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Income Taxes (Tables)

6 Months Ended

Jun. 30, 2016

Income Tax Disclosure [Abstract]

Schedule of Income Tax Rates

The following table summarizes income tax rates under the tax reform law:

		2015				2016				2017				2018				2019
Income Tax			25	%			25	%			25	%			25	%			25	%
CREE Tax			9	%			9	%			9	%			9	%			9	%
CREE Surtax			5	%			6	%			8	%			9	%			-
Total Tax on Income			39	%			40	%			42	%			43	%			34	%

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) are as follows:

		Three months ended June 30,								Six months ended June 30,
		2016				2015				2016				2015
Current income tax
Foreign		$	4,406			$	4,328			$	7,662			$	9,257
Deferred income tax
Foreign			(591	)			(697	)			(204	)			(854	)
Total Provision for Income tax		$	3,815			$	3,631			$	7,458			$	8,403
Effective tax rate			21.0	%			-20.9	%			21.0	%			-1,143.3	%

Schedule of Non-cash, Nontaxable Effects of Changes in Fair Value of Liabilities

The Company’s effective tax rates for the three-month periods ended June 30, 2016 and 2015 reflect the non-cash, non-deductible losses and non-taxable gains from changes in the fair values of the Company’s warrant and earnout shares liabilities in the table below:

		Three months ended June 30,								Six months ended June 30,
		2016				2015				2016				2015
Change in fair value of warrant liability		$	6,687			$	(16,391	)		$	12,598			$	(11,313	)
Change in fair value of earnout shares liability			3,330				(9,653	)			7,034				(7,672	)
Total non-cash, nontaxable effects of changes in fair value of liabilities		$	10,017			$	(26,044	)		$	19,632			$	(18,985	)

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Tabular disclosure of the income tax rates under the tax reform law.

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Tabular disclosure to reflect the non-cash, non-deductible losses and non-taxable gains from changes in the fair values of the warrant and earnout shares liabilities.

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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=65882285&loc=d3e32639-109319

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