Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v2.4.1.9
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes  
Schedule of income from continuing operations before provision (benefit) for income taxes

 

 

Year Ended December 31,

 

2014

 

2013

 

2012

 

Domestic

 

$

4,577 

 

$

6,111 

 

$

17,625 

 

Foreign

 

14,437 

 

19,465 

 

17,814 

 

Total

 

$

19,014 

 

$

25,576 

 

$

35,439 

 

 

Schedule of components of the provision (benefit) for income taxes

 

 

Year Ended December 31,

 

2014

 

2013

 

2012

 

Current:

 

 

 

 

 

 

 

Federal

 

$

(2,713

)

$

(773

)

$

1,901

 

State

 

514

 

399

 

248

 

Foreign

 

5,539

 

7,230

 

4,714

 

Subtotal

 

3,340

 

6,856

 

6,863

 

Deferred:

 

 

 

 

 

 

 

Federal

 

(3,804

)

1,654

 

2,303

 

State

 

(326

)

186

 

1,207

 

Foreign

 

47

 

(773

)

158

 

Subtotal

 

(4,083

)

1,067

 

3,668

 

Total provision (benefit) for income taxes

 

$

(743

)

$

7,923

 

$

10,531

 

 

Schedule of differences between the statutory U.S. federal income tax rate and the provision (benefit) for income taxes, as a percentage of income before provision for income taxes

 

 

Year Ended December 31,

 

2014

 

2013

 

2012

 

Statutory U.S. federal income tax rate

 

35.0

%

35.0

%

35.0

%

State income taxes, net of U.S. federal income tax benefit

 

0.6

 

1.4

 

2.7

 

U.S. tax impact of foreign operations

 

(73.0

)

(16.2

)

(2.3

)

Valuation allowance change

 

48.8

 

4.3

 

(6.6

)

Unrecognized tax benefits

 

(8.6

)

7.9

 

2.9

 

Domestic manufacturing deduction

 

(2.2

)

(1.3

)

(0.4

)

Nondeductible foreign expenses

 

(1.8

)

1.1

 

0.5

 

Other

 

(2.7

)

(1.2

)

(2.1

)

Effective income tax rate

 

(3.9

)%

31.0

%

29.7

%

 

Schedule of components of U.S. tax impact of foreign operations

 

Components of U.S. tax impact of foreign operations

 

 

2014

 

2013

 

2012

 

Dividends received from foreign subsidiaries

 

 

59.5

%

29.4

%

4.5

%

Foreign tax credits

 

 

(121.3

)

(34.3

)

(4.1

)

Foreign tax rate differentials

 

 

(11.0

)

(10.8

)

(2.4

)

Unremitted earnings

 

 

(0.2

)

(0.5

)

(0.3

)

Total

 

 

(73.0

)%

(16.2

)%

(2.3

)%

 

Schedule of significant components of the deferred tax assets (liabilities)

 

As of December 31,

 

2014

 

2013

 

Inventory

 

$

1,766

 

$

1,502

 

Accrued liabilities

 

5,023

 

4,380

 

Deferred compensation

 

398

 

364

 

Equity-based compensation

 

4,293

 

2,993

 

Intangibles assets

 

442

 

389

 

Bad debts

 

64

 

225

 

Net operating losses

 

5,824

 

5,593

 

Foreign tax and withholding credits

 

12,591

 

4,066

 

Non-income tax accruals

 

53

 

397

 

Health insurance accruals

 

230

 

184

 

Undistributed foreign earnings

 

474

 

4,008

 

Other deferred tax assets

 

1,488

 

2,260

 

Capital loss carryforward

 

739

 

721

 

Valuation allowance

 

(13,169

)

(11,340

)

Total deferred tax assets

 

$

20,216

 

15,742

 

Other deferred tax liabilities

 

(778

)

(231

)

Total deferred tax liabilities

 

(778

)

(231

)

Total deferred taxes, net

 

$

19,438

 

$

15,511

 

 

Schedule of components of deferred tax assets (liabilities), net

 

As of December 31,

 

2014

 

2013

 

Net current deferred tax assets

 

$

4,950

 

$

5,711

 

Net non-current deferred tax assets

 

14,495

 

9,928

 

Total net deferred tax assets

 

19,445

 

15,639

 

 

 

 

 

 

 

Net current deferred tax liabilities

 

(1

)

(2

)

Net non-current deferred tax liabilities

 

(6

)

(126

)

Total net deferred tax liabilities

 

(7

)

(128

)

 

 

 

 

 

 

Total deferred taxes, net

 

$

19,438

 

$

15,511

 

 

Schedule of reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits, excluding interest and penalties

 

Year Ended December 31,

 

2014

 

2013

 

2012

 

 

 

 

 

 

 

 

 

Unrecognized tax benefits, opening balance

 

$

11,050

 

$

9,519

 

$

8,966

 

Settlement of liability reclassified as income tax payable

 

(591

)

(10

)

 

Payments on liability

 

 

 

(15

)

Tax positions taken in a prior period

 

 

 

 

 

 

 

Gross increases

 

 

 

1,120

 

Gross decreases

 

(6,614

)

(184

)

(504

)

Tax positions taken in the current period

 

 

 

 

 

 

 

Gross increases

 

1,934

 

2,356

 

2,011

 

Gross decreases

 

 

 

 

Lapse of applicable statute of limitations

 

(244

)

(323

)

(2,068

)

Currency translation adjustments

 

(585

)

(308

)

9

 

Unrecognized tax benefits, ending balance

 

$

4,950

 

$

11,050

 

$

9,519