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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Components of Income before Income Taxes

The components of income before income taxes and equity in earnings are as follows:

		Year Ended December 31,
		2018				2017				2016
		(in thousands)
Domestic		$	5,455			$	17,728			$	22,114
Foreign			(4,946	)			(6,949	)			(112	)
Total income before income taxes and equity in earnings		$	509			$	10,779			$	22,002

Provision for Income Taxes

The provision for income taxes (before equity in earnings) consists of:

		Year Ended December 31,
		2018				2017				2016
		(in thousands)
Current:
Federal		$	775			$	7,041			$	8,000
State and local			351				957				498
Foreign			(323	)			4				483
Deferred			2,086				1,030				(1,951	)
Income tax provision		$	2,889			$	9,032			$	7,030

Significant Components of Deferred Income Tax Assets

Significant components of the Company’s deferred income tax assets and (liabilities) are as follows:

		December 31,
		2018				2017
		(in thousands)
Deferred income tax assets:
Deferred rent expense		$	3,504			$	2,212
Stock options			2,982				2,903
Inventory			1,446				970
Operating loss and non-deductible interest carry-forward			7,071				4,114
Accounts receivable allowances			734				264
Accrued compensation			1,026				623
Depreciation and amortization			—				247
Other			1,753				1,882
Total deferred income tax assets		$	18,516			$	13,215

Significant Components of Net Deferred Income Tax Asset (Liability)

Deferred income tax liabilities:
Fixed assets		$	(2,540	)		$	—
Intangibles			(27,534	)			(8,732	)
Equity in earnings			—				(56	)
Total deferred income tax liabilities			(30,074	)			(8,788	)
Net deferred income tax (liability) asset			(11,558	)			4,427
Valuation allowance			(2,850	)			(3,024	)
Net deferred income tax (liability) asset		$	(14,408	)		$	1,403

Difference between Provision for Income Taxes and Amount Computed by Applying Federal Statutory Rates

The provision for income taxes (before equity in earnings) differs from the amounts computed by applying the applicable federal statutory rates as follows:

		Year Ended December 31,
		2018				2017				2016
Provision for federal income taxes at the statutory rate			21.0	%			35.0	%			35.0	%
Increases (decreases):
State and local income taxes, net of Federal income tax benefit			97.4				6.1				3.6
Foreign rate differences			(110.3	)			7.2				(7.9	)
Non-deductible expenses			228.5				3.7				3.4
Tax Act- revaluation of net deferred tax assets and other			16.8				27.7				—
Tax Act- transition tax			43.0				3.1				—
Uncertain tax positions			302.8				0.6				—
Research and development credit			(18.5	)			—				—
Federal return to provision			(27.5	)			—				—
Other			14.4				0.4				(2.1	)
Provision for income taxes			567.6	%			83.8	%			32.0	%

Estimated Values of Gross Uncertain Tax Positions

The estimated values of the Company’s gross uncertain tax positions at December 31, 2018, 2017 and 2016 are liabilities of $2.0 million, $161,000 and $109,000, respectively, and consist of the following:

		Year Ended December 31,
		2018				2017				2016
		(in thousands)
Balance at January 1		$	(161	)		$	(109	)		$	(157	)
Additions based on tax positions related to the current year			(626	)			(82	)			—
Additions based on tax positions related to the prior year			(1,302	)			—				—
Reductions for tax position of prior years			114				30				—
Settlements			—				—				48
Balance at December 31		$	(1,975	)		$	(161	)		$	(109	)

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