Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The Company's Income tax expense (benefit) is as follows (amounts in thousands):
 
Year Ended December 31,
 
2018
 
2017
 
2016
Current:
 

 
 

 
 
Federal
$

 
(426
)
 

State
2,535

 
2,559

 
3,008

 
2,535

 
2,133

 
3,008

Deferred:
 

 
 

 
 
Federal
(12,892
)
 
(4,593
)
 
4,000

State
(1,195
)
 
567

 
140

 
(14,087
)
 
(4,026
)
 
4,140

Total Income tax expense (benefit)
$
(11,552
)
 
(1,893
)
 
7,148

Schedule of Effective Income Tax Rate Reconciliation
Total Income tax expense (benefit) differs from the amounts computed by applying the U.S. federal income tax rate of 21% for 2018 and 35% for 2017 and 2016 as a result of the following (amounts in thousands):
 
Year Ended December 31,
 
2018
 
2017
 
2016
Computed expected tax benefit
$
(144,963
)
 
(39,616
)
 
(24,206
)
Change in valuation allowance affecting income tax expense
52,916

 
39,499

 
26,892

Goodwill impairment not resulting in tax impact
78,869

 

 

Other expense (income) not resulting in tax impact
568

 
1,211

 
(1,585
)
Tax amortization of indefinite-lived assets

 
4,001

 
4,000

2017 Federal tax reform enactment

 
(9,020
)
 

State and local income taxes, net of federal income taxes
1,058

 
2,032

 
2,047

Total Income tax expense (benefit)
$
(11,552
)
 
(1,893
)
 
7,148

Schedule of Deferred Tax Assets and Liabilities
Components of deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows (amounts in thousands):
 
As of December 31,
 
2018
 
2017
Accounts receivable reserves
$
1,205

 
1,357

Accrued liabilities
3,564

 
10,639

Net operating loss carryforwards
175,569

 
153,683

Derivative financial instruments
1,770

 
1,705

Other deferred tax assets
1,911

 
2,558

Valuation allowance
(129,012
)
 
(86,281
)
Total deferred tax assets
55,007

 
83,661

Intangible assets
(52,161
)
 
(94,962
)
Property, plant and equipment
(2,063
)
 
(2,003
)
Total deferred tax liabilities
(54,224
)
 
(96,965
)
Net deferred tax assets / (liabilities)
$
783

 
(13,304
)

Schedule of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of uncertain tax positions, which is recorded in other long term liabilities, is as follows (amounts in thousands):
 
Year Ended December 31,
 
2018
 
2017
 
2016
As of the beginning of the year
$
204

 
208

 
193

Increases for tax positions of current years
7

 

 
15

Reductions for tax positions of prior years
(6
)
 
(4
)
 

As of the end of the year
$
205

 
204

 
208