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Income Tax | 9 Months Ended
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Sep. 30, 2015
Income Taxes [Abstract] |
Income Tax | Note 9 – Income Tax The provision for income taxes is different from the amount computed by applying U.S. statutory rates to consolidated income before taxes. The significant reason for these diffe rences is as follows:
|  | Quarter Ended |  | Nine Months Ended
|  | September 30, |  | September 30, |  | September 30, |  | September 30,
(Dollars in thousands) |  | 2015 |  | 2014 |  | 2015 |  | 2014
Expected tax provision |  | $ | 315 |  | $ | 1,838 |  | $ | 8,436 |  | $ | 4,630
Increase (decrease) in tax expense resulting from: |  |  |  |  |  |  |  |  |  |  |  |
Change in valuation allowance, other |  |  | 810 |  |  | (1,611) |  |  | 38 |  |  | (4,019)
Foreign tax provision |  |  | 42 |  |  | 770 |  |  | 117 |  |  | 3,450
Foreign withholding tax provision |  |  | 156 |  |  | 146 |  |  | 492 |  |  | 435
Reversal of tax expense on undistributed foreign earnings |  |  | -- |  |  | -- |  |  | (3,394) |  |  | --
Tax effect of foreign tax rates on current income |  |  | (741) |  |  | (227) |  |  | (1,035) |  |  | (611)
State and local tax provision |  |  | (81) |  |  | 2 |  |  | 265 |  |  | 257
Tax litigation settlement |  |  | 180 |  |  | 394 |  |  | 540 |  |  | 605
Tax litigation settlement adjustment |  |  | (164) |  |  | -- |  |  | (854) |  |  | --
Actual tax provision |  | $ | 517 |  | $ | 1,312 |  | $ | 4,605 |  | $ | 4,747
Pursuant to ASC 740-10, Income Taxes, a provision should be made for the tax effect of earnings of foreign subsidiaries that are not permanently invested outside the United States. During the second quarter of 2015, we adjusted our capital allocation strategy to require that earnings available in Australia be reinvested in Australia. The adjustment was primarily supported by increased investment opportunities in Australia. Accordingly, as of June 30, 2015, our intent is that earnings of our Australian subsidiaries are indefinitely invested outside the United States. We have accrued $11.5 million in total income tax liabilities as of September 30, 2015, of which $4.4 million has been classified as T axe s P ayable – C urrent and $7.1 million ha s been classified as T axes P ayable – Long-T erm. As part of current tax liabilities, we have accrued $2.7 million in connection with the settlement of the IRS claims against our subsidiary, Craig Corporation, relating to its 1996 tax year. This is an obligation of Craig Corporation, and not of Reading International, Inc. We believe that the $11.5 million represents an adequate provision for our income tax exposures, including income tax contingencies related to foreign withholding taxes.

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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 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 2: 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 Reference 3: 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 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 + Details
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