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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2013
Components of Income Before Provision for Income Tax Expense | The components of income before provision for income tax expense are as follows:
|  | Year ended |
|  | December |  |  | December |  |  | December |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Ireland |  | $ | 80,914 |  |  | $ | 12,157 |  |  | $ | (33,732 | )
United States |  |  | 16,218 |  |  |  | 11,371 |  |  |  | 13,317 |
Other |  |  | 23,733 |  |  |  | 43,693 |  |  |  | 49,410 |
Income before provision for income taxes |  | $ | 120,865 |  |  | $ | 67,221 |  |  | $ | 28,995 |
Components of Total Income Tax Expense | The components of total income tax expense are as follows:
|  | Year ended |
|  | December |  |  | December |  |  | December |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Provision for income taxes: |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |
Ireland |  | $ | 9,158 |  |  | $ | 1,684 |  |  | $ | 351 |
United States |  |  | 14,492 |  |  |  | 12,290 |  |  |  | 6,367 |
Other |  |  | 4,876 |  |  |  | 8,257 |  |  |  | 5,518 |
Total current tax |  |  | 28,526 |  |  |  | 22,231 |  |  |  | 12,236 |
Deferred expense/(benefit): |  |  |  |  |  |  |  |  |  |  |  |
Ireland |  |  | 1,914 |  |  |  | (287 | ) |  |  | (3,825 | )
United States |  |  | (9,420 | ) |  |  | (9,715 | ) |  |  | (1,711 | )
Other |  |  | (2,967 | ) |  |  | (428 | ) |  |  | (585 | )
Total deferred tax expense/(benefit) |  |  | (10,473 | ) |  |  | (10,430 | ) |  |  | (6,121 | )
Provision for income taxes |  |  | 18,053 |  |  |  | 11,801 |  |  |  | 6,115 |
Impact on shareholders equity and other comprehensive income of the tax consequence of : |  |  |  |  |  |  |  |  |  |  |  |
Excess tax benefit on stock compensation |  |  | (1,651 | ) |  |  | (1,274 | ) |  |  | (681 | )
Currency impact on long term funding |  |  | 87 |  |  |  | 356 |  |  |  | (294 | )
Total |  | $ | 16,489 |  |  | $ | 10,883 |  |  | $ | 5,140 |
Reconciliation of Consolidated Effective Tax Rate and Statutory Rate | The Company’s consolidated effective tax rate differed from the statutory rate as set forth below;
|  | Year ended |
|  | December |  |  | December |  |  | December |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Taxes at Irish statutory rate of 12.5% (2011:12.5%; 2012: 12.5%) |  | $ | 15,108 |  |  | $ | 8,401 |  |  | $ | 3,625 |
Foreign and other income taxed at higher/(reduced) rates |  |  | 4,229 |  |  |  | 7,873 |  |  |  | 5,373 |
Research & development tax incentives |  |  | (2,598 | ) |  |  | (4,954 | ) |  |  | (6,341 | )
Movement in valuation allowance |  |  | 2,389 |  |  |  | 1,557 |  |  |  | 4,362 |
Prior year over provision in respect of foreign taxes |  |  | (47 | ) |  |  | (678 | ) |  |  | (83 | )
Effects of permanent items |  |  | (1,002 | ) |  |  | (26 | ) |  |  | (615 | )
Other |  |  | (26 | ) |  |  | (372 | ) |  |  | (206 | )
|  | $ | 18,053 |  |  | $ | 11,801 |  |  | $ | 6,115 |
Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities | The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are presented below:
|  | Year ended |
|  | December |  |  | December |  |  | December |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Property, plant and equipment |  | $ | 6,501 |  |  | $ | 6,631 |  |  | $ | 7,331 |
Goodwill |  |  | 14,013 |  |  |  | 11,467 |  |  |  | 9,443 |
Other intangible assets |  |  | 970 |  |  |  | 2,707 |  |  |  | 3,525 |
Accruals |  |  | 51 |  |  |  | 77 |  |  |  | 1,185 |
Other |  |  | 4 |  |  |  | 88 |  |  |  | 97 |
Unrealised FX |  |  | 1,056 |  |  |  | 1,160 |  |  |  | - |
Total deferred tax liabilities recognized |  |  | 22,595 |  |  |  | 22,130 |  |  |  | 21,581 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Net operating loss carry forwards |  |  | 27,646 |  |  |  | 25,116 |  |  |  | 21,981 |
Property, plant and equipment |  |  | 2,739 |  |  |  | 2,345 |  |  |  | 1,324 |
Accrued expenses and payments on account |  |  | 29,429 |  |  |  | 19,382 |  |  |  | 11,652 |
Stock compensation |  |  | 6,291 |  |  |  | 5,586 |  |  |  | 4,818 |
Deferred compensation expense |  |  | 1,187 |  |  |  | 1,136 |  |  |  | 1,197 |
Other |  |  | - |  |  |  | - |  |  |  | 214 |
Unrealised FX |  |  | 92 |  |  |  | 98 |  |  |  | - |
Total deferred tax assets |  |  | 67,384 |  |  |  | 53,663 |  |  |  | 41,186 |
Valuation allowance for deferred tax assets |  |  | (21,591 | ) |  |  | (18,817 | ) |  |  | (16,445 | )
Deferred tax assets recognized |  | $ | 45,793 |  |  | $ | 34,846 |  |  | $ | 24,741 |
Net deferred tax asset |  | $ | 23,198 |  |  | $ | 12,716 |  |  | $ | 3,160 |
Expected Expiry Dates of NOL's | The expected expiry dates of these losses are as follows:
| Federal |  |  | State |
| NOL’s |  |  | NOL’s |
| (in thousands) |
2014- 2020 | $ | 678 |  |  | $ | 678 |
2021- 2025 |  | - |  |  |  | 8,572 |
2026- 2032 |  | 7,644 |  |  |  | 6,648 |
| $ | 8,322 |  |  | $ | 15,898 |
Reconciliation of Beginning and Ending Amount of Total Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of total unrecognized tax benefits is as follows:
|  | December 31, |  |  | December 31, |  |  | December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
|  | (in thousands) |
Gross amount of unrecognized tax benefits at start of year |  | $ | 7,189 |  |  | $ | 6,543 |  |  | $ | 8,566 |
Increase related to prior year tax positions |  |  | - |  |  |  | 1,167 |  |  |  | 304 |
Decrease related to prior year tax positions |  |  | (494 | ) |  |  | - |  |  |  | (36 | )
Increase related to current year tax positions |  |  | 2,269 |  |  |  | 1,473 |  |  |  | 482 |
Settlements |  |  | (899 | ) |  |  | (98 | ) |  |  | - |
Lapse of statute of limitations |  |  | (2,285 | ) |  |  | (1,896 | ) |  |  | (2,773 | )
Gross amount of unrecognized tax benefits at end of year |  | $ | 5,780 |  |  | $ | 7,189 |  |  | $ | 6,543 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 + Details
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