Cobalt International Energy, Inc.
Notes to Consolidated Financial Statements (Continued)
F-30
16. Income Taxes (Continued)
The components of the income tax provision (benefit) from continuing operations are as follows:
Year Ended December 31,
2015
2014
2013
($ in thousands)
Current taxes:
U.S. federal ......................................................................... $
— $
— $
—
Foreign ................................................................................
—
—
—
Deferred taxes:
U.S. federal .........................................................................
—
—
—
Foreign ................................................................................
—
—
—
Total.......................................................................................... $
— $
— $
—
The reconciliation of income taxes computed at the U.S. federal statutory tax rate to the Company’s income tax expense
(benefit) for years ended December 31, 2015, 2014 and 2013 are as follows:
Year Ended December 31,
2015
2014
2013
($ in thousands)
U.S.:
Net income (loss) from continuing operations as reported ... $ (490,190) $ (307,024) $ (386,169)
Less: net income (loss) from continuing operations
applicable to period before corporate reorganization .......
—
—
—
Foreign:
Net income (loss) from continuing operations as reported ...
(8,355)
(10,224)
(18,343)
Less: net income (loss) from continuing operations
applicable to period before corporate reorganization .......
—
—
—
Net income (loss) from continuing operations applicable to
period after corporate reorganization..................................... $ (498,545) $ (317,248) $ (404,512)
Year Ended December 31,
2015
2014
2013
($ in thousands)
Income tax expense (benefit) at the federal statutory
rate ............................................................................ $ (174,491)
35.0% $ (111,037)
35.0% $ (141,579)
35.0%
State income taxes, net of federal income tax benefit ....
(804)
0.1%
(499)
0.2%
(686)
0.2%
Foreign income tax.......................................................
(601)
3.3%
(3,578)
1.1% (6,420)
1.5%
Other ............................................................................
1,620
-0.7%
229
-0.1%
258
0.0%
Valuation allowance..................................................... 174,276
-37.7% 114,885
-36.2% 148,427
-36.7%
$
—
—% $
—
—% $
—
—%
