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Income taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes The components of the Company's income before income taxes for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):
| 2016 |  | 2015 |  | 2014
U.S. | $ | (155,058 | ) |  | $ | (114,862 | ) |  | $ | 127,270 |
Non-U.S. | 17,059 |  |  | (19,461 | ) |  | 115,252 |
Income (loss) before income taxes | $ | (137,999 | ) |  | $ | (134,323 | ) |  | $ | 242,522 |
The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):
| 2016 |  | 2015 |  | 2014
Current |  |  |  |  |
U.S. Federal and state | $ | (38,589 | ) |  | $ | 43 |  |  | $ | 47,100 |
Non-U.S. | 6,956 |  |  | 8,264 |  |  | 24,315 |
Total current | (31,633 | ) |  | 8,307 |  |  | 71,415 |
Deferred |  |  |  |  |
U.S. Federal and state | (18,290 | ) |  | (19,071 | ) |  | (2,080 | )
Non-U.S. | (6,128 | ) |  | (4,175 | ) |  | (1,190 | )
Total deferred | (24,418 | ) |  | (23,246 | ) |  | (3,270 | )
Provision for income tax expense (benefit) | $ | (56,051 | ) |  | $ | (14,939 | ) |  | $ | 68,145 |
The reconciliation between the actual provision for income taxes from continuing operations and that computed by applying the U.S. statutory rate to income before income taxes and noncontrolling interests are outlined below (in thousands):
| 2016 |  | 2015 |  | 2014
Income tax expense (benefit) at the statutory rate | $ | (48,300 | ) | 35.0 | % |  | $ | (47,013 | ) | 35.0 | % |  | $ | 84,882 |  | 35.0 | %
State taxes, net of federal tax benefit | (1,425 | ) | 1.0 | % |  | (1,157 | ) | 0.9 | % |  | 4,132 |  | 1.7 | %
Non-U.S. operations | (5,791 | ) | 4.2 | % |  | 6,300 |  | (4.7 | )% |  | (15,060 | ) | (6.2 | )%
Domestic incentives | (170 | ) | 0.1 | % |  | (250 | ) | 0.2 | % |  | (4,412 | ) | (1.8 | )%
Prior year federal, non-U.S. and state tax | (777 | ) | 0.6 | % |  | (518 | ) | 0.4 | % |  | (1,692 | ) | (0.7 | )%
Nondeductible expenses | 345 |  | (0.2 | )% |  | 279 |  | (0.2 | )% |  | 663 |  | 0.3 | %
Goodwill impairment | — |  | — | % |  | 27,210 |  | (20.3 | )% |  | — |  | — | %
Other | 67 |  | (0.1 | )% |  | 210 |  | (0.2 | )% |  | (368 | ) | (0.2 | )%
Provision for income tax expense (benefit) | $ | (56,051 | ) | 40.6 | % |  | $ | (14,939 | ) | 11.1 | % |  | $ | 68,145 |  | 28.1 | %
The primary components of deferred taxes include (in thousands):
| 2016 |  | 2015
Deferred tax assets |  |  |
Reserves and accruals | $ | 6,603 |  |  | $ | 7,174 |
Inventory | 24,677 |  |  | 29,154 |
Stock awards | 10,984 |  |  | 9,350 |
Other | 982 |  |  | 544 |
Net operating loss and other tax credit carryforwards | 30,317 |  |  | 1,673 |
Total deferred tax assets | 73,563 |  |  | 47,895 |
Deferred tax liabilities |  |  |
Property and equipment | (13,593 | ) |  | (16,925 | )
Goodwill and intangible assets | (73,074 | ) |  | (68,635 | )
Investment in unconsolidated subsidiary | (10,000 | ) |  | (10,764 | )
Unremitted non-U.S. earnings | (740 | ) |  | (740 | )
Prepaid expenses and other | (1,490 | ) |  | (1,151 | )
Total deferred tax liabilities | (98,897 | ) |  | (98,215 | )
Net deferred tax liabilities | $ | (25,334 | ) |  | $ | (50,320 | )
At December 31, 2016, the Company had $59.7 million U.S. net operating loss carryforwards and $3.6 million state net operating losses. The losses will expire no later than 2036 if they are not utilized prior to that date. The Company intends to elect to carry the current U.S. net operating loss back to recover taxes paid in earlier periods to the extent eligible. As a result, a tax benefit of $32.8 million was classified as a current income tax receivable, and is not included in the $59.7 million U.S. net operating carryforward. The Company also had $21.6 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. The Company anticipates being able to fully utilize the losses prior to their expiration. Where the Company has unrecognized tax benefits in jurisdictions with existing net operating losses, the Company utilizes the unrecognized tax benefits as a source of income to offset such losses. At December 31, 2016, the Company had $5.1 million of foreign tax credit carryforwards which will generally expire no later than 2025. The Company anticipates being able to fully utilize the foreign tax credits prior to their expiration. Goodwill from certain acquisitions is tax deductible due to the acquisition structure as an asset purchase or due to tax elections made by the Company and the respective sellers at the time of acquisition. The Company believes that it is more likely than not that deferred tax assets at December 31, 2016 and 2015 will be utilized to offset future taxable income and the reversal of taxable temporary differences. Consequently, no valuation allowance has been recorded in the financial statements. Taxes are provided as necessary with respect to non-U.S. earnings that are not permanently reinvested. For all other non-U.S. earnings, no U.S. taxes are provided because such earnings are intended to be reinvested indefinitely to finance non-U.S. activities. The determination of the amount of the unrecognized deferred tax liability for temporary differences related to investments in non-US subsidiaries is not practicable. The Company files income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, the Company is no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2010. The Company accounts for uncertain tax positions in accordance with guidance in FASB ASC 740, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):
Balance at January 1, 2016 |  | $ | 8,410 |
Additional based on tax positions related to prior years |  | 1,785 |
Additional based on tax positions related to current year |  | 6,103 |
Reduction based on tax positions related to prior years |  | — |
Lapse of statute of limitations |  | (2,078 | )
Balance at December 31, 2016 |  | 14,220 |
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax |  | — |
Net balance at December 31, 2016 |  | $ | 14,220 |
The total amount of unrecognized tax benefits at December 31, 2016 was $14.2 million, of which it is reasonably possible that $1.3 million could be settled during the next twelve-month period as a result of the conclusion of various tax audits or due to the expiration of the applicable statute of limitations. Substantially all of the unrecognized tax benefits at December 31, 2016 would impact the Company’s future effective income tax rate, if recognized. The Company recognizes interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statement of income. As of December 31, 2016 and 2015, we had accrued approximately $0.5 million and $0.4 million, respectively, in interest and penalties. During the years ended December 31, 2016 and 2015, we recognized no material change in the interest and penalties related to uncertain tax positions.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 Reference 4: 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 Reference 5: 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=65882285&loc=d3e32537-109319 + Details
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