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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES The components of earnings before income taxes consisted of the following for the years ended December 31:
(In thousands) | 2016 |  | 2015 |  | 2014
United States | $ | 196,827 |  |  | $ | 113,280 |  |  | $ | 95,057 |
Foreign | 2,345 |  |  | 1,089 |  |  | — |
Total earnings before income taxes | $ | 199,172 |  |  | $ | 114,369 |  |  | $ | 95,057 |
The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31:
(In thousands) | 2016 |  | 2015 |  | 2014
Current: |  |  |  |  |
Federal | $ | 61,073 |  |  | $ | 31,132 |  |  | $ | 32,142 |
State and local | 10,560 |  |  | 7,670 |  |  | 6,142 |
Foreign | 466 |  |  | 160 |  |  | — |
Total current provision | 72,099 |  |  | 38,962 |  |  | 38,284 |
Deferred: |  |  |  |  |
Federal | (2,506 | ) |  | 466 |  |  | (4,545 | )
State and local | (110 | ) |  | 596 |  |  | (948 | )
Foreign | 18 |  |  | — |  |  | — |
Total deferred provision | (2,598 | ) |  | 1,062 |  |  | (5,493 | )
Provision for income taxes | $ | 69,501 |  |  | $ | 40,024 |  |  | $ | 32,791 |
The provision for income taxes differs from the amount computed by applying the federal statutory rate to income before income taxes for the following reasons for the years ended December 31:
(In thousands) | 2016 |  | 2015 |  | 2014
Income tax at federal statutory rate | $ | 69,710 |  |  | $ | 40,029 |  |  | $ | 33,270 |
State income tax, net of federal income tax impact | 6,480 |  |  | 4,386 |  |  | 3,376 |
Foreign tax rate differential | (614 | ) |  | (82 | ) |  | — |
Manufacturing credit pursuant to Jobs Creation Act | (5,067 | ) |  | (2,336 | ) |  | (2,258 | )
Federal tax credits | (1,736 | ) |  | (919 | ) |  | (681 | )
Other | 728 |  |  | (1,054 | ) |  | (916 | )
Provision for income taxes | $ | 69,501 |  |  | $ | 40,024 |  |  | $ | 32,791 |
At December 31, 2016, federal income taxes receivable of $12.7 million and state income taxes receivable of $0.4 million were included in prepaid expenses and other current assets. At December 31, 2015, federal and state income taxes receivable of $8.1 million were included in prepaid expenses and other current assets, and state income taxes payable of $0.4 million were included in accrued expenses and other current liabilities. The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31:
(In thousands) | 2016 |  | 2015 |  |
Deferred tax assets: |  |  |  |  |
Goodwill and other intangible assets | $ | 10,952 |  |  | $ | 11,879 |  |  |
Stock-based compensation | 7,550 |  |  | 7,428 |  |  |
Deferred compensation | 5,184 |  |  | 5,310 |  |  |
Warranty | 11,679 |  |  | 8,809 |  |  |
Inventory | 6,572 |  |  | 5,974 |  |  |
Other | 5,000 |  |  | 4,922 |  |  |
Total deferred tax assets | 46,937 |  |  | 44,322 |  |  |
Deferred tax liabilities: |  |  |  |  |
Fixed assets | (14,948 | ) |  | (14,931 | ) |  |
Net deferred tax assets | $ | 31,989 |  |  | $ | 29,391 |  |  |
The Company concluded it is more likely than not the deferred tax assets at December 31, 2016 will be realized in the ordinary course of operations based on projected future taxable income and scheduling of deferred tax liabilities. Excess tax benefits on stock-based compensation of $8.0 million, $9.0 million and $3.9 million were credited directly to stockholders’ equity during the years ended December 31, 2016, 2015 and 2014, respectively, relating to tax benefits which exceeded the compensation cost for stock-based compensation recognized in the Consolidated Financial Statements. At December 31, 2016, the remaining pool of excess tax benefits from prior exercises of stock-based compensation in stockholders’ equity was $31.5 million. Unrecognized Tax Benefits The following table reconciles the total amounts of unrecognized tax benefits, at December 31:
(In thousands) | 2016 |  | 2015 |  | 2014
Balance at beginning of period | $ | 2,854 |  |  | $ | 1,526 |  |  | $ | 1,369 |
Changes in tax positions of prior years | 214 |  |  | 912 |  |  | 84 |
Additions based on tax positions related to the current year | 1,252 |  |  | 866 |  |  | 603 |
Payments | — |  |  | (85 | ) |  | — |
Closure of tax years | (573 | ) |  | (365 | ) |  | (530 | )
Balance at end of period | $ | 3,747 |  |  | $ | 2,854 |  |  | $ | 1,526 |
In addition, the total amount of accrued interest and penalties related to taxes, recognized as a liability, was $0.2 million, $0.2 million and $0.2 million at December 31, 2016, 2015 and 2014, respectively. The total amount of unrecognized tax benefits, net of federal income tax benefits, of $2.9 million, $2.7 million and $1.2 million at December 31, 2016, 2015 and 2014, respectively, would, if recognized, increase the Company’s earnings, and lower the Company’s annual effective tax rate in the year of recognition. The Company is subject to taxation in the United States and various states and foreign jurisdictions. The Company periodically undergoes examinations by the Internal Revenue Service (“IRS”), as well as various state and foreign taxing authorities. The IRS and other taxing authorities may challenge certain deductions and positions reported by the Company on its income tax returns. For U.S. federal income tax purposes, the tax year 2014 is currently under audit, while tax years 2013 and 2015 remain subject to examination. For Indiana state income tax purposes, the tax years 2013 through 2015 remain subject to examination. Approximately 80 percent of the Company’s operations are located in Indiana. In other major jurisdictions, open years are generally 2013 or later. The Company has assessed its risks associated with all tax return positions, and believes its tax reserve estimates reflect its best estimate of the deductions and positions it will be able to sustain, or it may be willing to concede as part of a settlement. At this time, the Company cannot estimate the range of reasonably possible change in its tax reserve estimates in 2017. While these tax matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, any monetary liability or financial impact to the Company beyond that provided for in the Consolidated Balance Sheet as of December 31, 2016, would not be material to the Company’s financial position or annual results of operations.

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- 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 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 2: 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 Reference 3: 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 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 + Details
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