|
Income Taxes Income Taxes (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Consolidated Income from Continuing Operations Before Income Taxes |
Consolidated income from continuing operations before income taxes consisted of the following (in thousands):
|
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|
|
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|
|
|
|
|
|
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|
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|
Year Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
U.S. operations |
|
$ |
88,561 |
|
|
$ |
73,625 |
|
|
$ |
68,412 |
|
Foreign operations |
|
42,865 |
|
|
60,282 |
|
|
69,268 |
|
Income before income tax |
|
$ |
131,426 |
|
|
$ |
133,907 |
|
|
$ |
137,680 |
|
|
| Components of Provision (Benefit) for Income Taxes |
The components of the provision (benefit) for income taxes consisted of the following (in thousands):
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|
|
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|
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Year Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
14,953 |
|
|
$ |
14,365 |
|
|
$ |
16,384 |
|
State and local |
|
1,999 |
|
|
876 |
|
|
1,995 |
|
Non-U.S. |
|
14,178 |
|
|
12,448 |
|
|
19,508 |
|
|
|
31,130 |
|
|
27,689 |
|
|
37,887 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
11,363 |
|
|
5,806 |
|
|
407 |
|
State and local |
|
(120 |
) |
|
690 |
|
|
229 |
|
Non-U.S. |
|
(4,550 |
) |
|
(137 |
) |
|
(4,322 |
) |
|
|
6,693 |
|
|
6,359 |
|
|
(3,686 |
) |
Income tax expense |
|
$ |
37,823 |
|
|
$ |
34,048 |
|
|
$ |
34,201 |
|
|
| Reconciliation of Statutory Federal Income Tax Rate to Effective Rate |
The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements:
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Year Ended December 31, |
|
|
2013 |
|
2012 |
|
2011 |
|
|
(percent of income) |
Provision for federal income taxes at the statutory rate |
|
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
State and local income taxes, net of federal benefit |
|
1.5 |
|
|
1.7 |
|
|
1.5 |
|
Non-U.S. income taxed at different rates |
|
(3.7 |
) |
|
(5.4 |
) |
|
(6.5 |
) |
Foreign tax credits |
|
(0.5 |
) |
|
— |
|
|
(1.8 |
) |
Reduction of unrecognized tax benefits |
|
(1.9 |
) |
|
(4.3 |
) |
|
(3.5 |
) |
Research credits |
|
(2.1 |
) |
|
(1.7 |
) |
|
(0.6 |
) |
Other |
|
0.5 |
|
|
0.1 |
|
|
0.7 |
|
Actual provision for income taxes |
|
28.8 |
% |
|
25.4 |
% |
|
24.8 |
% |
|
| Significant Components of Deferred Taxes |
Significant components of the Company’s deferred taxes consisted of the following (in thousands):
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|
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|
|
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|
|
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|
December 31, |
|
|
2013 |
|
2012 |
Deferred tax assets: |
|
|
|
|
Non-deductible accruals and allowances |
|
$ |
37,986 |
|
|
$ |
31,139 |
|
Capitalized inventory costs |
|
22,589 |
|
|
25,294 |
|
Stock compensation |
|
6,329 |
|
|
6,633 |
|
Net operating loss carryforwards |
|
9,683 |
|
|
6,198 |
|
Depreciation and amortization |
|
2,413 |
|
|
1,568 |
|
Tax credits |
|
198 |
|
|
10,398 |
|
Other |
|
1,055 |
|
|
755 |
|
Gross deferred tax assets |
|
80,253 |
|
|
81,985 |
|
Valuation allowance |
|
(8,633 |
) |
|
(6,935 |
) |
Net deferred tax assets |
|
71,620 |
|
|
75,050 |
|
Deferred tax liabilities: |
|
|
|
|
Depreciation and amortization |
|
(20,243 |
) |
|
(16,802 |
) |
Foreign currency loss |
|
(2,540 |
) |
|
(2,313 |
) |
Other |
|
(810 |
) |
|
(587 |
) |
Gross deferred tax liabilities |
|
(23,593 |
) |
|
(19,702 |
) |
Total net deferred taxes |
|
$ |
48,027 |
|
|
$ |
55,348 |
|
|
| Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
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December 31, |
|
|
2013 |
|
2012 |
|
2011 |
Balance at beginning of period |
|
$ |
12,431 |
|
|
$ |
14,316 |
|
|
$ |
18,694 |
|
Increases related to prior year tax positions |
|
252 |
|
|
3,208 |
|
|
43 |
|
Decreases related to prior year tax positions |
|
(332 |
) |
|
(19 |
) |
|
(141 |
) |
Increases related to current year tax positions |
|
4,281 |
|
|
2,049 |
|
|
1,388 |
|
Settlements |
|
(84 |
) |
|
(1,817 |
) |
|
(649 |
) |
Expiration of statute of limitations |
|
(1,909 |
) |
|
(5,306 |
) |
|
(5,019 |
) |
Balance at end of period |
|
$ |
14,639 |
|
|
$ |
12,431 |
|
|
$ |
14,316 |
|
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