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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES

Schedule of components of the provision for income taxes

Years ended December 31,		2017				2016				2015
(in thousands)
Current provision:
Federal		$	8,623			$	7,263			$	5,056
State			546				261				300
Deferred (benefit) provision:
Federal			1,511				(507	)			1,256
State			8				(355	)			53
Total income tax provision		$	10,688			$	6,662			$	6,665

Schedule of reconciliation between the federal statutory rate and Marine Products' effective tax rate

Years ended December 31,		2017				2016				2015
Federal statutory rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal benefit			1.1				0.7				0.8
Research and experimentation credit			(0.8	)			(1.0	)			(1.1	)
Tax-exempt interest			(0.2	)			(0.4	)			(0.4	)
Tax-exempt gain on SERP assets			(0.6	)			(1.3	)			(0.1	)
Manufacturing deduction			(3.0	)			(3.0	)			(2.5	)
Change in valuation allowance			(0.1	)			(1.4	)			—
Adjustments related to the Act			5.6				—				—
Adjustments related to vesting of restricted stock			(2.4	)			—				—
Other			1.0				(0.1	)			—
Effective tax rate			35.6	%			28.5	%			31.7	%

Schedule of components of deferred tax assets and liabilities

December 31,		2017				2016
(in thousands)
Deferred tax assets:
Warranty costs		$	1,182			$	1,643
Sales incentives and discounts			348				725
Stock-based compensation			611				1,015
Pension			1,406				1,993
Uniform capitalization			47				298
All others			479				489
State credits and NOL’s			6,124				5,129
Valuation allowance			(5,447	)			(4,525	)
Total deferred tax assets			4,750				6,767
Deferred tax liabilities:
Depreciation and amortization expense			(781	)			(1,103	)
Basis differences in joint venture			(320	)			(386	)
Net deferred tax assets		$	3,649			$	5,278

Schedule of unrecognized tax benefits

		2017				2016
Balance at January 1		$	15,000			$	15,000
Additions based on tax positions related to the current year			12,000				—
Additions for tax positions of prior years			216,000				—
Balance at December 31		$	243,000			$	15,000

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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
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-SubTopic 10
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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 the change in unrecognized tax benefits.

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