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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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)		2017				2016				2015
Income before income taxes:
Domestic		$	61,329			$	44,446			$	52,313
Foreign		21,038				17,743				14,554
		$	82,367			$	62,189			$	66,867

Schedule of Components of Income Tax Expense (Benefit)

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

		December 31,
(in thousands)		2017				2016				2015
Current:
Domestic		$	26,713			$	11,958			$	13,293
Foreign		6,222				5,491				4,614
State		3,789				2,075				2,947
		36,724				19,524				20,854
Deferred:
Domestic		1,711				1,580				3,481
Foreign		(155		)		934				(718		)
State		(228		)		106				41
		1,328				2,620				2,804
Total income taxes		$	38,052			$	22,144			$	23,658

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 consists of the following:

		December 31,
(in thousands)		2017				2016				2015
Domestic statutory rate at 35%		$	28,828			$	21,766			$	23,403
Increase (reduction) from:
Jurisdictional rate differences		(1,863		)		(1,936		)		(2,192		)
Valuation allowance		308				1,731				797
Stock based compensation		(778		)		275				257
U.S. state taxes		2,463				1,295				1,942
Domestic production deduction		(1,039		)		(618		)		(518		)
R&D credit		(500		)		(329		)		(475		)
Other, net		397				(40		)		444
Provision for income taxes before tax reform		$	27,816			$	22,144			$	23,658
Effective tax rate		34		%		36		%		35		%
Tax Reform:
Rate change of deferreds		(3,334		)		—				—
Mandatory deemed repatriation expense		13,104				—				—
Other		466				—				—
Impact of tax reform		$	10,236			$	—			$	—
Provision for income tax		$	38,052			$	22,144			$	23,658
Effective tax rate		46		%		36		%		35		%

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)		2017				2016
Deferred income tax assets:
Inventory basis difference		$	571			$	1,568
Accounts receivable reserve		310				231
Rental equipment and Property, plant and equipment		4				—
Stock based compensation		549				937
Pension liability		2,859				3,947
Employee benefit accrual		2,193				1,481
Product liability and warranty reserves		1,211				1,600
Expenses not currently deductible for tax purposes		—				28
Foreign net operating loss		4,266				3,513
State net operating loss		286				102
Foreign tax credit		4,106				—
Other		216				94
Total deferred income tax assets		$	16,571			$	13,501
Less: Valuation allowance		(8,519		)		(3,382		)
Net deferred income tax assets		$	8,052			$	10,119
Deferred income tax liabilities:
Inventory basis differences		$	—			$	(16	)
Rental equipment and Property, plant and equipment		(7,477		)		(5,289		)
Intangible assets		(7,064		)		(10,046		)
Expenses not currently deductible for tax purposes		(887		)		(593		)
Total deferred income tax liabilities		$	(15,428	)		$	(15,944	)
Net deferred income taxes		$	(7,376	)		$	(5,825	)

Schedule of Unrecognized Tax Benefits Roll Forward

		December 31,
		2017				2016
Balance as of beginning of year		$	235,000			$	301,000
Additions for tax positions related to the current year		62,000				51,000
Additions for tax positions related to prior years		—				—
Reduction due to lapse of statute of limitations		(63,000		)		(117,000		)
Balance as of end of year		$	234,000			$	235,000

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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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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