F-30
TPI COMPOSITES, INC. AND SUBSIDIARIES
Notes to Consolidated Financial Statements
The following is a reconciliation from the U.S. statutory income tax rate to the Company’s effective income tax rate for the years ended December 31:
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
United States statutory income tax rate
|
|
|
35.0
|
%
|
|
|
34.0
|
%
|
|
|
34.0
|
%
|
Foreign rate differential
|
|
|
(11.1
|
)
|
|
|
5.3
|
|
|
|
(23.9
|
)
|
Foreign permanent differences
|
|
|
1.2
|
|
|
|
2.4
|
|
|
|
4.1
|
|
China rate change
|
|
|
—
|
|
|
|
(4.8
|
)
|
|
|
—
|
|
U.S. rate change
|
|
|
19.9
|
|
|
|
—
|
|
|
|
—
|
|
Withholding taxes
|
|
|
5.0
|
|
|
|
6.8
|
|
|
|
3.4
|
|
Foreign tax credits
|
|
|
(5.0
|
)
|
|
|
(7.9
|
)
|
|
|
0.0
|
|
IRC Section 965 dividend
|
|
|
20.3
|
|
|
|
—
|
|
|
|
—
|
|
Foreign tax credits - 965 dividend
|
|
|
(13.1
|
)
|
|
|
—
|
|
|
|
—
|
|
Nondeductible interest expense
|
|
|
—
|
|
|
|
11.5
|
|
|
|
—
|
|
Valuation allowance
|
|
|
(28.0
|
)
|
|
|
(14.3
|
)
|
|
|
17.3
|
|
State taxes
|
|
|
—
|
|
|
|
(0.6
|
)
|
|
|
0.5
|
|
Deferred tax adjustments
|
|
|
3.7
|
|
|
|
(0.1
|
)
|
|
|
2.3
|
|
Research and development
|
|
|
(1.2
|
)
|
|
|
(3.0
|
)
|
|
|
(3.0
|
)
|
U.S. foreign income inclusions
|
|
|
—
|
|
|
|
2.0
|
|
|
|
—
|
|
Turkey incentive credits
|
|
|
(5.3
|
)
|
|
|
(2.2
|
)
|
|
|
(0.4
|
)
|
Other
|
|
|
1.6
|
|
|
|
4.5
|
|
|
|
(0.2
|
)
|
Effective income tax rate
|
|
|
23.0
|
%
|
|
|
33.6
|
%
|
|
|
34.1
|
%
|
The following is a summary of the components of deferred tax assets and liabilities at December 31:
|
|
2017
|
|
|
2016
|
|
|
2015
|
|
|
|
(in thousands)
|
|
Deferred tax assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net operating loss and credit carry forwards
|
|
$
|
18,913
|
|
|
$
|
25,354
|
|
|
$
|
32,294
|
|
Deferred revenue
|
|
|
2,616
|
|
|
|
5,373
|
|
|
|
6,563
|
|
Non-deductible accruals
|
|
|
9,557
|
|
|
|
8,316
|
|
|
|
4,825
|
|
Equity compensation
|
|
|
3,489
|
|
|
|
3,503
|
|
|
|
—
|
|
Equity investment
|
|
|
390
|
|
|
|
633
|
|
|
|
653
|
|
Amortization of intangible assets
|
|
|
320
|
|
|
|
472
|
|
|
|
720
|
|
Tax credits
|
|
|
4,582
|
|
|
|
2,914
|
|
|
|
384
|
|
Other
|
|
|
3,424
|
|
|
|
1,248
|
|
|
|
1,671
|
|
Total deferred tax assets
|
|
|
43,291
|
|
|
|
47,813
|
|
|
|
47,110
|
|
Valuation allowance
|
|
|
(29,141
|
)
|
|
|
(40,596
|
)
|
|
|
(41,216
|
)
|
Net deferred tax assets
|
|
|
14,150
|
|
|
|
7,217
|
|
|
|
5,894
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred revenue
|
|
|
(1,497
|
)
|
|
|
—
|
|
|
|
(615
|
)
|
Depreciation
|
|
|
(3,489
|
)
|
|
|
(1,714
|
)
|
|
|
(1,831
|
)
|
Other
|
|
|
(1,972
|
)
|
|
|
(423
|
)
|
|
|
(1,787
|
)
|
Total deferred tax liabilities
|
|
|
(6,958
|
)
|
|
|
(2,137
|
)
|
|
|
(4,233
|
)
|
Net deferred tax assets
|
|
$
|
7,192
|
|
|
$
|
5,080
|
|
|
$
|
1,661
|
|
F-31
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