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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

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		2017		2016		2015
Income (loss) before income taxes:
Domestic	$	36,657	$	35,088	$	22,959
Foreign		15,925		4,097		(2,729)
Total income before income taxes	$	52,582	$	39,185	$	20,230
Provision for income taxes:
Current:
Federal	$	2,478	$	760	$	386
State and foreign		11,014		2,575		1,232
Total current expense	$	13,492	$	3,335	$	1,618
Deferred:
Federal	$	(2,585)	$	(37,828)	$	-
    State and foreign		(3,374)		(1,896)		(2,165)
Total deferred benefit		(5,959)		(39,724)		(2,165)
Total income tax (benefit) expense	$	7,533	$	(36,389)	$	(547)



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		2017		2016		2015
Statutory U.S. federal income tax rate		35.0	%	35.0	%	35.0	%
State income taxes, net of federal tax benefit		(0.8)		1.9		0.2
Tax credits		(4.2)		(0.8)		(2.8)
Foreign tax rate differential		(4.5)		(4.7)		(3.3)
Impact of change in enacted tax law		(17.2)		-		-
Change in valuation allowance		4.2		(121.6)		(36.0)
Other		1.8		(2.6)		4.2
Effective income tax rate		14.3	%	(92.8)	%	(2.7)	%



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		2017		2016
Deferred tax assets:
Inventories	$	1,921	$	2,156
Employee compensation and benefits		2,647		4,785
Insurance		-		245
Accrued liabilities and reserves		5,187		4,758
Property, plant and equipment		1,045		1,310
Tax loss carryforwards		10,929		28,952
Tax credit carryforwards		29,744		14,135
Other		416		2,851
Gross deferred tax assets		51,889		59,192
Less: Valuation allowance		(11,986)		(11,125)
Deferred tax assets less valuation allowance		39,903		48,067

Deferred tax liabilities:
Property, plant and equipment		(3,489)		(1,651)
Intangible assets		(22,067)		(13,260)
Outside basis difference in foreign subsidiary		(13,750)		(31,016)
Other		(3,243)		(1,358)
Gross deferred tax liabilities		(42,549)		(47,285)

Net deferred tax assets (liabilities)	$	(2,646)	$	782



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		2017		2016

Long-term deferred tax assets	$	16,228	$	10,542
Long-term deferred tax liabilities		(18,874)		(9,760)
Net deferred tax assets (liabilities)	$	(2,646)	$	782



Summary of Income Tax Contingencies

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


		2017		2016		2015
Balance as of January 1	$	3,839	$	4,304	$	3,888

Tax positions related to the current year:
Additions		31		208		201
Tax positions related to the prior years:
Additions		-		-		523
Reductions		(176)		(61)		-
Expirations of statutes of limitation		(49)		(612)		(308)

Balance as of December 31	$	3,645	$	3,839	$	4,304



Schedule of Tax Years Open for Examination

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




Jurisdiction	Open Tax Years
U.S. Federal		2014-2017
Brazil		2012-2017
China		2014-2017
France		2016-2017
Germany		2014-2017
Italy		2012-2017
Mexico		2012-2017
Netherlands		2014-2017
Spain		2013-2017
Sweden		2012-2017
United Kingdom		2016-2017



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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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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 for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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