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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2014
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):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
U.S. operations |  | $ | 118,743 |  |  | $ | 88,561 |  |  | $ | 73,625 |
Foreign operations |  | 79,778 |  |  | 42,865 |  |  | 60,282 |
Income before income tax |  | $ | 198,521 |  |  | $ | 131,426 |  |  | $ | 133,907 |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |
Federal |  | $ | 42,790 |  |  | $ | 14,953 |  |  | $ | 14,365 |
State and local |  | 3,175 |  |  | 1,999 |  |  | 876 |
Non-U.S. |  | 20,679 |  |  | 14,178 |  |  | 12,448 |
|  | 66,644 |  |  | 31,130 |  |  | 27,689 |
Deferred: |  |  |  |  |  |
Federal |  | (5,147 | ) |  | 11,363 |  |  | 5,806 |
State and local |  | (739 | ) |  | (120 | ) |  | 690 |
Non-U.S. |  | (4,096 | ) |  | (4,550 | ) |  | (137 | )
|  | (9,982 | ) |  | 6,693 |  |  | 6,359 |
Income tax expense |  | $ | 56,662 |  |  | $ | 37,823 |  |  | $ | 34,048 |
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:
|  | Year Ended December 31,
|  | 2014 |  | 2013 |  | 2012
|  | (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 |  |  | 1.5 |  |  | 1.7 |
Non-U.S. income taxed at different rates |  | (3.4 | ) |  | (3.7 | ) |  | (5.4 | )
Foreign tax credits |  | — |  |  | (0.5 | ) |  | — |
Reduction of unrecognized tax benefits |  | (3.2 | ) |  | (1.9 | ) |  | (4.3 | )
Research credits |  | (0.9 | ) |  | (2.1 | ) |  | (1.7 | )
Other |  | (0.5 | ) |  | 0.5 |  |  | 0.1 |
Actual provision for income taxes |  | 28.5 | % |  | 28.8 | % |  | 25.4 | %
Significant Components of Deferred Taxes | Significant components of the Company’s deferred taxes consisted of the following (in thousands):
|  | December 31,
|  | 2014 |  | 2013
Deferred tax assets: |  |  |  |
Non-deductible accruals and allowances |  | $ | 44,678 |  |  | $ | 37,986 |
Capitalized inventory costs |  | 25,962 |  |  | 22,589 |
Stock compensation |  | 6,488 |  |  | 6,329 |
Net operating loss carryforwards |  | 6,660 |  |  | 9,683 |
Depreciation and amortization |  | 1,947 |  |  | 2,413 |
Tax credits |  | 5,496 |  |  | 198 |
Other |  | 578 |  |  | 1,055 |
Gross deferred tax assets |  | 91,809 |  |  | 80,253 |
Valuation allowance |  | (6,008 | ) |  | (8,633 | )
Net deferred tax assets |  | 85,801 |  |  | 71,620 |
Deferred tax liabilities: |  |  |  |
Depreciation and amortization |  | (25,579 | ) |  | (20,243 | )
Foreign currency loss |  | (3,055 | ) |  | (2,540 | )
Other |  | (814 | ) |  | (810 | )
Gross deferred tax liabilities |  | (29,448 | ) |  | (23,593 | )
Total net deferred taxes |  | $ | 56,353 |  |  | $ | 48,027 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands):
|  | December 31,
|  | 2014 |  | 2013 |  | 2012
Balance at beginning of period |  | $ | 14,639 |  |  | $ | 12,431 |  |  | $ | 14,316 |
Increases related to prior year tax positions |  | 821 |  |  | 252 |  |  | 3,208 |
Decreases related to prior year tax positions |  | (7,623 | ) |  | (332 | ) |  | (19 | )
Increases related to current year tax positions |  | 2,473 |  |  | 4,281 |  |  | 2,049 |
Settlements |  | (3,121 | ) |  | (84 | ) |  | (1,817 | )
Expiration of statute of limitations |  | (559 | ) |  | (1,909 | ) |  | (5,306 | )
Balance at end of period |  | $ | 6,630 |  |  | $ | 14,639 |  |  | $ | 12,431 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: 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 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: 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)(1)(i)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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- Definition Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions. + 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 + Details
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