4

.     

 

(benefit) expense consists of (in thousands):

December 22, 2017,

  We have remeasured the below deferred tax assets at the lower corporate tax rate of based on when we expect those balances to reverse, however, this was offset by a corresponding adjustment to the Company’s full valuation allowance.

December 22, 2017

– the date on which the Tax Act was signed into law – to address situations when a company does have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Act. We have estimated the tax impacts related to the impact to deferred tax assets and liabilities and included these amounts in our consolidated financial statements for the year ended on a provisional basis. In this regard, the Tax Act repeals the corporate alternative minimum tax, or AMT, regime, including claiming a refund and full realization of remaining AMT credits. We have been able to make a reasonable estimate with respect to the realization of existing AMT credit carryforwards, and accordingly, continue to apply the income tax-related accounting guidance that was in effect immediately prior to the enactment of the Tax Act. In order for us to complete the income tax effects of the Tax Act on the existing AMT deferred tax asset, we need to further analyze the nature, validity, and recoverability of the AMT-related deferred tax credit carryforwards prior to recording the underlying appropriate tax benefit. Accordingly, the ultimate impact related to the Tax Act differ, possibly materially, due to, among other things, completing our analysis of the realization of available AMT credit refunds, further refinement of our calculations, changes in interpretations and assumptions that we made, additional guidance that be issued by the U.S. Government, and actions and related accounting policy decisions that we take as a result of the Tax Act. We expect this analysis to be complete when our U.S. corporate income tax return is filed in

December 31

 

million which are available to reduce future taxable income. The federal net operating loss will begin expiring in We have combined state net operating loss carryforwards of million that will expire at various times beginning in

201

we recorded a non-cash credit to our valuation allowance of million against our deferred tax assets. The primary assets which are covered by this valuation allowance are employee benefits and net operating losses in excess of the amounts which can be carried back to prior periods. The valuation allowance was calculated in accordance with the provisions of ASC , which requires an assessment of both positive and negative evidence when measuring the need for a valuation

-year period were heavily affected by our business restructuring activities. Our cumulative loss represented sufficient negative evidence to require a valuation allowance. We intend to maintain a valuation allowance until sufficient positive evidence exists to support its reversal, resulting in deferred tax asset balance being recognized. Should we determine that we will be able to realize all or part of our deferred tax asset in the future, an adjustment to the deferred tax asset will be charged to income in the period such determination is made.

December 31

s (in thousands):

December 31,

201

and we had approximately and of accrued interest related to uncertain tax positions, respectively.

at and at The through tax years remain open to examination by major taxing jurisdictions.