XML 61 R32.htm IDEA: XBRL DOCUMENT v3.19.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Expense (Benefit) for Income Taxes

Income tax expense (benefit) was as follows:

(in thousands)		For the Year Ended December 31,
		2017				2016				2015 (Restated)				2014 (Restated)
Current tax expense (benefit):
Federal		$	127			$	(6,568	)		$	(859	)		$	7,476
State		77				60				215				1,892
Total		$	204			$	(6,508	)		$	(644	)		$	9,368
Deferred tax expense (benefit)
Federal		$	100			$	13,907			$	(6,713	)		$	(1,183	)
State		139				4,214				(2,345		)		(441		)
Total deferred tax expense (benefit)		239				18,121				(9,058		)		(1,624		)
Total tax expense (benefit)		$	443			$	11,613			$	(9,702	)		$	7,744

Reconciliation of Effective Tax Rate to the Statutory Rate

A reconciliation between the Company’s effective tax rate on (loss) income before income taxes and the statutory tax rate was as follows: 

(in thousands)		For the Year Ended December 31,
		2017							2016							2015 (Restated)							2014 (Restated)
		Amount				Percent			Amount				Percent			Amount				Percent			Amount				Percent
Income tax (benefit) expense at federal statutory rate		$	(16,037	)		34.0	%		$	(12,192	)		34.0	%		$	(4,282	)		34.0	%		$	9,935			34.0	%
State income tax, net of federal benefit		(2,283		)		4.8	%		(1,758		)		4.9	%		(1,101		)		8.7	%		1,295				4.4	%
Non-deductible warrants (income)/expense		1,360				(2.9	)%		(481		)		1.3	%		(3,162		)		25.1	%		(2,098		)		(7.2	)%
Domestic production activity		—				—	%		—				—	%		—				—	%		(334		)		(1.1	)%
Other permanent differences		106				(0.2	)%		110				(0.3	)%		137				(1.1	)%		191				0.7	%
Research and development tax credits		(426		)		0.9	%		(837		)		2.3	%		(1,632		)		13.0	%		(1,953		)		(6.7	)%
Tax reserve reassessment		104				(0.2	)%		(141		)		0.4	%		412				(3.3	)%		246				0.8	%
Federal tax rate change		10,899				(23.1	)%		—				—	%		—				—	%		—				—	%
Change in valuation allowance		4,956				(10.4	)%		26,846				(74.9	)%		—				—	%		—				—	%
3PI Settlement		1,976				(4.2	)%		—				—	%		—				—	%		—				—	%
Other, net		(212		)		0.4	%		66				(0.1	)%		(74		)		0.6	%		462				1.6	%
Income tax expense (benefit)		$	443			(0.9	)%		$	11,613			(32.4	)%		$	(9,702	)		77.0	%		$	7,744			26.5	%

Schedule of Significant Components of the Deferred Income Tax Assets and Liabilities

Significant components of deferred income tax assets and liabilities consisted of the following:

(in thousands)		As of December 31,
		2017				2016				2015 (Restated)				2014 (Restated)
Deferred tax assets:
Net operating loss carryforwards		$	15,399			$	1,154			$	66			$	—
Research and development credits		2,806				2,118				139				—
Other state credits		989				407				164				—
Inventory		2,560				5,837				5,094				3,035
Allowances and bad debts		596				501				334				119
Accrued warranty		3,387				3,820				1,413				948
Accrued wages and benefits		351				786				893				917
Stock-based compensation		645				1,021				756				576
Capitalized research and development costs		1,090				2,291				2,617				2,316
Intangible amortization		1,734				4,519				4,311				—
Other		3,397				6,638				5,069				3,615
Total deferred tax assets		32,954				29,092				20,856				11,526
Valuation allowance		(31,992		)		(26,847		)		—				—
Total deferred tax assets, net of valuation allowance		$	962			$	2,245			$	20,856			$	11,526
Deferred tax liabilities:
Intangible amortization		$	—			$	—			$	—			$	(1,091	)
Tax depreciation in excess of book depreciation on property, plant and equipment		(1,665		)		(2,709		)		(3,199		)		(1,870		)
Total deferred tax liabilities		$	(1,665	)		$	(2,709	)		$	(3,199	)		$	(2,961	)
Net deferred tax (liability) asset		$	(703	)		$	(464	)		$	17,657			$	8,565

The Company’s net deferred tax assets and liabilities are presented as follows in the Consolidated Balance Sheets:

(in thousands)		As of December 31,
		2017				2016				2015 (Restated)				2014 (Restated)
Current deferred tax assets, net		$	—			$	—			$	—			$	8,552
Non-current deferred tax asset/(liabilities), net		(703		)		(464		)		17,657				13
Net deferred tax (liability) asset		$	(703	)		$	(464	)		$	17,657			$	8,565

Schedule of the Change in Unrecognized Tax Benefits

The change in unrecognized tax benefits excluding interest and penalties were as follows:

(in thousands)		For the Year Ended December 31,
		2017				2016				2015				2014
Unrecognized Tax Benefits Excluding Interest and Penalties										(Restated)				(Restated)
Balance at beginning of year		$	1,202			$	1,338			$	894			$	614
Additions based on tax positions related to the current year		105				168				525				373
Additions/(reductions) for tax positions of prior years		—				(304		)		(81		)		(93		)
Balance at end of year		$	1,307			$	1,202			$	1,338			$	894

Summary of Income Tax Examinations

With few exceptions, the major jurisdictions subject to examination by the relevant tax authorities and open tax years, stated as the Company’s fiscal years, are as follows:

Jurisdiction	Open Tax Years
U.S. Federal	2014	-	2017
U.S. States	2013	-	2017

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

+ Details

Name:	us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration