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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of income (loss) before income taxes and the provision for income taxes consist of the following:




Years ended December 31		2016		2015		2014
Income (loss) before income taxes:
Domestic	$	35,088	$	22,959	$	1,635
Foreign		4,097		(2,729)		(54,695)
Total income (loss) before income taxes	$	39,185	$	20,230	$	(53,060)
Provision for income taxes:
Current:
Federal	$	760	$	386	$	-
State and foreign		2,575		1,232		1,382
Total current expense		3,335		1,618		1,382
Deferred:
Federal		(37,828)		-		-
    State and foreign		(1,896)		(2,165)		(3,238)
Total deferred benefit		(39,724)		(2,165)		(3,238)
Total income tax benefit	$	(36,389)	$	(547)	$	(1,856)



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		2016		2015		2014
Statutory U.S. federal income tax rate		35.0	%	35.0	%	(35.0)	%
State income taxes, net of federal tax benefit		1.9		0.2		-
Tax credits		(0.8)		(2.8)		(1.3)
Foreign tax rate differential		(4.7)		(3.3)		0.2
Reduction (increase) of income tax accruals		0.1		(0.5)		0.2
Tax on foreign dividends, net of foreign tax credits		-		-		(0.1)
Reduction (increase) of deferred taxes		(1.3)		5.5		-
Valuation allowances		(121.6)		(36.0)		(2.1)
Loss of domestic flow-through entity not attributable to Stoneridge, Inc.		-		-		33.9
Non-deductible compensation		-		(1.5)		1.0
Other		(1.4)		0.7		(0.3)
Effective income tax rate		(92.8)	%	(2.7)	%	(3.5)	%



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		2016		2015
Deferred tax assets:
Inventories	$	2,156	$	2,108
Employee compensation and benefits		4,785		3,902
Insurance		245		281
Depreciation and amortization		1,310		1,297
Net operating loss carryforwards		28,952		39,846
General business credit carryforwards		14,135		12,990
Other reserves		7,609		5,643
Gross deferred tax assets		59,192		66,067
Less: Valuation allowance		(11,125)		(59,391)
Deferred tax assets less valuation allowance		48,067		6,676

Deferred tax liabilities:
Depreciation and amortization		(14,911)		(13,282)
Basis difference - equity investee		(31,016)		(31,016)
Other		(1,358)		(1,074)
Gross deferred tax liabilities		(47,285)		(45,372)

Net deferred tax asset (liability)	$	782	$	(38,696)



Classification of Net Deferred Tax Assets and Liability

The balance sheet classification of our net deferred tax asset is shown below:  






Years ended December 31		2016		2015

Current deferred income tax assets		-		1,239
Current deferred income tax liabilities		-		(39)
Long-term deferred income tax assets		10,542		1,436
Long-term deferred income tax liabilities		(9,760)		(41,332)
Net deferred tax asset	$	782	$	(38,696)



Summary of Income Tax Contingencies

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






		2016		2015		2014
Balance as of January 1	$	4,304	$	3,888	$	3,624

Tax positions related to the current year:
Additions		208		201		217
Tax positions related to the prior years:
Additions		-		523		168
Reductions		(61)		-		-
Expirations of statutes of limitation		(612)		(308)		(121)

Balance as of December 31	$	3,839	$	4,304	$	3,888



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		2013-2016
Brazil		2011-2016
China		2013-2016
France		2012-2016
Mexico		2012-2016
Spain		2012-2016
Sweden		2011-2016
United Kingdom		2012-2016



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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.

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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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