XML 81 R15.htm IDEA: XBRL DOCUMENT
v2.4.0.8

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income Taxes | Note G – Income Taxes Income before income taxes was derived from the following sources:
|  | 2013 |  |  | 2012 |  |  | 2011 |
United States |  | $ | 16,388 |  |  | $ | 21,754 |  |  | $ | 18,842 |
Foreign |  |  | 15,406 |  |  |  | 23,073 |  |  |  | 27,152 |
|  | $ | 31,794 |  |  | $ | 44,827 |  |  | $ | 45,994 |
The components of income taxes for the years ended December 31 are as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,308 |  |  | $ | 9,663 |  |  | $ | 5,679 |
Foreign |  |  | 5,018 |  |  |  | 7,885 |  |  |  | 8,896 |
State and local |  |  | 986 |  |  |  | 920 |  |  |  | 1,123 |
|  |  | 12,312 |  |  |  | 18,468 |  |  |  | 15,698 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (1,081 | ) |  |  | (1,443 | ) |  |  | 726 |
Foreign |  |  | 157 |  |  |  | (1,310 | ) |  |  | (1,199 | )
State and local |  |  | (181 | ) |  |  | (174 | ) |  |  | (215 | )
|  |  | (1,105 | ) |  |  | (2,927 | ) |  |  | (688 | )
Income taxes |  | $ | 11,207 |  |  | $ | 15,541 |  |  | $ | 15,010 |
The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows:
|  | 2013 |  |  | 2012 |  |  | 2011 |
U. S. federal statutory tax rate |  |  | 35 | % |  |  | 35 | % |  |  | 35 | %
Federal tax at statutory rate |  | $ | 11,128 |  |  | $ | 15,689 |  |  | $ | 16,098 |
State and local taxes, net of federal benefit |  |  | 583 |  |  |  | 485 |  |  |  | 590 |
U.S. federal permanent items |  |  | 124 |  |  |  | 332 |  |  |  | 14 |
Domestic productions activity deduction |  |  | (372 | ) |  |  | (669 | ) |  |  | (401 | )
Foreign earnings and related tax credits |  |  | 658 |  |  |  | 1,498 |  |  |  | 261 |
Non-U.S. tax rate variances |  |  | (1,467 | ) |  |  | (1,175 | ) |  |  | (1,510 | )
Unrecognized tax benefits |  |  | (770 | ) |  |  | 310 |  |  |  | 21 |
Valuation allowance |  |  | 1,091 |  |  |  | (337 | ) |  |  | 19 |
Tax credits |  |  | (453 | ) |  |  | (85 | ) |  |  | (265 | )
Other, net |  |  | 685 |  |  |  | (507 | ) |  |  | 183 |
|  | $ | 11,207 |  |  | $ | 15,541 |  |  | $ | 15,010 |
Deferred tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the tax basis of assets and liabilities and their carrying value for financial statement purposes. The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:
|  | 2013 |  |  | 2012 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued compensation and benefits |  | $ | 1,463 |  |  | $ | 1,808 |
Inventory valuation reserves |  |  | 2,581 |  |  |  | 2,771 |
Benefit plan reserves |  |  | 7,773 |  |  |  | 9,468 |
Capital tax loss carryforwards |  |  | 0 |  |  |  | 2,034 |
Net operating loss carryforwards |  |  | 1,244 |  |  |  | 788 |
Other accrued expenses |  |  | 2,926 |  |  |  | 2,480 |
Unrealized foreign exchange |  |  | 743 |  |  |  | 58 |
Gross deferred tax assets |  |  | 16,730 |  |  |  | 19,407 |
Valuation allowance |  |  | (1,420 | ) |  |  | (2,329 | )
Net deferred tax assets |  |  | 15,310 |  |  |  | 17,078 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and other basis differences |  |  | (5,533 | ) |  |  | (5,276 | )
Intangibles |  |  | (2,828 | ) |  |  | (3,571 | )
Other |  |  | (132 | ) |  |  | (90 | )
Deferred tax liabilities |  |  | (8,493 | ) |  |  | (8,937 | )
Net deferred tax assets |  | $ | 6,817 |  |  | $ | 8,141 |
|  | 2013 |  |  | 2012 |
Change in net deferred tax assets: |  |  |  |  |  |  |  |
Deferred income tax benefit |  | $ | 1,105 |  |  | $ | 2,927 |
Items of other comprehensive income (loss) |  |  | (2,692 | ) |  |  | (1,033 | )
Currency translation |  |  | 263 |  |  |  | (254 | )
Deferred tax balances from business acquisition |  |  | 0 |  |  |  | (1,036 | )
Total change in net deferred tax assets |  | $ | (1,324 | ) |  | $ | 604 |
