v3.3.1.900

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is composed of the following:

		Year Ended December 31,
		2015				2014				2013
		(Thousands of dollars)
Current
Federal		$	—			$	—			$	—
State			284				307				353
Foreign			3,159				4,352				9,637
Deferred – principally Federal			12,889				15,768				21,195
Total		$	16,332			$	20,427			$	31,185

Schedule of Income Tax Expense as Percentage of Pre-Tax Earnings

Income tax expense as a percentage of pre-tax earnings varies from the effective Federal statutory rate of 35% as a result of the following:

		Year Ended								Year Ended								Year Ended
		December 31, 2015								December 31, 2014								December 31, 2013
		(Thousands of dollars, except percentage amounts)
		Amount				Tax Rate %				Amount				Tax Rate %				Amount				Tax Rate %
Income taxes at statutory rate		$	15,140				35			$	18,590				35			$	31,550				35
Increase (decrease) in taxes resulting from:
Valuation allowance on foreign tax credits			—				—				113				—				—				—
Valuation allowance reversal–investment in foreign entity			(456	)			(1	)			—				—				—				—
Change in tax rate on deferred items			1,078				3				—				—				(3,850	)			(4	)
State income taxes, net of federal benefit			146				—				916				2				2,161				2
Other items – net			424				1				808				1				1,324				2
Total		$	16,332				38			$	20,427				38			$	31,185				35

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of significant items comprising our net deferred tax balance at December 31 are as follows:

		2015				2014
		(Thousands of dollars)
Deferred tax assets:
Deferred compensation		$	946			$	1,023
Foreign tax credits			20,118				16,982
Vacation and bonus accrual			1,952				2,031
Inventory valuation			6,808				6,093
Rental accrual			1,691				1,799
Hurricane relief credit			1,255				1,255
Stock-based compensation			3,598				2,977
Other			3,593				2,714
Net operating losses			61,611				56,305
Total deferred tax assets			101,572				91,179
Valuation allowance – state NOL carryforwards			(290	)			(219	)
Valuation allowance – tax credit carryforwards			(2,047	)			(2,047	)
Valuation allowance – other			—				(1,466	)
Total deferred tax assets, net			99,235				87,447
Deferred tax liabilities:
Tax depreciation in excess of book depreciation			(242,501	)			(218,064	)
Total deferred tax liabilities			(242,501	)			(218,064	)
Net deferred tax liabilities		$	(143,266	)		$	(130,617	)
Current deferred tax assets		$	10,379			$	9,915
Deferred tax liability – long-term			(153,645	)			(140,532	)
Net deferred tax liabilities		$	(143,266	)		$	(130,617	)

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- References

No definition available.

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- Definition

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.

+ References

Reference 1: 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

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- Definition

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.

+ References

Reference 1: 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

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- Definition

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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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