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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Components of Income Taxes

Taxes on income included in the statements of income:

		US dollars
		Year ended December 31,
(in thousands)		2016				2015				2014
Income taxes (tax benefit):
Current taxes:
In Israel			5,581				6,279				7,564
Outside Israel			10,303				6,089				7,630
			15,884				12,368				15,194
Deferred taxes:
In Israel			91				(121	)			(471	)
Outside Israel			(1,179	)			206				(432	)
			(1,088	)			85				(903	)
Taxes in respect of prior years:
In Israel			81				369				-
Outside Israel			-				-				(45	)
			81				369				(45	)
			14,877				12,822				14,246

Schedule of Income Tax Reconciliation

The following is reconciliation between the theoretical tax on pretax income, at the applicable Israeli tax rate, and the tax expense reported in the financial statements:

		US dollars
		Year ended December 31,
(in thousands)		2016				2015				2014
Pretax income			50,054				41,833				47,574
Statutory tax rate			25	%			26.5	%			26.5	%
Tax computed at the ordinary tax rate			12,514				11,086				12,607
Nondeductible expenses (income)			766				526				10
Losses in respect of which no deferred taxes were generated (including changes in valuation allowance)			(151	)			831				(304	)
Deductible financial expenses recorded to other comprehensive income			90				(439	)			(365	)
Tax adjustment in respect of different tax rates			2,040				1,411				1,662
Taxes in respect of withholding at the source from royalties and dividends			95				78				615
Adjustment in respect of tax rate deriving from “approved enterprises”			(501	)			(405	)			(558	)
Others			24				(266	)			579
			14,877				12,822				14,246

Summary of Deferred Taxes

Composition:

		US dollars
		Year ended December 31,
(in thousands)		2016				2015
Deferred taxes included in other current assets:
Provision for employee related obligations			166				145
Provision for legal obligation and other			3,868				2,607
			4,034				2,752

Composition:

		US dollars
		Year ended December 31,
(in thousands)		2016				2015
Long-term deferred income taxes:
Provision for employee related obligations			771				718
Carry forward tax losses and foreign tax credit			3,600				4,321
Temporary differences, net			1,185				1,237
			5,556				6,276
Valuation allowance			(3,276	)			(3,997	)
			2,280				2,279

		US dollars
		Year ended December 31,
(in thousands)		2016				2015
Deferred income taxes included in long-term investments and other assets			2,280				2,279
			2,280				2,279

Schedule of Income Before Income Taxes

Income before income taxes is composed as follows:

		US dollars
		Year ended December 31,
(in thousands)		2016				2015				2014
The Company and its Israeli subsidiaries			22,634				23,987				26,021
Non-Israeli subsidiaries			27,420				17,846				21,553
			50,054				41,833				47,574

Changes in Unrecognized Tax Benefits

Reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

		US dollars
(in thousands)
Balance at January 1, 2014			472
Translations differences related to the current year			(51	)
Balance at December 31, 2014			421
Decrease related tax positions of prior years			(419	)
Translations differences related to the current year			(2	)
Balance at December 31, 2015			-

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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
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Section 50
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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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-Topic 235
-SubTopic 10
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Tabular disclosure of the change in unrecognized tax benefits.

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-SubTopic 10
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-URI http://asc.fasb.org/extlink&oid=75116239&loc=d3e36027-109320

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