Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
Income Taxes [Abstract] |
|
Provision for Income Taxes |
|
|
|
|
|
|
|
|
|
|
Years Ended December 31, |
|
2019 |
|
2018 |
|
2017 |
U.S. Federal: |
(in thousands) |
Current |
$ |
(337) |
|
$ |
(674) |
|
$ |
— |
Deferred |
|
3,916 |
|
|
(15,910) |
|
|
(1,260) |
Foreign: |
|
|
|
|
|
|
|
|
Current |
|
9,747 |
|
|
14,327 |
|
|
11,638 |
Deferred |
|
10,564 |
|
|
(40,997) |
|
|
— |
Total |
$ |
23,890 |
|
$ |
(43,254) |
|
$ |
10,378 |
|
Summary of Differences between the Financial Statement and Tax Bases of Assets and Liabilities |
|
|
|
|
|
|
|
|
|
As of December 31, |
(in thousands) |
|
2019 |
|
2018 |
Deferred tax assets: |
|
|
|
|
|
|
Basis difference in fixed assets |
|
$ |
26,590 |
|
$ |
38,479 |
Foreign tax credit carryforward |
|
|
34,144 |
|
|
43,760 |
Alternative minimum tax credit carryover |
|
|
337 |
|
|
674 |
U.S. federal net operating losses |
|
|
30,572 |
|
|
20,616 |
Foreign net operating losses |
|
|
11,770 |
|
|
19,989 |
Asset retirement obligations |
|
|
3,407 |
|
|
3,111 |
Basis difference in accrued liabilities |
|
|
676 |
|
|
3,816 |
Basis difference in receivables |
|
|
171 |
|
|
387 |
Other |
|
|
1,120 |
|
|
180 |
Total deferred tax assets |
|
|
108,787 |
|
|
131,012 |
Valuation allowance |
|
|
(84,628) |
|
|
(90,935) |
Net deferred tax assets |
|
$ |
24,159 |
|
$ |
40,077 |
|
Pretax Income |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(in thousands) |
|
2019 |
|
2018 |
|
2017 |
U.S. |
|
$ |
(13,330) |
|
$ |
(5,672) |
|
$ |
(9,453) |
Foreign |
|
|
34,372 |
|
|
61,146 |
|
|
30,103 |
|
|
$ |
21,042 |
|
$ |
55,474 |
|
$ |
20,650 |
|
Statutory Rate Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
(in thousands) |
|
2019 |
|
2018 |
|
2017 |
Tax provision computed at U.S. statutory rate |
|
$ |
4,386 |
|
$ |
11,650 |
|
$ |
7,228 |
Foreign taxes not offset in U.S. by foreign tax credits |
|
|
16,015 |
|
|
24,840 |
|
|
6,775 |
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 |
|
|
— |
|
|
— |
|
|
— |
Permanent differences |
|
|
180 |
|
|
(104) |
|
|
309 |
Foreign tax credit expirations |
|
|
9,616 |
|
|
4,311 |
|
|
2,394 |
Increase/(decrease) in valuation allowance |
|
|
(6,307) |
|
|
(62,270) |
|
|
(58,777) |
Other |
|
|
— |
|
|
(106) |
|
|
— |
Total income tax expense (benefit) |
|
$ |
23,890 |
|
$ |
(43,254) |
|
$ |
10,378 |
|
Income Tax Years Subject to Examination by Major Tax Jurisdictions |
|
|
|
|
|
|
Jurisdiction |
|
Years |
U.S. |
|
2009-2019 |
Gabon |
|
2015-2019 |
|