Subject to Examination by Major Tax Jurisdictions

Jurisdiction

Years

U.S.

2011-2020

Gabon

2016-2020