Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, (loss) earnings before income taxes includes the following components:

	Year Ended December 31,
	2017			2016			2015
	(Thousands of dollars)
United States	$	(50,871	)	$	(25,604	)	$	45,038
Foreign	(570		)	(1,546		)	(1,782		)
Total	(51,441		)	(27,149		)	43,256

Schedule of Income Tax Expense

The provision for income taxes for 2017, 2016, and 2015 consisted of the following:

	Year Ended December 31,
	2017			2016			2015
	(Thousands of dollars)
U.S. Federal:
Current	$	—		$	—		$	—
Deferred	(57,637		)	(5,488		)	13,629
	(57,637		)	(5,488		)	13,629
U.S. State:
Current	$	199		$	427		$	284
Deferred	$	(717	)	$	3,218		$	(740	)
	$	(518	)	$	3,645		$	(456	)
Foreign:
Current	$	108		$	1,374		$	3,159
Deferred	$	(926	)	—			—
	$	(818	)	$	1,374		$	3,159
Provision for income taxes	$	(58,973	)	$	(469	)	$	16,332

Schedule of Income Tax Expense as Percentage of Pre-Tax Earnings

Income tax expense as a percentage of pre-tax earnings varies from the effective Federal statutory rate of 35% as a result of the following:

	Year Ended December 31, 2017					Year Ended December 31, 2016					Year Ended December 31, 2015
	(Thousands of dollars, except percentage amounts)
	Amount			Tax Rate %		Amount			Tax Rate %		Amount			Tax Rate %
Income taxes at statutory rate	$	(18,004	)	35		$	(9,502	)	35		$	15,140		35
Increase (decrease) in taxes resulting from:
Valuation allowance on foreign tax credits	6,145			(12	)	8,991			(33	)	—			—
Valuation allowance on state net operating loss carryforwards	868			(2	)	5,028			(19	)	—			—
Valuation allowance reversal–investment in foreign entity	—					—			—		(456		)	(1	)
Valuation Allowance - Other	1,353			(3	)	—			—		—			—
Change in tax rate on deferred items	—			—		(4,772		)	18		1,078			3	%
Tax reform – Impact of change in tax rate	(49,219		)	96		—			—		—			—
State income taxes, net of federal benefit	(1,386		)	3		(1,384		)	5		146			—
Other items – net	1,270			(2	)	1,170			(4	)	424			1
Total	$	(58,973	)	115		$	(469	)	2		$	16,332		38

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of significant items comprising our net deferred tax balance at December 31 are as follows:

	2017			2016
	(Thousands of dollars)
Deferred tax assets:
Deferred compensation	$	626		$	937
Foreign tax credits	19,453			21,492
Vacation and bonus accrual	3,936			1,674
Inventory valuation	4,954			7,655
Rental accrual	747			1,416
Hurricane relief credit	1,255			1,255
Stock-based compensation	988			2,202
Other	2,235			3,115
Net operating losses	82,044			89,256
Total deferred tax assets	116,238			129,002
Valuation allowance – state NOL carryforwards	(5,998		)	(5,318		)
Valuation allowance – tax credit carryforwards	(16,537		)	(11,039		)
Valuation allowance – foreign NOL carryforwards	(98		)	—
Total deferred tax assets, net	93,605			112,645
Deferred tax liabilities:
Tax depreciation in excess of book depreciation	(171,116		)	(253,560		)
Other	(5,185		)	—
Total deferred tax liabilities	(176,301		)	(253,560		)
Net deferred tax liabilities	$	(82,696	)	$	(140,915	)
Deferred tax assets – short-term	—			10,798
Deferred tax assets – long-term	3,309			—
Deferred tax liability – long-term	(86,005		)	(151,713		)
Net deferred tax liabilities	$	(82,696	)	$	(140,915	)