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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The jurisdictional components of income before taxes consist of the following:

		December 31,
(in thousands)		2014				2013				2012
Income before income taxes:
Domestic		$	43,345			$	35,146			$	29,390
Foreign		17,260				16,242				14,056
		$	60,605			$	51,388			$	43,446

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) consist of the following:

		December 31,
(in thousands)		2014				2013				2012
Current:
Domestic		$	13,495			$	10,605			$	9,273
Foreign		3,382				3,200				4,919
State		2,685				2,366				756
		19,562				16,171				14,948
Deferred:
Domestic		(600		)		(1,074		)		(192		)
Foreign		540				249				(363		)
State		(48		)		(52		)		150
		(108		)		(877		)		(405		)
Total income taxes		$	19,454			$	15,294			$	14,543

Schedule of Effective Income Tax Rate Reconciliation

The difference between income tax expense (benefit) for financial statement purposes and the amount of income tax expense computed by applying the domestic statutory income tax rate of 35% to income before income taxes consist of the following:

		December 31,
(in thousands)		2014				2013				2012
Domestic statutory rate at 35%		$	21,212			$	17,985			$	15,206
Increase (reduction) from:
Jurisdictional rate differences		(2,119		)		(1,959		)		(1,477		)
Goodwill impairment		—				—				157
Valuation allowance		353				(114		)		825
Stock based compensation		199				136				214
U.S. state taxes		1,649				1,496				589
Domestic production deduction		(1,321		)		(1,162		)		(948		)
R&E credit		(614		)		(856		)		(130		)
Other, net		95				(232		)		107
Provision for income taxes		$	19,454			$	15,294			$	14,543
Effective tax rate		32		%		30		%		33		%

Schedule of Deferred Tax Assets and Liabilities

The components of the Company’s deferred income tax assets and liabilities consist of the following:

		December 31,
(in thousands)		2014				2013
Deferred income tax assets:
Inventory basis difference		$	1,051			$	1,576
Accounts receivable reserve		394				201
Stock based compensation		1,284				904
Pension liability		3,018				1,604
Employee benefit accrual		1,448				601
Product liability and warranty reserves		1,480				1,417
Expenses not currently deductible for tax purposes		410				1,064
Foreign net operating loss		1,379				2,954
State net operating loss		10				76
Other		—				34
Total deferred income tax assets		$	10,474			$	10,431
Less: Valuation allowance		(1,064		)		(711		)
Net deferred income tax assets		$	9,410			$	9,720
Deferred income tax liabilities:
Depreciation		(2,786		)		(3,068		)
Intangible assets		(2,144		)		(1,277		)
Deferred revenue		38				(66		)
Expenses not currently deductible for tax purposes		(356		)		(461		)
Total deferred income tax liabilities		$	(5,248	)		$	(4,872	)
Net deferred income tax assets		$	4,162			$	4,848

Schedule of Unrecognized Tax Benefits Roll Forward

		December 31,
		2014				2013
Balance as of beginning of year		$	146,000			$	257,000
Additions for tax positions related to the current year		63,000				56,000
Additions for tax positions related to prior years		262,000				27,000
Reduction due to lapse of statute of limitations		(83,000		)		(194,000		)
Balance as of end of year		$	388,000			$	146,000

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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.

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-Name Accounting Standards Codification

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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.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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