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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2011
Income Taxes [Abstract] |
Income from continuing operations | Income from continuing operations for the three years ended December 31, was as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
U.S. operations |  | $ | 40,282 |  |  | $ | 26,297 |  |  | $ | 12,103 |
Foreign operations |  |  | 8,448 |  |  |  | 8,430 |  |  |  | (36,423 | )
Total |  | $ | 48,730 |  |  | $ | 34,727 |  |  | $ | (24,320 | )
Income tax expense (benefit) | Income tax expense (benefit) for the three years ended December 31, was as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 10,321 |  |  | $ | 6,756 |  |  | $ | (337 | )
Foreign |  |  | 2,277 |  |  |  | 3,005 |  |  |  | 1,284 |
State |  |  | 1,450 |  |  |  | 1,214 |  |  |  | 236 |
|  | $ | 14,048 |  |  | $ | 10,975 |  |  | $ | 1,183 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 2,330 |  |  | $ | (10,541 | ) |  | $ | 1,897 |
Foreign |  |  | (203 | ) |  |  | (248 | ) |  |  | (1,444 | )
State |  |  | (158 | ) |  |  | (262 | ) |  |  | 285 |
|  | $ | 1,969 |  |  | $ | (11,051 | ) |  | $ | 738 |
Total: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,651 |  |  | $ | (3,785 | ) |  | $ | 1,560 |
Foreign |  |  | 2,074 |  |  |  | 2,757 |  |  |  | (160 | )
State |  |  | 1,292 |  |  |  | 952 |  |  |  | 521 |
|  | $ | 16,017 |  |  | $ | (76 | ) |  | $ | 1,921 |
Effective tax rate reconciliation | Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31, was as follows:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Tax at statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | (35.0 | %)
Increases (decreases) in the tax rate from: |  |  |  |  |  |  |  |  |
State and local taxex, net of federal benefit |  |  | 2.0 |  |  |  | 0.7 |  |  |  | 1.1 |
Effect of foreign operations |  |  | 0.5 |  |  |  | 0.5 |  |  |  | (7.0 | )
International restructuring |  |  | - |  |  |  | (31.4 | ) |  |  | (9.4 | )
Goodwill impairment - non-deductible |  |  | - |  |  |  | - |  |  |  | 56.9 |
Effect of changes in valuation allowances |  |  | - |  |  |  | 0.1 |  |  |  | (0.7 | )
Domestic production activities deduction |  |  | (1.6 | ) |  |  | (3.0 | ) |  |  | 0.8 |
Other, net |  |  | (3.0 | ) |  |  | (2.1 | ) |  |  | 1.2 |
Effective income tax rate |  |  | 32.9 | % |  |  | (0.2 | %) |  |  | 7.9 | %
Deferred tax assets and liabilities | Deferred tax assets and liabilities were comprised of the following as of December 31:
|  | 2011 |  |  | 2010 |  |  | 2009 |
Deferred tax assets: |  |  |  |  |  |  |  |  |
Inventories, principally due to additional costs inventoried for |  |  |  |  |  |  |  |  |  |  |  |
tax purposes and changes in inventory reserves |  | $ | 426 |  |  | $ | 1,081 |  |  | $ | 867 |
Employee wages and benefits, principally due to accruals for |  |  |  |  |  |  |  |  |  |  |  |
financial reporting purposes |  |  | 20,910 |  |  |  | 17,948 |  |  |  | 16,050 |
Warranty reserves accrued for financial reporting purposes |  |  | 2,625 |  |  |  | 2,175 |  |  |  | 1,803 |
Accounts receivable, principally due to allowance for doubtful |  |  |  |  |  |  |  |  |  |  |  |
accounts and tax accounting method for equipment rentals |  |  | 1,464 |  |  |  | 1,252 |  |  |  | 1,396 |
Tax loss carryforwards |  |  | 5,915 |  |  |  | 12,725 |  |  |  | 12,987 |
Valuation allowance |  |  | (3,229 | ) |  |  | (9,170 | ) |  |  | (9,131 | )
Tax credit carryforwards |  |  | 8,554 |  |  |  | 10,119 |  |  |  | 2,385 |
Other |  |  | 1,777 |  |  |  | 1,937 |  |  |  | 1,177 |
Total deferred tax assets |  | $ | 38,442 |  |  | $ | 38,067 |  |  | $ | 27,534 |
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property, Plant and Equipment, principally due to differences in |  |  |  |  |  |  |  |  |  |  |  |
depreciation and related gains |  | $ | 9,167 |  |  | $ | 8,562 |  |  | $ | 8,592 |
Goodwill and Intangible Assets |  |  | 7,093 |  |  |  | 8,390 |  |  |  | 9,086 |
Total deferred tax liabilities |  | $ | 16,260 |  |  | $ | 16,952 |  |  | $ | 17,678 |
Net deferred tax assets |  | $ | 22,182 |  |  | $ | 21,115 |  |  | $ | 9,856 |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance at January 1, 2011 |  | $ | 5,272 |
Decreases as a result of tax positions taken during a prior period |  |  | (765 | )
Increases as a result of tax positions taken during the current year |  |  | 828 |
Decreases for tax positions related to acquired entities during a prior period |  |  | - |
Decreases relating to settlements with taxing authorities |  |  | (193 | )
Reductions as a result of a lapse of the applicable statute of limitations |  |  | (1,551 | )
Decreases as a result of foreign currency fluctuations |  |  | (167 | )
Balance at December 31, 2011 |  | $ | 3,424 |

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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 -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 9 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + 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 -Topic 740 -SubTopic 10 -Publisher FASB -Number -Article -Subparagraph -Name Accounting Standards Codification -Paragraph 12 -Section 50 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + 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 FASB Interpretation (FIN) -Number 48 -Paragraph 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: 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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