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Income Taxes (Tables)

12 Months Ended

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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Income Before Income Tax, Table

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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.

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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.

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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.

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