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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Income from continuing operations | Income from continuing operations for the three years ended December 31 was as follows:
| 2017 |  | 2016 |  | 2015
U.S. operations | $ | 7,465 |  |  | $ | 54,018 |  |  | $ | 51,189 |
Foreign operations | (8,757 | ) |  | 12,473 |  |  | (765 | )
Total | $ | (1,292 | ) |  | $ | 66,491 |  |  | $ | 50,424 |
Income tax expense (benefit) | Income tax expense (benefit) for the three years ended December 31 was as follows:
| 2017 |  | 2016 |  | 2015
Current: |  |  |  |  |
Federal | $ | 2,590 |  |  | $ | 15,962 |  |  | $ | 15,117 |
Foreign | 8,701 |  |  | 3,035 |  |  | 3,992 |
State | 812 |  |  | 1,859 |  |  | 1,685 |
| $ | 12,103 |  |  | $ | 20,856 |  |  | $ | 20,794 |
Deferred: |  |  |  |  |  |  |  |
Federal | $ | 1,640 |  |  | $ | (472 | ) |  | $ | (481 | )
Foreign | (8,699 | ) |  | (434 | ) |  | (1,888 | )
State | (131 | ) |  | (73 | ) |  | (89 | )
| $ | (7,190 | ) |  | $ | (979 | ) |  | $ | (2,458 | )
Total: |  |  |  |  |  |  |  |
Federal | $ | 4,230 |  |  | $ | 15,490 |  |  | $ | 14,636 |
Foreign | 2 |  |  | 2,601 |  |  | 2,104 |
State | 681 |  |  | 1,786 |  |  | 1,596 |
Total Income Tax Expense | $ | 4,913 |  |  | $ | 19,877 |  |  | $ | 18,336 |
Summary of tax loss carryforward | Tax loss carryforwards and expiration periods by international operation as of December 31, 2017 were as follows:
| Amount |  | Carryforward Period
Netherlands | $ | 23,733 |  |  | 9 years
Germany | 12,068 |  |  | Unlimited
Sweden | 1,586 |  |  | Unlimited
Norway | 655 |  |  | Unlimited
Spain | 4,555 |  |  | Unlimited
Total | $ | 42,597 |  |  |
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 as follows:
| 2017 |  | 2016 |  | 2015
Tax at statutory rate | 35.0 | % |  | 35.0 | % |  | 35.0 | %
(Decreases) increases in the tax rate from: |  |  |  |  |  |  |
State and local taxes, net of federal benefit | (21.1 | ) |  | 1.7 |  |  | 2.2 |
Effect of foreign operations | (70.8 | ) |  | (5.5 | ) |  | (5.1 | )
Transaction costs | (226.3 | ) |  | — |  |  | — |
Effect of 2018 deferred rate change | (154.3 | ) |  | — |  |  | — |
Transition Tax | (28.0 | ) |  | — |  |  | — |
Impairment of Long-Lived Assets | — |  |  | — |  |  | 7.0 |
Effect of changes in valuation allowances | (126.5 | ) |  | 1.9 |  |  | 1.5 |
Domestic production activities deduction | 28.3 |  |  | (2.2 | ) |  | (2.7 | )
Share-based payments | 90.4 |  |  | — |  |  | — |
Research & Development credit | 82.9 |  |  | (1.3 | ) |  | (1.7 | )
Other, net | 10.2 |  |  | 0.3 |  |  | 0.2 |
Effective income tax rate | (380.2 | )% |  | 29.9 | % |  | 36.4 | %
Deferred tax assets and liabilities | Deferred tax assets and liabilities were comprised of the following as of December 31:
| 2017 |  | 2016
Deferred Tax Assets: |  |  |
Inventories, principally due to changes in inventory reserves | $ | 4,757 |  |  | $ | 332 |
Employee wages and benefits, principally due to accruals for financial reporting purposes | 11,031 |  |  | 14,723 |
Warranty reserves accrued for financial reporting purposes | 2,578 |  |  | 3,617 |
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 2,138 |  |  | 1,413 |
Tax loss carryforwards | 11,383 |  |  | 7,821 |
Tax credit carryforwards | 1,575 |  |  | 1,228 |
Other | 3,630 |  |  | 2,126 |
Gross Deferred Tax Assets | $ | 37,092 |  |  | $ | 31,260 |
Less: valuation allowance | (9,691 | ) |  | (6,865 | )
Total Net Deferred Tax Assets | $ | 27,401 |  |  | $ | 24,395 |
Deferred Tax Liabilities: |  |  |  |  |
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 9,042 |  |  | 6,947 |
Goodwill and Intangible Assets | 60,450 |  |  | 4,180 |
Total Deferred Tax Liabilities | $ | 69,492 |  |  | $ | 11,127 |
Net Deferred Tax (Liabilities) Assets | $ | (42,091 | ) |  | $ | 13,268 |
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2017 |  | 2016
Balance at January 1, | $ | 2,477 |  |  | $ | 2,326 |
Increases as a result of tax positions taken during the current year | 329 |  |  | 545 |
Increase related to prior period tax positions of acquired entities | 236 |  |  | — |
Decreases relating to settlement with tax authorities | (68 | ) |  | (6 | )
Reductions as a result of a lapse of the applicable statute of limitations | (770 | ) |  | (523 | )
Increases as a result of foreign currency fluctuations | 28 |  |  | 135 |
Balance at December 31, | $ | 2,232 |  |  | $ | 2,477 |

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