| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Summary of Components of Provision for Income Taxes |
A summary of the components of the provision for income taxes for the years ended December 31, 2016, 2015 and 2014 is as follows:
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Current |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
12,733 |
|
|
$ |
7,504 |
|
|
$ |
7,626 |
|
|
State |
|
|
1,141 |
|
|
|
279 |
|
|
|
599 |
|
|
International |
|
|
477 |
|
|
|
(29 |
) |
|
|
12,587 |
|
|
Total Current |
|
|
14,351 |
|
|
|
7,754 |
|
|
|
20,812 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Deferred |
|
|
|
|
|
|
|
|
|
|
|
|
|
Federal |
|
|
647 |
|
|
|
(585 |
) |
|
|
(1,083 |
) |
|
State |
|
|
73 |
|
|
|
(66 |
) |
|
|
(123 |
) |
|
International |
|
|
(3,405 |
) |
|
|
(41 |
) |
|
|
(4,320 |
) |
|
Total Deferred |
|
|
(2,685 |
) |
|
|
(692 |
) |
|
|
(5,526 |
) |
|
Total Provision for Income Taxes |
|
$ |
11,666 |
|
|
$ |
7,062 |
|
|
$ |
15,286 |
|
|
Effective Income Tax Rate Differs from Federal Statutory Rate |
Our effective income tax rate differs from the federal statutory rate due to the following:
|
|
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Tax provision computed at the federal statutory rate |
|
|
35.00 |
% |
|
|
35.00 |
% |
|
|
35.00 |
% |
|
State income tax provision, net of federal benefit |
|
|
3.93 |
|
|
|
4.86 |
|
|
|
2.69 |
|
|
Federal research credits |
|
|
(8.15 |
) |
|
|
(12.55 |
) |
|
|
(4.05 |
) |
|
Foreign taxes |
|
|
(0.34 |
) |
|
|
2.10 |
|
|
|
(7.26 |
) |
|
Tax-exempt income |
|
|
(0.53 |
) |
|
|
(1.94 |
) |
|
|
(1.25 |
) |
|
State tax incentives |
|
|
(2.77 |
) |
|
|
(5.04 |
) |
|
|
(2.21 |
) |
|
Stock-based compensation |
|
|
2.53 |
|
|
|
6.91 |
|
|
|
3.06 |
|
|
Domestic production activity deduction |
|
|
(2.23 |
) |
|
|
(3.17 |
) |
|
|
(1.15 |
) |
|
Bargain purchase |
|
|
(2.64 |
) |
|
|
— |
|
|
|
— |
|
|
Other, net |
|
|
0.08 |
|
|
|
1.30 |
|
|
|
0.69 |
|
|
Effective Tax Rate |
|
|
24.88 |
% |
|
|
27.47 |
% |
|
|
25.52 |
% |
|
Income Before Provision for Income Taxes |
Income before provision for income taxes for the years ended December 31, 2016, 2015 and 2014 is as follows:
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
U.S. entities |
|
$ |
54,077 |
|
|
$ |
27,400 |
|
|
$ |
23,812 |
|
|
International entities |
|
|
(7,182 |
) |
|
|
(1,692 |
) |
|
|
36,094 |
|
|
Total |
|
$ |
46,895 |
|
|
$ |
25,708 |
|
|
$ |
59,906 |
|
|
Principal Components of Current and Non-current Deferred Taxes |
Deferred income taxes on the balance sheet result from temporary differences between the amount of assets and liabilities recognized for financial reporting and tax purposes. The principal components of our current and non-current deferred taxes are as follows:
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
Deferred tax assets |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
$ |
— |
|
|
$ |
7 |
|
|
Inventory |
|
|
12,020 |
|
|
|
12,558 |
|
|
Accrued expenses |
|
|
5,551 |
|
|
|
6,359 |
|
|
Investments |
|
|
1,062 |
|
|
|
— |
|
|
Deferred compensation |
|
|
5,751 |
|
|
|
5,072 |
|
|
Stock-based compensation |
|
|
4,724 |
|
|
|
4,704 |
|
|
Uncertain tax positions related to state taxes and related interest |
|
|
762 |
|
|
|
1,026 |
|
|
Pensions |
|
|
4,273 |
|
|
|
5,729 |
|
|
Foreign losses |
|
|
6,486 |
|
|
|
5,389 |
|
|
State losses and credit carry-forwards |
|
|
4,021 |
|
|
|
4,187 |
|
|
Federal loss and research carry-forwards |
|
|
5,886 |
|
|
|
5,886 |
|
|
Valuation allowance |
|
|
(6,149 |
) |
|
|
(7,250 |
) |
|
Total Deferred Tax Assets |
|
|
44,387 |
|
|
|
43,667 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred tax liabilities |
|
|
|
|
|
|
|
|
|
Property, plant and equipment |
|
|
(4,433 |
) |
|
|
(3,315 |
) |
|
Accrued expenses |
|
|
— |
|
|
|
(2,791 |
) |
|
Intellectual property |
|
|
(1,918 |
) |
|
|
(476 |
) |
|
Investments |
|
|
— |
|
|
|
(70 |
) |
|
Total Deferred Tax Liabilities |
|
|
(6,351 |
) |
|
|
(6,652 |
) |
|
Net Deferred Tax Assets |
|
$ |
38,036 |
|
|
$ |
37,015 |
|
|
Change in Unrecognized Income Tax Benefits |
The change in the unrecognized income tax benefits for the years ended December 31, 2016, 2015 and 2014 is reconciled below:
|
(In thousands) |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Balance at beginning of period |
|
$ |
2,537 |
|
|
$ |
3,334 |
|
|
$ |
3,240 |
|
|
Increases for tax position related to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior years |
|
|
95 |
|
|
|
— |
|
|
|
— |
|
|
Current year |
|
|
428 |
|
|
|
280 |
|
|
|
522 |
|
|
Decreases for tax positions related to: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Prior years |
|
|
— |
|
|
|
(29 |
) |
|
|
— |
|
|
Settlements with taxing authorities |
|
|
— |
|
|
|
(103 |
) |
|
|
— |
|
|
Expiration of applicable statute of limitations |
|
|
(834 |
) |
|
|
(945 |
) |
|
|
(428 |
) |
|
Balance at end of period |
|
$ |
2,226 |
|
|
$ |
2,537 |
|
|
$ |
3,334 |
|
|