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Income Taxes | 12 Months Ended
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Dec. 31, 2016
Income Taxes [Abstract] |
Income Taxes | NOTE D – INCOME TAXES ﻿ ﻿ ﻿
﻿ |  |  |  |  |  |
﻿ |  |  |  |  |  |
﻿Income tax expense (benefit) included in income from net earnings consists of the following:
﻿ |  |  |  |  |  |
﻿ |  | Year ended
﻿ |  | 2014 |  | 2015 |  | 2016
﻿ |  |  |  |  |  |
﻿Current |  |  |  |  |  |
﻿Federal |  | $ 22,362 |  | $ 17,492 |  | $ (4,361)
﻿State |  | 1,056 |  | 464 |  | 756
﻿Foreign |  | 16,265 |  | 32,198 |  | 45,568
﻿ |  |  |  |  |  |
﻿Total Current |  | 39,683 |  | 50,154 |  | 41,963
﻿ |  |  |  |  |  |
﻿Deferred |  |  |  |  |  |
﻿Federal |  | (1,096) |  | (5,220) |  | (6,813)
﻿State |  | (43) |  | (155) |  | (67)
﻿Foreign |  | 473 |  | 3,138 |  | 3,428
﻿ |  |  |  |  |  |
﻿Total Deferred |  | (666) |  | (2,237) |  | (3,452)
﻿ |  |  |  |  |  |
﻿ |  | $ 39,017 |  | $ 47,917 |  | $ 38,511
﻿ ﻿
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﻿The income tax provision, as reconciled to the tax computed at the federal statutory rate of 35% for 2014, 2015, and
﻿2016, is as follows: |  |  |  |  |  |
﻿ |  | Year ended
﻿ |  | 2014 |  | 2015 |  | 2016
﻿ |  |  |  |  |  |
﻿Federal income taxes at statutory rate |  | $ 40,479 |  | $ 49,906 |  | $ 48,493
﻿State income taxes, net of federal tax benefit |  | 653 |  | 670 |  | 689
﻿Excess tax benefits on equity awards |  | - |  | - |  | (9,140)
﻿Qualified production activities deduction |  | (887) |  | (952) |  | (856)
﻿Foreign rate differential |  | (603) |  | (461) |  | (337)
﻿U.S. research credit |  | (293) |  | (425) |  | (339)
﻿All other, net |  | (332) |  | (821) |  | 1
﻿ |  |  |  |  |  |
﻿ |  | $ 39,017 |  | $ 47,917 |  | $ 38,511
﻿ |  |  |  |  |  |
NOTE D – INCOME TAXES – CONTINUED ﻿ ﻿
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﻿The significant categories of deferred taxes are as follows:
﻿ |  | January 2, |  | December 31,
﻿ |  | 2016 |  | 2016
﻿Deferred tax assets |  |  |  |
﻿Inventory |  | $ 3,341 |  | $ 3,315
﻿Accruals not currently deductible |  | 5,892 |  | 5,233
﻿Equity-based compensation expense |  | 4,476 |  | 7,198
﻿Intangible assets |  | 9,283 |  | 8,591
﻿Accumulated other comprehensive income |  | 988 |  | 3,943
﻿Tax credit carry forwards |  | - |  | 3,698
﻿Net operating losses |  | 110 |  | 424
﻿Other |  | 3,428 |  | 4,365
﻿ |  |  |  |
﻿Gross deferred tax assets |  | 27,518 |  | 36,767
﻿Valuation allowance |  | (607) |  | (640)
﻿ |  |  |  |
﻿Net deferred tax assets |  | 26,911 |  | 36,127
﻿ |  |  |  |
﻿Deferred tax liabilities |  |  |  |
﻿Depreciation/amortization |  | (6,137) |  | (7,016)
﻿Prepaid expenses |  | (1,566) |  | (2,222)
﻿Intangible assets |  | (9,283) |  | (8,591)
﻿Other |  | (4,663) |  | (5,505)
﻿ |  |  |  |
﻿Gross deferred tax liabilities |  | (21,649) |  | (23,334)
﻿ |  |  |  |
﻿Net deferred taxes |  | $ 5,262 |  | $ 12,793
﻿ |  |  |  |
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﻿The Components of deferred taxes, net on a jurisdiction basis are as follows: |  |
﻿ |  |  |  |
﻿ |  | January 2, |  | December 31,
﻿ |  | 2016 |  | 2016
﻿ |  |  |  |
﻿Net current deferred tax assets |  | $ 9,674 |  | $ -
﻿Net noncurrent deferred tax assets |  | 9,844 |  | 18,292
﻿Net current deferred tax liabilities |  | (4,434) |  | -
﻿Net noncurrent deferred tax liabilities |  | (9,822) |  | (5,499)
﻿ |  |  |  |
﻿Net deferred taxes |  | $ 5,262 |  | $ 12,793
﻿ At December 31, 2016, the Company had foreign operating loss carry forwards of approximately $1,444. If these operating losses are not used, a portion of them will begin to expire in 2017. A valuation allowance of $424 has been placed on these foreign operating loss carry forwards. The valuation allowance is determined using a more likely than not realization criteria and is based upon all available positive and negative evidence, including future reversals of temporary differences. A future increase or decrease in the current valuation allowance is not expected to impact the income tax provision due to the Company’s ability to fully utilize foreign tax credits associated with taxable income in these jurisdictions. NOTE D – INCOME TAXES – CONTINUED ﻿ Also at December 31, 2016, the Company reported U.S. foreign tax credit carry forwards of $3,351. These foreign tax credits can carry forward for 10 years and will not expire until 2026. The Company also reported $339 of U.S. research credit carry forwards. These research credit carry forwards can be carried forward for 20 years and will not expire until 2036. Because these carry-forward credits are expected to be utilized before expiration, no valuation allowance has been provided. ﻿ The Company has not recognized a deferred tax liability for the undistributed earnings of certain of its foreign operations that arose during 2016 and in prior years as the Company considers these earnings to be indefinitely reinvested. As of December 31, 2016, the undistributed earnings of these subsidiaries was $19,597. The repatriation of these earnings would result in a tax liability to the Company of approximately $3,083. ﻿ The Company recognizes the impact of a tax position in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. As of January 2, 2016 and December 31, 2016, the Company had no significant unrecognized tax benefits. ﻿ From time to time, the Company is subject to federal, state, and foreign tax authority income tax examinations. The Company remains subject to income tax examinations for each of its open tax years, which extend back to 2013 under most circumstances. Certain taxing jurisdictions may provide for additional open years depending upon their statutes or if an audit is on-going.

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- 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 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 2: 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=65882285&loc=d3e32559-109319 Reference 3: 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=65882285&loc=d3e32718-109319 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=65882285&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=65882285&loc=d3e32537-109319 + Details
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