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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Taxes [Abstract]

Composition of Income (Loss) Before Income Taxes and Income Tax Expense (Benefit)

		Year Ended December 31,
		2018				2017				2016
		U.S. Dollars (in thousands)
Income (loss) before income taxes from continuing operations:
Israel			18,746				(4,761	)			(390	)
Non-Israeli			2,015				1,574				1,562
			20,761				(3,187	)			1,172
Income tax expense from continuing operations:
Current:
Israel			(306	)			56				28
Non-Israeli			635				122				372
			329				178				400
Deferred tax expense (benefit) from continuing operations:
Israel			1,867				(5,125	)			620
Non-Israeli			(166	)			72				(717	)
			1,701				(5,053	)			(97	)
			2,030				(4,875	)			303

Reconciliation of The Theoretical Income Tax Expense

The following is a reconciliation of the theoretical income tax expense, assuming all income is taxed at the statutory tax rate applicable to Israeli companies, and the actual income tax expense:

		Year Ended December 31,
		2018				2017				2016
		U.S. Dollars (in thousands)
Income (loss) before income taxes from continuing operations			20,761				(3,187	)			1,172
Statutory tax rate			23	%			24	%			25	%
Theoretical income tax expense  (benefit)			4,775				(765	)			293
Increase (decrease) in income tax expense resulting from:
Change in valuation allowance			(346	)			(185	)			(721	)
Non-deductible expenses(*)			214				186				182
Differences between foreign  currencies
and dollar-adjusted financial statements, net			240				(587	)			(120	)
Tax rate differential			(3,072	)			633				(57	)
Change in tax rate			-				182				592
Recognition of income tax benefit with respect to losses related to investment in subsidiaries			-				(4,929	)			-
Other			219				590				134
Actual income tax expense (benefit)			2,030				(4,875	)			303

(*)          Including non-deductible share based compensation.

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below:

		December 31,
		2018				2017
		U.S. Dollars (in thousands)
Deferred tax assets:
Allowance for doubtful accounts			81				92
Inventory write-down			267				376
Unearned revenue			275				63
Accrued expenses			441				367
Net operating losses (NOL) and tax credit carryforwards			1,904				4,218
Other temporary differences			138				113
Total gross deferred tax assets			3,106				5,229
Valuation allowance			-				(496	)
Deferred tax asset, net of valuation allowance			3,106				4,733
Deferred tax liabilities:
Property, plant and equipment			(231	)			(242	)
Undistributed earnings			(509	)			(424	)
			(740	)			(666	)
Net deferred tax assets			2,366				4,067

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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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-Publisher FASB
-Name Accounting Standards Codification
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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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-Name Accounting Standards Codification
-Topic 235
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