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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAX [Abstract]

Schedule of Components of Income Taxes

		US dollars
		Year ended December 31,
(in thousands)			2014				2013				2012
Income taxes (tax benefit):
Current taxes:
In Israel			7,564				6,060				4,896
Outside Israel			7,630				8,194				6,013
			15,194				14,254				10,909
Deferred taxes:
In Israel			(471	)			(503	)			(249	)
Outside Israel			(432	)			(1,309	)			1,204
			(903	)			(1,812	)			955
Taxes in respect of prior years:
In Israel			-				-				(126	)
Outside Israel			(45	)			5				(48	)
			(45	)			5				(174	)
			14,246				12,447				11,690

Schedule of Income Tax Reconciliation

			US dollars
			Year ended December 31,
(in thousands)			2014				2013			2012
Pretax income			47,574				38,002			37,689
Statutory tax rate			26.5	%			25	%		25	%
Tax computed at the ordinary tax rate			12,607				9,500			9,422
Nondeductible expenses			757				1,701			418
Losses in respect of which no deferred taxes were generated (including reduction of deferred tax assets recorded in prior period)			(304	)			137			1,087
Deductible financial expenses recorded to other comprehensive income			(365	)			(312	)		(244	)
Taxes in respect of prior years			45				5			(174	)
Tax adjustment in respect of different tax rates			1,662				1,877			1,734
Taxes in respect of withholding at the source from royalties and dividends			615				817			853
Adjustment in respect of tax rate deriving from “approved enterprises”			(558	)			(467	)		(233	)
Others			(213	)			(811	)		(1,173	)
			14,246				12,447			11,690

Summary of Deferred Taxes

Composition:

		US dollars
		Year ended December 31,
(in thousands)		2014		2013
Deferred taxes included in other current assets:
Provision for employee related obligations		130		139
Provision for legal obligation and other		3,519		3,553
		3,649		3,692

Composition:

			US dollars
			Year ended December 31,
(in thousands)			2014		2013
Long-term deferred income taxes:
Provision for employee related obligations			678		533
Carry forward tax losses and foreign tax credit			3,223		4,029
Temporary differences, net			1,010		1,982
			4,911		6,544
Valuation allowance			(2,175		(2,979	)
			2,736		3,565

Composition:

		US dollars
		Year ended December 31,
(in thousands)			2014			2013
Deferred income taxes included in long-term investments and other assets			2,886			3,781
Deferred income taxes included in long-term liabilities			(150	)		(216	)
			2,736			3,565

Schedule of Income Before Income Taxes

		US dollars
		Year ended December 31,
(in thousands)		2014		2013		2012
The Company and its Israeli subsidiaries		26,021		17,296		20,060
Non-Israeli subsidiaries		21,553		20,706		17,629
		47,574		38,002		37,689

Changes in Unrecognized Tax Benefits

		US dollars
(in thousands)
Balance at January 1, 2013		439
Translations differences related to the current year		33
Balance at December 31, 2013		472
Translations differences related to the current year		(51
Balance at December 31, 2014		421

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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

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-Publisher FASB

-Name Accounting Standards Codification

-Topic 740

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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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.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification

-Topic 235

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Tabular disclosure of the change in unrecognized tax benefits.

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