Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Geographic sources of income (loss) before taxes and equity in earnings of unconsolidated affiliate are as follows:

	For the Year Ended December 31,
	2017		2016			2015
	(In thousands)
United States	$	14,935	$	(12,385	)	$	(39,684	)
Foreign	288,935		227,542			107,596
Income before taxes and equity in earnings of unconsolidated affiliate	$	303,870	$	215,157		$	67,912

Schedule of Components of Income Tax Expense (Benefit)

The components of the provision (benefit) for income taxes are as follows:

	For the Year Ended December 31
	2017			2016			2015
	(In thousands)
Current:
Federal	$	—		$	—		$	—
State	11			22			11
Foreign	81,969			49,577			28,721
	81,980			49,599			28,732
Deferred:
Federal	(36,943		)	—			—
State	(4,611		)	—			—
Foreign	(1,444		)	(1,746		)	(697		)
	(42,998		)	(1,746		)	(697		)
Income tax expense	$	38,982		$	47,853		$	28,035

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the U.S. federal statutory income tax rate of 35% and our income tax expense is as follows:

	For the Year Ended December 31
	2017			2016			2015
	(In thousands)
U.S. federal tax at 35%	$	106,354		$	75,305		$	23,769
State taxes, net of federal benefit	2,193			836			2,622
Foreign income taxed at different rates	(51,412		)	(17,907		)	(11,756		)
Foreign exchange (loss) gain	29,756			(1,127		)	(5,680		)
Change in valuation allowance	(4,703		)	(7,362		)	18,259
Adjustments related to prior years	3,329			(2,648		)	(912		)
U.S. tax reform (the Tax Act)	(41,554		)	—			—
Income tax credits generated	(7,296		)	(40,301		)	(1,919		)
Repatriation of foreign earnings and profits	719			25,604			91
Expiration of net operating losses and credits	166			15,092			74
Non-deductible loss on acquisition of J-Devices (Note 3)	—			—			4,725
Other	1,430			361			(1,238		)
Income tax expense	$	38,982		$	47,853		$	28,035

Schedule of Income Tax Expense (Benefit) Impact of Tax Cuts and Jobs Act of 2017

In 2017, we recognized a net benefit for the impact of the Tax Act with components as follows:

	(In thousands)
One-time transition tax before credits	$	162,750
Tax credits	(128,395		)
Remeasure deferred tax assets	36,794
Release valuation allowance	(112,703		)
Net impact of the Tax Act	$	(41,554	)

Schedule of Deferred Tax Assets and Liabilities

The following is a summary of the components of our deferred tax assets and liabilities:

	December 31,
	2017			2016
	(In thousands)
Deferred tax assets:
Net operating loss carryforwards	$	53,130		$	111,899
Income tax credits	23,998			41,900
Property, plant and equipment	35,479			21,860
Accrued liabilities	68,091			68,563
Receivable	32,719			—
Unrealized foreign exchange loss	1,924			531
Other	12,682			14,583
Total deferred tax assets	228,023			259,336
Valuation allowance	(83,338		)	(165,367		)
Total deferred tax assets net of valuation allowance	144,685			93,969
Deferred tax liabilities:
Property, plant and equipment	15,754			20,407
Deferred gain	939			2,655
Unrealized foreign exchange gain	8,383			990
Other	4,566			4,836
Total deferred tax liabilities	29,642			28,888
Net deferred tax assets	$	115,043		$	65,081
Recognized as:
Other assets	117,608			66,831
Other non-current liabilities	(2,565		)	(1,750		)
Total	$	115,043		$	65,081

Summary of Operating Loss Carryforwards

Our net operating loss carryforwards (“NOL’s”) are as follows:

	December 31,
	2017		2016		Expiration
	(In thousands)
U.S. Federal NOL’s	$	220,445	$	292,715	2021-2037
U.S. State NOL’s	121,095		138,218		2018-2036
Foreign NOL’s	2,967		3,378		2018-2025

Schedule of Unrecognized Tax Benefits Rollforward

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

	For the Year Ended December 31
	2017			2016			2015
	(In thousands)
Balance at January 1	$	23,149		$	23,332		$	12,670
Additions based on tax positions related to the current year	1,419			1,822			12,727
Additions for tax positions of prior years	2,661			689			3,341
Reductions for tax positions of prior years	(1		)	(2,589		)	(4,815		)
Reductions from lapse of statutes of limitations	(17		)	(105		)	(591		)
Balance at December 31	$	27,211		$	23,149		$	23,332

Summary of Valuation Allowance

Valuation allowance against deferred tax assets consist of the following:

	December 31,
	2017		2016
	(In thousands)
Valuation allowance:
U.S.	$	43,719	$	164,479
Portugal	39,009		—
Other	610		888
Total valuation allowance	$	83,338	$	165,367