INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2013

INCOME TAXES

Schedule of components of income before income taxes

The components of income before income taxes for the years ended December 31, 2011, 2012 and 2013 are as follows (in thousands):

	2011		2012		2013
Domestic	$	12,227	$	26,249	$	13,697
Foreign		14,068		18,547		32,776
Total	$	26,295	$	44,796	$	46,473

Schedule of reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense

The following is a reconciliation from the tax computed at statutory income tax rates to the Company's income tax expense for the years ended December 31, 2011, 2012, and 2013 (in thousands):

	2011			2012			2013
Tax computed at statutory U.S. federal income tax rates	$	9,203		$	15,679		$	16,270
Income taxes in excess (below) statutory U.S. tax rates:
Guyana		2,096			812			701
Bermuda and Turks & Caicos		2,854			503			(3,203	)
Turks & Caicos intercompany note receivable write-down		—			—			(8,572	)
Valuation allowance		—			832			711
Foreign tax reserve		556			2,359			2,081
State taxes		(76	)		906			1,032
Research and development credit		—			(1,971	)		—
Other, net		(13	)		1,711			516
Income tax expense	$	14,620		$	20,831		$	9,536

Schedule of components of income tax expense (benefit)

The components of income tax expense (benefit) for the years ended December 31, 2011, 2012 and 2013 are as follows (in thousands):

	2011			2012			2013
Current:
United States—Federal	$	(13,243	)	$	4,812		$	1,703
United States—State		394			2,418			895
Foreign		12,721			11,099			11,787
Total current income tax expense (benefit)		(128	)	$	18,329		$	14,385
Deferred:
United States—Federal	$	17,357		$	4,050		$	(5,273	)
United States—State		(439	)		(1,011	)		169
Foreign		(2,170	)		(537	)		255
Total deferred income tax expense (benefit)		14,748			2,502			(4,849	)
Consolidated:
United States—Federal	$	4,113		$	8,862		$	(3,570	)
United States—State		(44	)		1,407			1,064
Foreign		10,551			10,562			12,042
Total income tax expense	$	14,620		$	20,831		$	9,536

Schedule of significant components of deferred tax assets and liabilities

The significant components of deferred tax assets and liabilities are as follows as of December 31, 2012 and 2013 (in thousands):

	2012			2013
Deferred tax assets:
Receivables reserve	$	4,589		$	1,225
Temporary differences not currently deductible for tax		12,540			6,690
Deferred compensation		1,851			1,702
Foreign tax credit carryforwards		15,395			13,575
Interest rate swap		4,457			—
Net operating losses		1,732			2,822
Valuation allowance		(16,788	)		(16,312	)
Total deferred tax asset		23,776			9,702
Deferred tax liabilities:
Property, plant and equipment, net	$	58,521		$	23,866
Intangible assets, net		38,034			11,245
Market discount		2,280			—
Pension		598			205
Total deferred tax liabilities		99,433			35,316
Net deferred tax liabilities	$	75,657		$	25,614

Schedule of deferred tax assets and liabilities

Deferred tax assets and liabilities are reflected in the accompanying consolidated balance sheets as follows (in thousands):

	2012		2013
Deferred tax assets:
Current	$	8,349	$	1,994
Long term		—		—
Total deferred tax asset	$	8,349	$	1,994
Deferred tax liabilities:
Current	$	—	$	1,601
Long term		84,006		26,007
Total deferred tax liabilities	$	84,006	$	27,608
Net deferred tax liabilities	$	75,657	$	25,614

Schedule of activity related to unrecognized tax benefits

The following shows the activity related to unrecognized tax benefits during the three years ended December 31, 2013 (in thousands):

Gross unrecognized tax benefits at December 31, 2010		6,412
Increase in uncertain tax positions		590
Lapse in statute of limitations		(50	)
Gross unrecognized tax benefits at December 31, 2011		6,952
Increase in uncertain tax positions		3,384
Lapse in statute of limitations		—
Gross unrecognized uncertain tax benefits at December 31, 2012		10,336
Increase in uncertain tax positions		4,137
Lapse in statute of limitations		—
Settlements		(423	)
Gross unrecognized uncertain tax benefits at December 31, 2013	$	14,050