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Income Taxes | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision (benefit) for income taxes consists of the following:
| Years Ending December 31,
| 2017 |  | 2016 |  | 2015
| (in thousands)
Current | $ | 21,548 |  |  | $ | 25,790 |  |  | $ | 24,439 |
Deferred | (1,554 | ) |  | 825 |  |  | 1,172 |
Total | $ | 19,994 |  |  | $ | 26,615 |  |  | $ | 25,611 |
The provision for income taxes differs from the amount computed by applying the statutory federal income tax rate before the provision for income taxes. The reconciliation of the federal statutory income tax rate to the effective income tax rate is as follows:
| Years Ending December 31,
| 2017 |  | 2016 |  | 2015
Federal statutory rate | 35 | % |  | 35 | % |  | 35 | %
State income taxes, net of federal benefit | 5 | % |  | 5 | % |  | 5 | %
Remeasurement of deferred taxes | (6 | )% |  | — | % |  | — | %
Domestic manufacturing deduction | (3 | )% |  | (3 | )% |  | (3 | )%
Excess tax benefits | (3 | )% |  | (3 | )% |  | — | %
Other | (1 | )% |  | (1 | )% |  | (1 | )%
| 27 | % |  | 33 | % |  | 36 | %
The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017. Major changes under the Act include the following:
• | Reducing the corporate rate to 21 percent
• | Doubling bonus depreciation to 100 percent for five years
• | Further limitations on executive compensation deductions
• | Eliminating the domestic manufacturing deduction
As a result of these changes, the Company adjusted its deferred tax assets and liabilities existing at the date of enactment using the newly enacted rates for the periods when they are expected to be realized. This remeasurement resulted in a benefit to income taxes of $4.4 million. The new bonus depreciation provisions resulted in the Company taking $3.2 million of bonus depreciation in the fourth quarter of 2017. The Company sometimes has executive compensation that exceeds the $1.0 million limitation. Typically the limit is exceeded due to the volume of stock activity performed by the executive during the year. The Company cannot predict the performance of its stock or when executives may choose to initiate stock activity. As such, the Company is unable to quantify any impact of this tax law change but any compensation that does exceed this limitation in the future will be a permanent difference and cause an increase to our income tax provision. The Company also has historically taken the domestic manufacturing deduction. The Company will no longer receive the benefit of this deduction which typically has lowered our effective tax rate by 3.0% to 4.0%. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amount used for income tax purposes. The significant components of the Company’s deferred tax assets and liabilities are as follows:
| December 31,
| 2017 |  | 2016
| (in thousands)
Deferred income tax assets (liabilities): |  |  |
Accounts receivable and inventory reserves | $ | 318 |  |  | $ | 587 |
Warranty accrual | 2,698 |  |  | 3,165 |
Other accruals | 1,395 |  |  | 1,715 |
Share-based compensation | 1,432 |  |  | 1,784 |
Donations | 152 |  |  | 463 |
Other, net | 698 |  |  | 738 |
Total deferred income tax assets | 6,693 |  |  | 8,452 |
Property & equipment | (14,670 | ) |  | (17,983 | )
Total deferred income tax liabilities | $ | (14,670 | ) |  | $ | (17,983 | )
Net deferred income tax liabilities | $ | (7,977 | ) |  | $ | (9,531 | )
We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. examinations for tax years 2013 to present, and to non-U.S. income tax examinations for the tax years of 2013 to present. In addition, we are subject to state and local income tax examinations for tax years 2013 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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