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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense (benefit) included in the accompanying consolidated statement of operations represents federal, state and foreign income taxes.  The components of income (loss) before income taxes and the expense (benefit) for income taxes consist of the following:

Years ended December 31		2015		2014		2013
Income (loss) before income taxes:
Domestic	$	22,959	$	1,635	$	5,771
Foreign		(2,729)		(54,695)		17,555
Total income (loss) before income taxes	$	20,230	$	(53,060)	$	23,326
Provision for income taxes:
Current:
Federal	$	386	$	-	$	-
State and foreign		1,232		1,382		5,878
Total current expense		1,618		1,382		5,878
Deferred:
Federal		-		-		-
State and foreign		(2,165)		(3,238)		(3,081)
Total deferred benefit		(2,165)		(3,238)		(3,081)
Total income tax expense (benefit)	$	(547)	$	(1,856)	$	2,797

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Company’s effective income tax rate to the statutory federal tax rate is as follows:

Years ended December 31		2015		2014		2013
Statutory U.S. federal income tax rate		35.0	%	(35.0)	%	35.0	%
State income taxes, net of federal tax benefit		0.2		-		2.4
Tax credits		(2.8)		(1.3)		(3.5)
Foreign tax rate differential		(3.3)		0.2		(9.5)
Reduction (increase) of income tax accruals		(0.5)		0.2		(1.1)
Tax on foreign dividends, net of foreign tax credits		-		(0.1)		(8.1)
Reduction of deferred taxes		5.5		-		0.6
Valuation allowances		(36.0)		(2.1)		(6.2)
Loss of domestic flow-through entity not attributable to Stoneridge, Inc.		-		33.9		-
Non-deductible compensation		(1.5)		1.0		3.0
Other		0.7		(0.3)		(0.6)
Effective income tax rate		(2.7)	%	(3.5)	%	12.0	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities were as follows:

As of December 31		2015		2014
Deferred tax assets:
Inventories	$	2,108	$	2,009
Employee compensation and benefits		3,902		3,675
Insurance		281		387
Depreciation and amortization		1,297		1,013
Net operating loss carryforwards		39,846		48,166
General business credit carryforwards		12,990		12,697
Other reserves		5,643		7,493
Gross deferred tax assets		66,067		75,440
Less: Valuation allowance		(59,391)		(67,907)
Deferred tax assets less valuation allowance		6,676		7,533
Deferred tax liabilities:
Depreciation and amortization		(13,282)		(20,910)
Basis difference - equity investee		(31,016)		(31,016)
Other		(1,074)		(976)
Gross deferred tax liabilities		(45,372)		(52,902)
Net deferred tax liability	$	(38,696)	$	(45,369)

Summary of Income Tax Contingencies

The following is a reconciliation of the Company’s total gross unrecognized tax benefits:

		2015		2014		2013
Balance as of January 1	$	3,888	$	3,624	$	3,416
Tax positions related to the current year:
Additions		201		217		217
Tax positions related to the prior years:
Additions		523		168		216
Reductions		-		-		(71)
Expirations of statutes of limitation		(308)		(121)		(154)
Balance as of December 31	$	4,304	$	3,888	$	3,624

Schedule of Tax Years Open for Examination

The following table summarizes the open tax years for each important jurisdiction:

Jurisdiction	Open Tax Years
U.S. Federal		2012-2015
Brazil		2010-2015
China		2012-2015
France		2011-2015
Mexico		2011-2015
Spain		2011-2015
Sweden		2010-2015
United Kingdom		2011-2015

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- Definition

The tabular disclosure of tax year that remains open to examination under enacted tax laws.

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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
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-SubTopic 10
-Section 50
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

+ References

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