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Income taxes | 12 Months Ended
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Dec. 31, 2013
Income Tax Disclosure [Abstract] |
Income taxes | Income taxes The components of the Company's income before income taxes for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands):
| 2013 |  | 2012 |  | 2011
U.S. | $ | 108,680 |  |  | $ | 140,179 |  |  | $ | 88,968 |
Non-U.S. | 77,402 |  |  | 82,616 |  |  | 51,735 |
Income before income taxes | $ | 186,082 |  |  | $ | 222,795 |  |  | $ | 140,703 |
The Company’s provision (benefit) for income taxes from continuing operations for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands):
| 2013 |  | 2012 |  | 2011
Current |  |  |  |  |
U.S. Federal and state | $ | 20,589 |  |  | $ | 55,591 |  |  | $ | 34,351 |
Non-U.S. | 20,748 |  |  | 22,023 |  |  | 14,241 |
Total current | 41,337 |  |  | 77,614 |  |  | 48,592 |
Deferred |  |  |  |  |
U.S. Federal and state | 16,317 |  |  | (4,788 | ) |  | 386 |
Non-U.S. | (1,176 | ) |  | (1,561 | ) |  | (1,868 | )
Total deferred | 15,141 |  |  | (6,349 | ) |  | (1,482 | )
Provision for income tax expense | $ | 56,478 |  |  | $ | 71,265 |  |  | $ | 47,110 |
The reconciliation between the actual provision for income taxes from continuing operations and that computed by applying the U.S. statutory rate to income before income taxes and noncontrolling interests are outlined below (in thousands):
| 2013 |  | 2012 |  | 2011
Income tax expense at the statutory rate | $ | 65,129 |  |  | 35.0 | % |  | $ | 77,978 |  |  | 35.0 | % |  | $ | 49,246 |  |  | 35.0 | %
State taxes, net of federal tax benefit | 3,428 |  |  | 1.9 | % |  | 3,847 |  |  | 1.7 | % |  | 3,193 |  |  | 2.3 | %
Non-U.S. operations | (6,908 | ) |  | (3.7 | )% |  | (7,363 | ) |  | (3.3 | )% |  | (4,495 | ) |  | (3.2 | )%
Domestic incentives | (2,544 | ) |  | (1.4 | )% |  | (2,202 | ) |  | (1.0 | )% |  | (1,179 | ) |  | (0.8 | )%
Prior year federal, non-U.S. and state tax | (4,059 | ) |  | (2.2 | )% |  | (1,736 | ) |  | (0.8 | )% |  | (169 | ) |  | (0.1 | )%
Nondeductible expenses | 1,341 |  |  | 0.7 | % |  | 666 |  |  | 0.3 | % |  | 758 |  |  | 0.5 | %
Other | 91 |  |  | 0.1 | % |  | 75 |  |  | 0.1 | % |  | (244 | ) |  | (0.2 | )%
Provision for income tax expense | $ | 56,478 |  |  | 30.4 | % |  | $ | 71,265 |  |  | 32.0 | % |  | $ | 47,110 |  |  | 33.5 | %
The primary components of deferred taxes include (in thousands):
| 2013 |  | 2012
Deferred tax assets |  |  |
Reserves and accruals | $ | 7,149 |  |  | $ | 12,701 |
Inventory | 12,538 |  |  | 13,940 |
Stock awards | 6,284 |  |  | 4,609 |
Other | 146 |  |  | 255 |
Net operating loss and other tax credit carryforwards | 1,858 |  |  | 1,213 |
Total deferred tax assets | 27,975 |  |  | 32,718 |
Deferred tax liabilities |  |  |
Property and equipment | (16,387 | ) |  | (12,226 | )
Goodwill and intangible assets | (71,406 | ) |  | (45,998 | )
Investment in unconsolidated subsidiary | (10,993 | ) |  | — |
Unremitted non-U.S. earnings | (740 | ) |  | (740 | )
Prepaid expenses and other | (1,377 | ) |  | (868 | )
Total deferred tax liabilities | (100,903 | ) |  | (59,832 | )
Net deferred tax liabilities | $ | (72,928 | ) |  | $ | (27,114 | )
At December 31, 2013, the Company had $0.9 million of U.S. net operating loss carryforwards that expire in 2027. The Company also had $4.5 million of non-U.S. net operating loss carryforwards with indefinite expiration dates. All of the U.S. net operating losses relate to the Company's acquisitions. Use of these losses are subject to limitations under Section 382 of the Internal Revenue Code. The Company anticipates being able to fully utilize the losses prior to their expiration. At December 31, 2013, the Company had no foreign tax credit carryforwards. Goodwill from certain acquisitions is tax deductible due to the acquisition structure as an asset purchase or due to tax elections made by the Company and the respective sellers at the time of acquisition. The Company believes that it is more likely than not that deferred tax assets at December 31, 2013 and 2012 will be utilized to offset future taxable income and the reversal of taxable temporary differences. Consequently, no valuation allowance has been recorded in the financial statements. Taxes are provided as necessary with respect to non-U.S. earnings that are not permanently reinvested. For all other non-U.S. earnings, no U.S. taxes are provided because such earnings are intended to be reinvested indefinitely to finance non-U.S. activities. The Company files income tax returns in the U.S. as well as in various states and non-U.S. jurisdictions. With few exceptions, the Company is no longer subject to income tax examination by tax authorities in these jurisdictions prior to 2008. The Company accounts for uncertain tax positions in accordance with guidance in FASB ASC 740, which prescribes the minimum recognition threshold a tax position taken or expected to be taken in a tax return is required to meet before being recognized in the financial statements. A reconciliation of the beginning and ending amount of uncertain tax positions is as follows (in thousands):
Balance at January 1, 2013 |  | $ | 3,701 |
Additional based on tax positions related to prior years |  | 3,740 |
Reduction based on tax positions related to prior years |  | (1,937 | )
Lapse of statute of limitations |  | (897 | )
Balance at December 31, 2013 |  | 4,607 |
Deferred tax benefits on uncertain tax position related to U.S. and non-U.S. income tax |  | — |
Net balance at December 31, 2013 |  | $ | 4,607 |
The Company does not anticipate any significant changes to the unrecognized tax benefits within the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions within the provision for income taxes in the consolidated statement of income. As of December 31, 2013 and 2012, we had accrued approximately $0.1 million and $0.2 million, respectively, in interest and penalties. During the years ended December 31, 2013 and 2012, we recognized no material change in the interest and penalties related to uncertain tax positions.

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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 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
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