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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Income from continuing operations | Income from continuing operations for the three years ended December 31 was as follows:
| 2018 |  | 2017 |  | 2016
U.S. operations | $ | 23,913 |  |  | $ | 7,465 |  |  | $ | 54,018 |
Foreign operations | 11,929 |  |  | (8,757 | ) |  | 12,473 |
Total | $ | 35,842 |  |  | $ | (1,292 | ) |  | $ | 66,491 |
Income tax expense (benefit) | Income tax expense (benefit) for the three years ended December 31 was as follows:
| 2018 |  | 2017 |  | 2016
Current: |  |  |  |  |
Federal | $ | 3,731 |  |  | $ | 2,590 |  |  | $ | 15,962 |
Foreign | 7,030 |  |  | 8,701 |  |  | 3,035 |
State | 1,033 |  |  | 812 |  |  | 1,859 |
| $ | 11,794 |  |  | $ | 12,103 |  |  | $ | 20,856 |
Deferred: |  |  |  |  |  |  |  |
Federal | $ | (3,135 | ) |  | $ | 1,640 |  |  | $ | (472 | )
Foreign | (6,012 | ) |  | (8,699 | ) |  | (434 | )
State | (343 | ) |  | (131 | ) |  | (73 | )
| $ | (9,490 | ) |  | $ | (7,190 | ) |  | $ | (979 | )
Total: |  |  |  |  |  |  |  |
Federal | $ | 596 |  |  | $ | 4,230 |  |  | $ | 15,490 |
Foreign | 1,018 |  |  | 2 |  |  | 2,601 |
State | 690 |  |  | 681 |  |  | 1,786 |
Total Income Tax Expense | $ | 2,304 |  |  | $ | 4,913 |  |  | $ | 19,877 |
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:
| 2018 |  | 2017 |  | 2016
Tax at statutory rate | 21.0 | % |  | 35.0 | % |  | 35.0 | %
(Decreases) increases in the tax rate from: |  |  |  |  |  |  |
State and local taxes, net of federal benefit | 1.4 |  |  | (21.1 | ) |  | 1.7 |
Effect of foreign operations | (4.3 | ) |  | (70.8 | ) |  | (5.5 | )
Transaction costs | (4.2 | ) |  | (226.3 | ) |  | — |
Effect of 2017 deferred rate change | (1.0 | ) |  | (154.3 | ) |  | — |
Transition Tax | (1.0 | ) |  | (28.0 | ) |  | — |
Effect of changes in valuation allowances | 6.6 |  |  | (126.5 | ) |  | 1.9 |
Domestic production activities deduction | 0.4 |  |  | 28.3 |  |  | (2.2 | )
Share-based payments | (5.7 | ) |  | 90.4 |  |  | — |
Research & Development credit | (3.6 | ) |  | 82.9 |  |  | (1.3 | )
Other, net | (3.2 | ) |  | 10.2 |  |  | 0.3 |
Effective income tax rate | 6.4 | % |  | (380.2 | )% |  | 29.9 | %
Deferred tax assets and liabilities | Deferred tax assets and liabilities were comprised of the following as of December 31:
| 2018 |  | 2017
Deferred Tax Assets: |  |  |
Inventories, principally due to changes in inventory reserves | $ | 3,335 |  |  | $ | 4,757 |
Employee wages and benefits, principally due to accruals for financial reporting purposes | 11,642 |  |  | 11,031 |
Warranty reserves accrued for financial reporting purposes | 2,610 |  |  | 2,578 |
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals | 1,728 |  |  | 2,138 |
Tax loss carryforwards | 7,765 |  |  | 11,383 |
Tax credit carryforwards | 4,708 |  |  | 1,575 |
Other | 4,712 |  |  | 3,630 |
Gross Deferred Tax Assets | $ | 36,500 |  |  | $ | 37,092 |
Less: valuation allowance | (11,519 | ) |  | (9,691 | )
Total Net Deferred Tax Assets | $ | 24,981 |  |  | $ | 27,401 |
Deferred Tax Liabilities: |  |  |  |  |
Property, Plant and Equipment, principally due to differences in depreciation and related gains | 9,882 |  |  | 9,042 |
Goodwill and Intangible Assets | 45,628 |  |  | 60,450 |
Total Deferred Tax Liabilities | $ | 55,510 |  |  | $ | 69,492 |
Net Deferred Tax Liabilities | $ | (30,529 | ) |  | $ | (42,091 | )
Reconciliation of unrecognized tax benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2018 |  | 2017
Balance at January 1 | $ | 2,232 |  |  | $ | 2,477 |
Increases as a result of tax positions taken during a prior period | 74 |  |  | — |
Increases as a result of tax positions taken during the current year | 370 |  |  | 329 |
Increase related to prior period tax positions of acquired entities | 3,833 |  |  | 236 |
Decreases relating to settlement with tax authorities | — |  |  | (68 | )
Reductions as a result of a lapse of the applicable statute of limitations | (1,274 | ) |  | (770 | )
Increases as a result of foreign currency fluctuations | 418 |  |  | 28 |
Balance at December 31 | $ | 5,653 |  |  | $ | 2,232 |

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