Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Taxes [Abstract]  
Provision for Income Taxes



 

 

 

 

 

 

 

 

 



 

Year Ended December 31,

(in thousands)

 

2018

 

2017

 

2016

U.S. Federal:

 

 

 

 

 

 

 

 

 

Current

 

$

(674)

 

$

 —

 

$

 —

Deferred

 

 

(15,910)

 

 

(1,260)

 

 

 —

Foreign:

 

 

 

 

 

 

 

 

 

Current

 

 

14,327 

 

 

11,638 

 

 

9,248 

Deferred

 

 

(40,997)

 

 

 —

 

 

 —

Total

 

$

(43,254)

 

$

10,378 

 

$

9,248 



 

 

 

 

 

 

 

 

 



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



 

 

 

 

 

 



 

As of December 31,

(in thousands)

 

2018

 

2017

Deferred tax assets:

 

 

 

 

 

 

Basis difference in fixed assets

 

$

38,479 

 

$

46,929 

Foreign tax credit carryforward

 

 

43,760 

 

 

48,071 

Alternative minimum tax credit carryover

 

 

674 

 

 

1,349 

U.S. federal net operating losses

 

 

20,616 

 

 

22,490 

Foreign net operating losses

 

 

19,989 

 

 

26,371 

Asset retirement obligations

 

 

3,111 

 

 

4,234 

Basis difference in accrued liabilities

 

 

3,816 

 

 

3,716 

Basis difference in receivables

 

 

387 

 

 

1,331 

Other

 

 

180 

 

 

(26)

Total deferred tax assets

 

 

131,012 

 

 

154,465 

Valuation allowance

 

 

(90,935)

 

 

(153,205)

Net deferred tax assets

 

$

40,077 

 

$

1,260 



 

 

 

 

 

 



Pretax Income



 

 

 

 

 

 

 

 

 



 

Year Ended December 31,

(in thousands)

 

2018

 

2017

 

2016

U.S.

 

$

(5,672)

 

$

(9,453)

 

$

(9,893)

Foreign

 

 

61,146 

 

 

30,103 

 

 

874 



 

$

55,474 

 

$

20,650 

 

$

(9,019)



Statutory Rate Reconciliation



 

 

 

 

 

 

 

 

 



 

Year Ended December 31,

(in thousands)

 

2018

 

2017

 

2016

Tax provision computed at U.S. statutory rate

 

$

11,650 

 

$

7,228 

 

$

(3,156)

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

 

 

24,840 

 

 

6,775 

 

 

6,319 

Impact of Tax Reform Act

 

 

 —

 

 

52,449 

 

 

 —

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

 

 

(45,751)

 

 

 —

 

 

 —

Unrealizable foreign deferred tax assets

 

 

24,176 

 

 

 

 

 

 

Effect of change in foreign statutory rates

 

 

 —

 

 

 —

 

 

2,394 

Permanent differences

 

 

(104)

 

 

309 

 

 

4,505 

Foreign tax credit expirations

 

 

4,311 

 

 

2,394 

 

 

 —

Increase/(decrease) in valuation allowance

 

 

(62,270)

 

 

(58,777)

 

 

(802)

Other

 

 

(106)

 

 

 —

 

 

(12)

Total income tax expense (benefit)

 

$

(43,254)

 

$

10,378 

 

$

9,248 



 

 

 

 

 

 

 

 

 



Income Tax Years Subject to Examination by Major Tax Jurisdictions



 

 



 

 

Jurisdiction

 

Years

U.S.

 

2009-2018

Gabon

 

2014-2018