v3.6.0.2

Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2016
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense | Income tax expense is composed of the following:
|  | Year Ended December 31, |
|  | 2016 |  |  | 2015 |  |  | 2014 |
|  | (Thousands of dollars) |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | — |  |  | $ | — |  |  | $ | — |
State |  |  | 409 |  |  |  | 284 |  |  |  | 307 |
Foreign |  |  | 1,374 |  |  |  | 3,159 |  |  |  | 4,352 |
Deferred – principally Federal |  |  | (2,252 | ) |  |  | 12,889 |  |  |  | 15,768 |
Total |  | $ | (469 | ) |  | $ | 16,332 |  |  | $ | 20,427 |
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, 2016 |  |  | December 31, 2015 |  |  | December 31, 2014 |
|  | (Thousands of dollars, except percentage amounts) |
|  | Amount |  |  | Tax Rate % |  |  | Amount |  |  | Tax Rate % |  |  | Amount |  |  | Tax Rate % |
Income taxes at statutory rate |  | $ | (9,502 | ) |  |  | 35 |  |  | $ | 15,140 |  |  |  | 35 |  |  | $ | 18,590 |  |  |  | 35 |
Increase (decrease) in taxes resulting from: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Valuation allowance on foreign tax credits |  |  | 8,991 |  |  |  | (33 | ) |  |  | — |  |  |  | — |  |  |  | 113 |  |  |  | — |
Valuation allowance on state net operating loss carryforwards |  |  | 5,028 |  |  |  | (19 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Valuation allowance reversal–investment in foreign entity |  |  | — |  |  |  | — |  |  |  | (456 | ) |  |  | (1 | ) |  |  | — |  |  |  | — |
Change in tax rate on deferred items |  |  | (4,772 | ) |  |  | 18 |  |  |  | 1,078 |  |  |  | 3 |  |  |  | — |  |  |  | — |
State income taxes, net of federal benefit |  |  | (1,384 | ) |  |  | 5 |  |  |  | 146 |  |  |  | — |  |  |  | 916 |  |  |  | 2 |
Other items – net |  |  | 1,170 |  |  |  | (4 | ) |  |  | 424 |  |  |  | 1 |  |  |  | 808 |  |  |  | 1 |
Total |  | $ | (469 | ) |  |  | 2 |  |  | $ | 16,332 |  |  |  | 38 |  |  | $ | 20,427 |  |  |  | 38 |
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:
|  | 2016 |  |  | 2015 |
|  | (Thousands of dollars) |
Deferred tax assets: |  |  |  |  |  |  |  |
Deferred compensation |  | $ | 937 |  |  | $ | 946 |
Foreign tax credits |  |  | 21,492 |  |  |  | 20,118 |
Vacation and bonus accrual |  |  | 1,674 |  |  |  | 1,952 |
Inventory valuation |  |  | 7,655 |  |  |  | 6,808 |
Rental accrual |  |  | 1,416 |  |  |  | 1,691 |
Hurricane relief credit |  |  | 1,255 |  |  |  | 1,255 |
Stock-based compensation |  |  | 2,202 |  |  |  | 3,598 |
Other |  |  | 3,115 |  |  |  | 3,593 |
Net operating losses |  |  | 89,256 |  |  |  | 61,611 |
Total deferred tax assets |  |  | 129,002 |  |  |  | 101,572 |
Valuation allowance – state NOL carryforwards |  |  | (5,318 | ) |  |  | (290 | )
Valuation allowance – tax credit carryforwards |  |  | (11,039 | ) |  |  | (2,047 | )
Total deferred tax assets, net |  |  | 112,645 |  |  |  | 99,235 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Tax depreciation in excess of book depreciation |  |  | (253,560 | ) |  |  | (242,501 | )
Total deferred tax liabilities |  |  | (253,560 | ) |  |  | (242,501 | )
Net deferred tax liabilities |  | $ | (140,915 | ) |  | $ | (143,266 | )
Current deferred tax assets |  | $ | 10,798 |  |  | $ | 10,379 |
Deferred tax liability – long-term |  |  | (151,713 | ) |  |  | (153,645 | )
Net deferred tax liabilities |  | $ | (140,915 | ) |  | $ | (143,266 | )

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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=65882285&loc=d3e32639-109319 + Details
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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=65882285&loc=d3e32537-109319 + Details
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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=65882285&loc=d3e32687-109319 + Details
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