XML 85 R21.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Taxes [Abstract] |
Income Taxes |
| (14) | Income Taxes
The Company or its subsidiaries file income tax returns in the U.S. federal, and various states and foreign jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal, state, and local or non-U.S. income tax examinations by tax authorities for years before 2009. The Company follows the provisions of uncertain tax positions as addressed in FASB Accounting Standards Codification 740-10-65-1. The Company did not recognize any increase in the liability for unrecognized tax benefits and has no uncertain tax position at December 31, 2013. The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties as a component of the provision for income taxes. No interest or penalties were recognized during the periods presented and there is no accrual for interest and penalties at December 31, 2013. The components of income before income taxes consist of the following:
|  | Year ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
U.S. operations |  | $ | 11,340 |  |  | $ | 8,904 |  |  | $ | 3,478 |
Foreign operations |  |  | 69,306 |  |  |  | 265,861 |  |  |  | 63,915 |
|  | $ | 80,646 |  |  | $ | 274,765 |  |  | $ | 67,393 |
The provision for current and deferred income tax expense (benefit) consists of the following:
|  | Year ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 3,638 |  |  | $ | 2,511 |  |  | $ | 1,269 |
State and local |  |  | 454 |  |  |  | 558 |  |  |  | 286 |
Foreign |  |  | 20,744 |  |  |  | 102,717 |  |  |  | 23,898 |
|  |  | 24,836 |  |  |  | 105,786 |  |  |  | 25,453 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 370 |  |  |  | 703 |  |  |  | (170 | )
State and local |  |  | 59 |  |  |  | 40 |  |  |  | 3 |
Foreign |  |  | 4,415 |  |  |  | (8,654 | ) |  |  | (842 | )
|  |  | 4,844 |  |  |  | (7,911 | ) |  |  | (1,009 | )
Total income tax expense |  | $ | 29,680 |  |  | $ | 97,875 |  |  | $ | 24,444 |
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
|  | December 31, |
|  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Foreign net operating loss carry-forwards |  | $ | 707 |  |  | $ | 591 |
Inventory and accounts receivable |  |  | 626 |  |  |  | 703 |
Profit sharing |  |  | 4,805 |  |  |  | 6,352 |
Stock option compensation |  |  | 526 |  |  |  | 540 |
Effect of inventory profit elimination |  |  | 1,710 |  |  |  | 5,560 |
Other |  |  | (410 | ) |  |  | (23 | )
Total gross deferred tax assets |  |  | 7,964 |  |  |  | 13,723 |
Valuation allowance |  |  | (707 | ) |  |  | (591 | )
Net deferred tax assets |  |  | 7,257 |  |  |  | 13,132 |
Deferred tax liabilities (long-term): |  |  |  |  |  |  |  |
Trademarks and licenses |  |  | (2,555 | ) |  |  | (3,502 | )
Other |  |  | - |  |  |  | (297 | )
Total deferred tax liabilities |  |  | (2,555 | ) |  |  | (3,799 | )
Net deferred tax assets |  | $ | 4,702 |  |  | $ | 9,333 |
Valuation allowances are provided for foreign net operating loss carry-forwards, as future profitable operations from certain foreign subsidiaries might not be sufficient to realize the full amount of net operating loss carry-forwards. No other valuation allowances have been provided as management believes that it is more likely than not that the asset will be realized in the reduction of future taxable income. The Company has not provided for U.S. deferred income taxes on $329 million of undistributed earnings of its non-U.S. subsidiaries as of December 31, 2013 since the Company intends to reinvest most of these earnings in its foreign operations indefinitely and the Company believes it has sufficient foreign tax credits available to offset any potential tax on amounts that have been and are planned to be repatriated. Differences between the United States Federal statutory income tax rate and the effective income tax rate were as follows:
|  | Year ended December 31, |
|  | 2013 |  |  | 2012 |  |  | 2011 |
Statutory rates |  |  | 34.0 | % |  |  | 34.0 | % |  |  | 34.0 | %
State and local taxes, net of Federal benefit |  |  | 0.4 |  |  |  | 0.1 |  |  |  | 0.3 |
Effect of foreign taxes greater than (less than) U.S. statutory rates |  |  | 2.0 |  |  |  | 1.4 |  |  |  | 2.0 |
Other |  |  | 0.4 |  |  |  | 0.1 |  |  |  | - |
Effective rates |  |  | 36.8 | % |  |  | 35.6 | % |  |  | 36.3 | %

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration