Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Components of Income Tax Benefit (Provision) |
The benefit (provision) for incomes taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
(In thousands) |
2015 |
|
2014 |
|
2013 |
Current |
|
|
|
|
|
Federal |
$ |
430 |
|
|
$ |
225 |
|
|
$ |
— |
|
State |
(2,157 |
) |
|
247 |
|
|
— |
|
Foreign |
(8,134 |
) |
|
(1,514 |
) |
|
(1,073 |
) |
|
(9,861 |
) |
|
(1,042 |
) |
|
(1,073 |
) |
Deferred |
|
|
|
|
|
Federal |
109,286 |
|
|
— |
|
|
(1,161 |
) |
State |
12,327 |
|
|
(167 |
) |
|
(104 |
) |
Foreign |
1,923 |
|
|
1,185 |
|
|
666 |
|
|
123,536 |
|
|
1,018 |
|
|
(599 |
) |
Total, net |
$ |
113,675 |
|
|
$ |
(24 |
) |
|
$ |
(1,672 |
) |
|
| Components of Deferred Income Tax Assets and Liabilities |
Deferred income tax assets and liabilities as of December 31, 2015 and 2014 are comprised of the following:
|
|
|
|
|
|
|
|
|
(In thousands) |
December 31, 2015 |
|
December 31, 2014 |
Deferred income tax assets: |
|
|
|
Federal net operating loss |
$ |
71,658 |
|
|
$ |
63,004 |
|
State net operating loss |
14,227 |
|
|
12,050 |
|
Foreign net operating loss |
33,701 |
|
|
25,825 |
|
Research and development expense |
5,138 |
|
|
9,244 |
|
Research and development tax credit |
7,388 |
|
|
6,077 |
|
Stock options |
24,756 |
|
|
18,422 |
|
Accruals |
7,086 |
|
|
1,764 |
|
Equity investments |
4,420 |
|
|
8,038 |
|
Bad debts |
38,809 |
|
|
— |
|
Lease liability |
7,022 |
|
|
— |
|
Other |
7,104 |
|
|
4,702 |
|
Deferred income tax assets |
221,309 |
|
|
149,126 |
|
Deferred income tax liabilities: |
|
|
|
Intangible assets |
(386,588 |
) |
|
(177,074 |
) |
Fixed assets |
(17,072 |
) |
|
— |
|
Other |
(1,538 |
) |
|
(4,305 |
) |
Deferred income tax liabilities |
(405,198 |
) |
|
(181,379 |
) |
Net deferred income tax liabilities |
(183,889 |
) |
|
(32,253 |
) |
Valuation allowance |
(42,147 |
) |
|
(131,931 |
) |
Net deferred income tax liabilities |
$ |
(226,036 |
) |
|
$ |
(164,184 |
) |
|
| Summary of Changes in Gross Unrecognized Income Tax Benefits |
The following summarizes the changes in our gross unrecognized income tax benefits.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
(In thousands) |
2015 |
|
2014 |
|
2013 |
Unrecognized tax benefits at beginning of period |
$ |
5,890 |
|
|
$ |
9,231 |
|
|
$ |
9,245 |
|
Gross increases – tax positions in prior period |
955 |
|
|
524 |
|
|
58 |
|
Gross increases – tax positions in current period |
2,543 |
|
|
193 |
|
|
517 |
|
Gross decreases – tax positions in prior period |
(176 |
) |
|
(396 |
) |
|
(589 |
) |
Lapse of Statute of Limitations |
(617 |
) |
|
(472 |
) |
|
— |
|
Settlements |
— |
|
|
(3,190 |
) |
|
— |
|
Unrecognized tax benefits at end of period |
$ |
8,595 |
|
|
$ |
5,890 |
|
|
$ |
9,231 |
|
|
| Summary of Significant Elements Contributing to the Difference Between the Federal Statutory Rate and the Effective Tax Rate |
The significant elements contributing to the difference between the federal statutory tax rate and the effective tax rate are as follows:
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
|
2015 |
|
2014 |
|
2013 |
Federal statutory rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State income taxes, net of federal benefit |
2.8 |
% |
|
2.5 |
% |
|
2.4 |
% |
Foreign income tax |
(7.8 |
)% |
|
(10.3 |
)% |
|
(7.9 |
)% |
Research and development tax credits |
— |
% |
|
1.1 |
% |
|
1.0 |
% |
Non-Deductible components of Convertible Debt |
(9.4 |
)% |
|
(3.8 |
)% |
|
(16.7 |
)% |
Valuation allowance |
61.1 |
% |
|
(25.3 |
)% |
|
(11.4 |
)% |
Other |
(1.7 |
)% |
|
0.8 |
% |
|
(3.9 |
)% |
Total |
80.0 |
% |
|
— |
% |
|
(1.5 |
)% |
|
| Reconciliation of Losses Before Income Taxes Between U.S. and Foreign Jurisdictions |
The following table reconciles our losses before income taxes between U.S. and foreign jurisdictions:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
(In thousands) |
2015 |
|
2014 |
|
2013 |
Pre-tax loss: |
|
|
|
|
|
U.S. |
$ |
(113,612 |
) |
|
$ |
(84,075 |
) |
|
$ |
(74,861 |
) |
Foreign |
(30,091 |
) |
|
(87,567 |
) |
|
(37,874 |
) |
Total |
$ |
(143,703 |
) |
|
$ |
(171,642 |
) |
|
$ |
(112,735 |
) |
|