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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Components of the provision (benefits) for income taxes

The components of the provision for income taxes are summarized below (in thousands):

		Year Ended December 31,
		2017			2016			2015
Current:
Federal		$	—		$	—		$	—
State			2			4			2
Foreign			790			729			529
Total current			792			733			531
Deferred:
Federal			—			—			—
State			—			—			—
Total deferred			—			—			—
Total net provision for income taxes		$	792		$	733		$	531

Reconciliation of the effective income tax rates and the U.S. statutory federal income tax rate

		Year Ended December 31,
		2017		2016		2015
Statutory federal income tax rate		35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefits		—		—		—
Valuation allowance		(139.5)		(7.1)		(48.2)
Rate change		100.8		—		—
Stock-based compensation		(10.4)		1.2		(9.8)
Foreign tax rate differential		(10.3)		(12.2)		30.6
Foreign tax incentives		(7.0)		(13.6)		25.2
Dividend from unconsolidated affiliates		—		1.5		(60.4)
965(a) inclusion		55.6		—		—
Section 78 gross up		11.7		—		—
Foreign tax credit		(30.6)		—		—
Tax effect in equity method loss or gain from unconsolidated affiliates		2.9		8.3		1.2
Other		(0.9)		(0.2)		(0.1)
Effective tax rate		7.3	%	12.9	%	(26.5)	%

Deferred tax assets and liabilities

Deferred tax assets and liabilities are summarized below (in thousands):

		As of December 31,
		2017			2016
Deferred tax assets:
Net operating loss		$	14,203		$	62,459
Accruals and reserves not yet deductible			3,133			4,520
Credits			4,809			1,488
			22,145			68,467
Deferred tax liabilities:
Valuation of investment portfolio			—			—
			—			—
Net deferred tax assets			22,145			68,467
Valuation allowance			(22,145)			(68,467)
Net deferred tax assets		$	—		$	—

Reconciliation of the beginning and ending amount of the gross unrecognized tax benefit

A reconciliation of the beginning and ending amount of the gross unrecognized tax benefits is as follows (in thousands):

		Year Ended December 31,
		2017		2016		2015
Gross unrecognized tax benefits balance at beginning of the year		$ 14,557		$ 14,557		$ 16,403
Add:
Additions based on tax positions related to the current year		—		—		—
Additions for tax positions of prior years		—		—		—
Less:
Decrease related to lapse of statute of limitations		—		—		$ (1,846)
Gross unrecognized tax benefits balance at end of the year		$ 14,557		$ 14,557		$ 14,557

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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-Paragraph 12
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Tabular disclosure of the change in unrecognized tax benefits.

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-Publisher FASB
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-Topic 740
-SubTopic 10
-Section 55
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-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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