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Income Taxes (Tables)

12 Months Ended

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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