XML 72 R22.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The components of income before income taxes are as follows:
| 2014 |  | 2013 |  | 2012
Domestic | $ | 85,988 |  |  | $ | 125,772 |  |  | $ | 123,691 |
Foreign | 85,405 |  |  | 83,179 |  |  | 60,496 |
| $ | 171,393 |  |  | $ | 208,951 |  |  | $ | 184,187 |
The income tax provision (benefit) consists of the following:
| 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |
Federal | $ | 29,933 |  |  | $ | 41,334 |  |  | $ | 41,280 |
State and local | 4,244 |  |  | 11,265 |  |  | 10,319 |
Foreign | 15,167 |  |  | 14,385 |  |  | 11,035 |
| 49,344 |  |  | 66,984 |  |  | 62,634 |
Deferred: |  |  |  |  |
Federal | 10,229 |  |  | 8,815 |  |  | 2,272 |
State and local | (2,014 | ) |  | (667 | ) |  | (396 | )
Foreign | 1,205 |  |  | 534 |  |  | 113 |
| 9,420 |  |  | 8,682 |  |  | 1,989 |
| $ | 58,764 |  |  | $ | 75,666 |  |  | $ | 64,623 |
A reconciliation between taxes computed at the federal statutory rate and the effective tax rate is as follows:
| December 31,
| 2014 |  | 2013 |  | 2012
Income taxes at federal statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
Effects of foreign operations | (2.7 | ) |  | (1.7 | ) |  | (3.3 | )
State and local income taxes - net of federal income tax benefit | 1.1 |  |  | 3 |  |  | 3.4 |
Nondeductible items | 0.2 |  |  | 0.1 |  |  | 0.1 |
Valuation allowance (reversal) | (0.1 | ) |  | — |  |  | (0.3 | )
Other | 0.8 |  |  | (0.2 | ) |  | 0.2 |
Effective rate | 34.3 | % |  | 36.2 | % |  | 35.1 | %
The Company applies the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Note N - Income Taxes (continued) In accordance with accounting guidance, the Company has opted to classify interest and penalties that would accrue according to the provisions of relevant tax law as income tax expense on the Consolidated Statements of Income. The Company determines the amount of interest expense to be recognized by applying the applicable statutory rate of interest to the difference between the tax position recognized and the amount previously taken or expected to be taken on a tax return. The Company's tax years 2011 through 2014 remain open to examination by most taxing authorities. The Company has no unrecognized tax benefits recorded as of December 31, 2014 and 2013. The components of deferred tax assets and liabilities are as follows:
| December 31,
| 2014 |  | 2013
Current deferred tax assets (liabilities): |  |  |
Receivable allowances | $ | 8,663 |  |  | $ | 8,024 |
Inventory | 2,119 |  |  | 1,932 |
Unrealized (gain) loss | 955 |  |  | (23 | )
Accrued expenses | 798 |  |  | 499 |
Other | 1,590 |  |  | 1,835 |
Gross current deferred tax asset | 14,125 |  |  | 12,267 |
Non-current deferred tax assets (liabilities): |  |  |
Depreciation and amortization | (10,122 | ) |  | (5,033 | )
Deferred compensation | 14,146 |  |  | 10,827 |
Unremitted earnings of foreign subsidiaries | (29,268 | ) |  | (20,748 | )
Deferred rent | 4,134 |  |  | 3,741 |
Amortization of goodwill | (3,858 | ) |  | (3,293 | )
Unrealized loss (gain) | 222 |  |  | 1,226 |
Other | 40 |  |  | 56 |
| (24,706 | ) |  | (13,224 | )
Net deferred tax (liabilities) assets | $ | (10,581 | ) |  | $ | (957 | )
The Company's consolidated financial statements provide for any related tax liability on amounts that may be repatriated from foreign operations, aside from undistributed earnings of certain of the Company's foreign subsidiaries that are intended to be indefinitely reinvested in operations outside the U.S. The deferred tax liability of $29,268 and $20,748 for the years ended December 31, 2014 and 2013, respectively, reflects the amounts that may be repatriated from foreign operations. The total amount of indefinitely reinvested earnings of foreign subsidiaries as of December 31, 2014 and 2013 was $64,147 and $42,750, respectively. Accordingly, no provision has been made for United States income taxes that may become payable if those undistributed earnings of foreign subsidiaries are paid as dividends. If such amounts were not indefinitely reinvested, the Company would incur approximately $11,867 in taxes that were not previously provided for in our consolidated statements of income.

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