XML 80 R23.htm IDEA: XBRL DOCUMENT
v2.4.1.9

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2014
Income Tax Disclosure [Abstract] |
Income Taxes | 14. INCOME TAXES: The components of income tax expense for continuing operations are as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 4,336 |  |  | $ | 9,097 |  |  | $ | 8,409 |
State |  |  | 334 |  |  |  | 690 |  |  |  | 278 |
Total current tax expense |  |  | 4,670 |  |  |  | 9,787 |  |  |  | 8,687 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 305 |  |  |  | 2,631 |  |  |  | (416 | )
State |  |  | (324 | ) |  |  | (60 | ) |  |  | 117 |
Total deferred tax expense (benefit) |  |  | (19 | ) |  |  | 2,571 |  |  |  | (299 | )
|  | $ | 4,651 |  |  | $ | 12,358 |  |  | $ | 8,388 |
The difference between the Company’s effective income tax rates and the statutory United States federal income tax rate of 35% is explained as follows:
|  | Year Ended December 31, |
|  | 2014 |  |  | 2013 |  |  | 2012 |
|  | (in thousands) |
Provision (benefit) at statutory rate of 35% |  | $ | (532 | ) |  | $ | 11,921 |  |  | $ | 9,083 |
State provision, net of federal benefit |  |  | (96 | ) |  |  | 370 |  |  |  | 601 |
Federal and state tax credits |  |  | (91 | ) |  |  | (525 | ) |  |  | (379 | )
Domestic manufacturing deduction |  |  | — |  |  |  | (641 | ) |  |  | (762 | )
Change in valuation allowance |  |  | 9 |  |  |  | 954 |  |  |  | — |
Uncertain tax positions |  |  | 5 |  |  |  | (7 | ) |  |  | (67 | )
Goodwill impairment (nondeductible) |  |  | 5,623 |  |  |  | — |  |  |  | — |
Nondeductible expenses |  |  | 207 |  |  |  | 345 |  |  |  | 247 |
Nontaxable adjustment to contingent consideration |  |  | (611 | ) |  |  | — |  |  |  | — |
Other |  |  | 137 |  |  |  | (59 | ) |  |  | (335 | )
|  | $ | 4,651 |  |  | $ | 12,358 |  |  | $ | 8,388 |
Effective tax rate |  |  | 305.6 | % |  |  | 36.3 | % |  |  | 32.4 | %
The tax effect of temporary differences that give rise to significant portions of deferred tax assets and liabilities is presented below:
|  | December 31, |
|  | 2014 |  |  | 2013 |
|  | (in thousands) |
Current deferred tax assets: |  |  |  |  |  |  |  |
Costs and estimated earnings in excess of billings on uncompleted contracts, net |  | $ | 2,186 |  |  | $ | 2,384 |
Accrued employee benefits |  |  | 841 |  |  |  | 951 |
Inventories |  |  | 1,937 |  |  |  | 2,671 |
Trade receivable, net |  |  | 372 |  |  |  | 319 |
Net operating loss carryforwards |  |  | 93 |  |  |  | 500 |
Other |  |  | 1,299 |  |  |  | 520 |
|  |  | 6,728 |  |  |  | 7,345 |
Valuation allowance |  |  | (719 | ) |  |  | (500 | )
|  |  | 6,009 |  |  |  | 6,845 |
Current deferred tax liabilities: |  |  |  |  |  |  |  |
Prepaid expenses |  |  | (522 | ) |  |  | (637 | )
Current deferred tax assets, net |  |  | 5,487 |  |  |  | 6,208 |
Noncurrent deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  |  | 489 |  |  |  | 211 |
Tax credit carryforwards |  |  | 996 |  |  |  | 478 |
Accrued employee benefits |  |  | 4,483 |  |  |  | 3,740 |
Other assets |  |  | 6,067 |  |  |  | 5,520 |
Other |  |  | 142 |  |  |  | 138 |
|  |  | 12,177 |  |  |  | 10,087 |
Valuation allowance |  |  | (1,139 | ) |  |  | (1,394 | )
|  |  | 11,038 |  |  |  | 8,693 |
Noncurrent deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (23,903 | ) |  |  | (19,343 | )
Intangible assets |  |  | (1,150 | ) |  |  | (1,192 | )
Noncurrent deferred tax liabilities, net |  |  | (14,015 | ) |  |  | (11,842 | )
Net deferred tax liabilities |  | $ | (8,528 | ) |  | $ | (5,634 | )
As of December 31, 2014, the Company had approximately $20 million of state net operating loss carryforwards which expire on various dates between 2018 and 2031. The Company also had state tax carryforwards of $1.5 million, which begin to expire in 2015. The Company considers the earnings of the Mexican subsidiary to be indefinitely reinvested outside the United States on the basis of estimates that future domestic cash generation will be sufficient to meet future domestic cash needs. Should the Company decide to repatriate the foreign earnings, the income tax provision would be adjusted in the period it is determined that the earnings will no longer be indefinitely reinvested outside the United States, and a deferred tax liability of approximately $0.9 million related to the United States federal and state income taxes and foreign withholding taxes on approximately $2.5 million of undistributed foreign earnings would be recorded. The Company files income tax returns in the United States Federal jurisdiction, in a limited number of foreign jurisdictions, and in many state jurisdictions. Internal Revenue Service examinations have been completed for years prior to 2011. With few exceptions, the Company is no longer subject to United States Federal or state income tax examinations for years before 2010. A summary of the changes in the unrecognized tax benefits during the years ended December 31, 2014, 2013 and 2012 is presented below (in thousands):
|  | 2014 |  |  | 2013 |  |  | 2012 |
Unrecognized tax benefits, beginning of year |  | $ | 6,207 |  |  | $ | 5,245 |  |  | $ | 309 |
Decreases for settlements |  |  | (3,265 | ) |  |  | — |  |  |  | — |
Decreases for lapse in statute of limitations |  |  | (115 | ) |  |  | — |  |  |  | — |
Decreases for positions taken in current year |  |  | (615 | ) |  |  | — |  |  |  | — |
Increases for positions taken in prior years |  |  | 101 |  |  |  | 646 |  |  |  | 3,571 |
Decreases for positions taken in prior years |  |  | — |  |  |  | (696 | ) |  |  | (184 | )
Increases for positions taken in the current year |  |  | — |  |  |  | 1,012 |  |  |  | 1,549 |
Unrecognized tax benefits, end of year |  | $ | 2,313 |  |  | $ | 6,207 |  |  | $ | 5,245 |
The Company does not believe it is reasonably possible that the total amounts of unrecognized tax benefits will change in the following twelve months; however, actual results could differ from those currently expected. Of the balance of unrecognized tax benefits, $2.4 million, which includes interest, would affect the Company’s effective tax rate if recognized at some point in the future. The Company recognizes interest and penalties related to uncertain tax positions in Income tax expense. As of December 31, 2014 and 2013, the Company has approximately $0.1 million and $0.3 million, respectively, of accrued interest related to uncertain tax positions. Total interest for uncertain tax positions decreased by approximately $0.1 million in 2014, and increased by approximately $0.1 million in 2013 and 2012.

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