Deferred taxes are recognized at currently enacted tax rates for temporary differences between the financial reporting and income tax bases of assets and liabilities and operating loss and tax credit carryforwards. At December 31, 2013, the Company has $1.2 million of foreign net operating loss carryfowards that will expire between the years 2014 and 2018. The Company assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets by jurisdiction. Based on this evaluation, the Company has established a valuation allowance of $1.4 million at December 31, 2013 in order to measure only the portion of the deferred tax asset that is more likely than not to be realized. Therefore, the Company recorded an allowance of $1.2 million against the foreign net operating loss carryforwards and $.2 million against other foreign deferred tax assets that may not be realized. The total decrease in valuation allowance during the year was $.9 million, of which $1.1 million impacts the tax provision and a $2 million decrease is netted against the expiration and related reversal of a deferred tax asset related to an expiring U.S. capital loss carryforward. The Company has not established a deferred tax liability associated with approximately $129 million of its undistributed foreign earnings at December 31, 2013 as these earnings are considered to be permanently reinvested. These earnings would be taxable upon the sale or liquidation of these foreign subsidiaries, or upon the remittance of dividends. While the measurement of the unrecognized U.S. income taxes with respect to these earnings is not practicable, foreign tax credits would be available to offset some or all of such earnings that would be remitted as dividends. Income taxes paid net of refunds were approximately $19.9 million in 2013, $16 million in 2012 and $14 million in 2011. The Company is subject to taxation in the U.S. and various state and foreign jurisdictions. As of December 31, 2013, with few exceptions, the Company is no longer subject to U.S. federal, state, local or foreign examinations by tax authorities for years before 2007. The following is a tabular reconciliation of the total amounts of unrecognized tax benefits for the period ended December 31:
|  | 2013 |  |  | 2012 |  |  | 2011 |
Balance at January 1 |  | $ | 1,361 |  |  | $ | 1,015 |  |  | $ | 1,062 |
Additions for tax positions of prior years |  |  | 0 |  |  |  | 511 |  |  |  | 0 |
Reductions for tax positions of prior years |  |  | (588 | ) |  |  | 0 |  |  |  | (32 | )
Expiration of statutes of limitations |  |  | (165 | ) |  |  | (165 | ) |  |  | (15 | )
Balance at December 31 |  | $ | 608 |  |  | $ | 1,361 |  |  | $ | 1,015 |
Accrued interest and penalties are not included in the above unrecognized tax balances. The Company records accrued interest as well as penalties related to unrecognized tax benefits as part of the provision for income taxes. The Company recognized less than $.1 million, net of the amount lapsed through expiring statutes, during each of the years ended December 31, 2013, 2012 and 2011. The Company had approximately $.6 million, $.6 million and $.5 million for the payment of interest accrued at December 31, 2013, 2012 and 2011, respectively. The Company had approximately $.3 million accrued for the payment of penalties at December 31, 2013, 2012 and 2011. If recognized, approximately $0, $.7 million, and $.5 million of unrecognized tax benefits would affect the tax rate for the years ended December 31, 2013, 2012 and 2011 respectively. The Company does not anticipate any material changes to the amount of unrecognized tax benefits within the next twelve months.

X
- Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 2: 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 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 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 Reference 6: 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 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration