XML 28 R33.htm IDEA: XBRL DOCUMENT v2.4.0.8
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2013
Pre-Tax Income (Loss)

Pre-tax income (loss) consisted of the following for the years ended December 31 (in thousands):

 

     2013     2012      2011  

Domestic

   $ (20,863 )    $ 13,315       $ 12,135   

Foreign

     6,075        9,767         9,550   
  

 

 

   

 

 

    

 

 

 

Total

   $ (14,788 )    $ 23,082       $ 21,685   
  

 

 

   

 

 

    

 

 

 
Reconciliation of Income Taxes Computed at Statutory Rate

A reconciliation of income taxes computed at the statutory rates to the reported income tax (benefit) provision for the years ended December 31 is as follows (in thousands):

 

     2013     2012     2011  

Federal provision at statutory rate

   $ (5,176 )    $ 8,079      $ 7,590   

U.S./foreign tax rate differential

     (809 )      665        555   

Foreign non-deductible expenses

     1,174        1,557        —   

Foreign tax provision

     114        83        582   

State taxes, net of federal benefit

     1,009        1,194        37   

Change in uncertain tax positions

     (253 )      (359 )      184   

Change in valuation allowance

     856        (43,804 )      (3,951 ) 

Tax credits

     (326 )      (37 )      (259 ) 

Share-based compensation

     636        539        325   

Reduction of prior year’s tax attributes

     —        255        (1,424 ) 

Permanent goodwill

     —        —        (412 ) 

Entity reclassification gain

     —        4,167        —   

Other

     438        713        (132 ) 
  

 

 

   

 

 

   

 

 

 

(Benefit) provision for income taxes

   $ (2,337 )    $ (26,948 )    $ 3,095   
  

 

 

   

 

 

   

 

 

 
Provision (Benefit) for Income Taxes

The (benefit) provision for income taxes for the years ended December 31 is as follows (in thousands):

 

    2013     2012     2011  
    Current
Provision
    Deferred
Provision
    Total
Provision
    Current
Provision
    Deferred
Provision
    Total
Provision
    Current
Provision
    Deferred
Provision
    Total
Provision
 

Federal

  $ (2,689 )    $ (1,837 )    $ (4,526 )    $ (6,295 )    $ (31,676 )    $ (37,971 )    $ (240 )    $ (817 )    $ (1,057 ) 

State and local

    17        994        1,011        854        1,023        1,877        857        (533 )      324   

Foreign

    731        447        1,178        9,281        (135 )      9,146        3,482        346        3,828   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

  $ (1,941 )    $ (396 )    $ (2,337 )    $ 3,840      $ (30,788 )    $ (26,948 )    $ 4,099      $ (1,004 )    $ 3,095   
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Summary of Deferred Income Taxes Assets and Liabilities

A summary of deferred income tax assets and liabilities as of December 31 is as follows (in thousands):

 

     2013     2012  

Current deferred tax assets (liabilities):

    

Accounts receivable

   $ 202      $ 306   

Inventories

     3,265        3,318   

Warranty costs

     2,302        1,874   

Foreign exchange contracts

     (58 )      (157 ) 

Accrued benefits

     1,993        1,945   

Other accruals not currently deductible for tax purposes

     1,044        1,453   
  

 

 

   

 

 

 
     8,748        8,739   
  

 

 

   

 

 

 

Valuation allowance

     (568 )      (532 ) 
  

 

 

   

 

 

 

Net current deferred tax assets

   $ 8,180      $ 8,207   
  

 

 

   

 

 

 

Noncurrent deferred tax (liabilities) assets:

    

Amortization and fixed assets

   $ 8,516      $ 13,620   

Pension obligation

     4,913        8,828   

Net operating loss carryforwards

     27,613        18,365   

Tax credit carryforwards

     1,823        1,631   

Stock options

     410        608   

Other temporary differences not currently available for tax purposes

     (2,617 )      (2,478 ) 
  

 

 

   

 

 

 
     40,658        40,574   
  

 

 

   

 

 

 

Valuation allowance

     (16,621 )      (16,960 ) 
  

 

 

   

 

 

 

Net noncurrent deferred tax assets

   $ 24,037      $ 23,614   
  

 

 

   

 

 

 

Total deferred tax asset

   $ 32,217      $ 31,821   
  

 

 

   

 

 

 
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) at December 31 is as follows (in thousands):

 

     2013     2012     2011  

Balance — Beginning of the year

   $ 444      $ 851      $ 666   

Gross increase — tax positions in prior periods

     —        162        235   

Gross decreases — tax positions in prior periods

     (257 )      (523 )      (48 ) 

Gross increases — current period tax positions

     2        20        —   

Lapse of statute of limitations

     —        (66 )      (2 ) 
  

 

 

   

 

 

   

 

 

 

Balance — End of the year

   $ 189      $ 444      $ 851