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Income Taxes | 12 Months Ended
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Dec. 31, 2014
Income Taxes [Abstract] |
INCOME TAXES | Note 15. Income Taxes Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2014 and 2013 are as follows:
|  | 2014 |  | 2013
Deferred tax liabilities: |  |  |  |
Goodwill and other intangibles | $ | (10,800) | $ | (11,360)
Depreciation |  | (3,763) |  | (3,369)
Inventories |  | (3,188) |  | (3,611)
Investment in LB Pipe joint venture |  | (553) |  | (587)
Other |  | (527) |  | (437)
Total deferred tax liabilities |  | (18,831) |  | (19,364)
Deferred tax assets: |  |  |  |
Pension and post-retirement liability |  | 2,147 |  | 1,033
Warranty reserve |  | 4,180 |  | 2,689
Deferred compensation |  | 1,755 |  | 1,525
Accounts receivable |  | 369 |  | 388
Contingent liabilities |  | 667 |  | 662
Long-term insurance reserves |  | 660 |  | 569
Net operating loss / tax credit carryforwards |  | 883 |  | 139
Other |  | 645 |  | 843
Total deferred tax assets |  | 11,306 |  | 7,848
Net deferred tax liability | $ | (7,525) | $ | (11,516)
Significant components of the provision for income taxes are as follows:
|  | 2014 |  | 2013 |  | 2012
Current: |  |  |  |  |  |
Federal | $ | 11,486 | $ | 8,776 | $ | 9,742
State |  | 1,491 |  | 837 |  | 1,977
Foreign |  | 3,339 |  | 1,982 |  | 1,910
Total current |  | 16,316 |  | 11,595 |  | 13,629
Deferred: |  |  |  |  |  |
Federal |  | (2,321) |  | 3,200 |  | (3,966)
State |  | (122) |  | 273 |  | (155)
Foreign |  | (471) |  | (229) |  | (442)
Total deferred |  | (2,914) |  | 3,244 |  | (4,563)
Total income tax expense from continuing operations | $ | 13,402 | $ | 14,839 | $ | 9,066
At December 31, 2014, the Company has not recorded deferred U.S. income taxes or foreign withholding taxes on $56,266 of undistributed earnings of its foreign subsidiaries. It is management’s intent and practice to indefinitely reinvest such earnings outside of the U.S. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation. Income before income taxes, as shown in the accompanying consolidated statements of operations, includes the following components:
|  | 2014 |  | 2013 |  | 2012
Domestic | $ | 30,762 | $ | 37,283 | $ | 16,600
Foreign |  | 8,294 |  | 6,832 |  | 7,230
Income from continuing operations, before income taxes | $ | 39,056 | $ | 44,115 | $ | 23,830
The reconciliation of income tax computed at statutory rates to income tax expense is as follows:
| 2014 |  | 2013 |  | 2012 |
Statutory rate | 35.0 | % | 35.0 | % | 35.0 | %
Foreign tax rate differential | (2.2) |  | (1.7) |  | (3.0) |
State income taxes, net of federal benefit | 2.7 |  | 2.6 |  | 4.5 |
Non-deductible expenses | 1.8 |  | 0.6 |  | 1.4 |
Tax credits | (0.9) |  | (0.8) |  | (2.2) |
Change in liability for unrecognized tax benefits | (0.8) |  | (1.9) |  | 0.9 |
Domestic production activities deduction | (2.2) |  | (1.2) |  | (1.2) |
Other | 0.9 |  | 1.0 |  | 2.6 |
| 34.3 | % | 33.6 | % | 38.0 | %
At December 31, 2014 and 2013, the tax benefit of net operating loss carryforwards available for state income tax purposes was $74 and $83, respectively. The state net operating loss carryforwards will expire in various years from 2019 through 2032. At December 31, 2014, the Company has foreign net operating loss carryforwards of $162, which may be carried forward indefinitely. The Company has foreign tax credit carryforwards in the amount of $780 that will expire in 2023 through 2025. The Company anticipates utilizing these operating loss and credit carryforwards prior to their expiration and, therefore, has not provided a valuation allowance for these amounts. The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2014 and 2013:
|  | 2014 |  | 2013
Unrecognized tax benefits at beginning of period: | $ | 1,509 | $ | 2,045
Increases based on tax positions for prior periods |  | 18 |  | 149
Decreases based on tax positions for prior periods |  | (325) |  | (89)
Decreases related to settlements with taxing authorities |  | (126) |  | (596)
Decreases as a result of a lapse of the applicable statute of limitations |  | (63) |  | -
Balance at end of period | $ | 1,013 | $ | 1,509
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $1,013 at December 31, 2014. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At December 31, 2014 and 2013, the Company had accrued interest and penalties related to unrecognized tax benefits of $335 and $342, respectively. As of December 31, 2014, the Company does not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of this decrease is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations. The Company files income tax returns in the United States and in various state, local and foreign jurisdictions. The Company is subject to federal income tax examinations for the period 2011 and forward. With respect to the state, local and foreign filings, certain entities of the Company are subject to income tax examinations for the periods 2007 and forward.

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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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