INCOME TAXES

6 Months Ended

Jun. 30, 2018

Income Tax Disclosure [Abstract]

INCOME TAXES

8. INCOME TAXES

The Tax Cuts and Jobs Act (TCJA), among other changes, reduced the corporate tax rate from a top rate of 35% to a flat rate of 21%, effective January 1, 2018. At December 31, 2017, because of the implementation of the TCJA, the Company recognized a $1,102 liability in noncurrent taxes payable on its consolidated balance sheets related to the income tax from the deemed repatriation of its cumulative foreign earnings. During the first three months of 2018, the Company gathered additional information which demonstrated that the liability should be increased. Due to the inherent complexity of the calculation for the deemed repatriation tax, the Company followed elective guidance in SEC Staff Accounting Bulletin (SAB) 118, which allows for a measurement period adjustment to be reflected in the current reporting period, and at March 31, 2018, the deemed repatriation liability was increased to $1,335.

Subsequent to March 31, 2018, the Internal Revenue Service issued additional guidance requiring income tax overpayments to be applied to the balance of the liability. Therefore, during the second quarter of 2018, the Company applied its overpayment to the liability, which reduced the balance to $0 at June 30, 2018. As of June 30, 2018, the Company had no federal operating loss carryforwards. As of June 30, 2018, the Company had a state net operating loss carryforward of $849, which will expire between 2018 and 2025.