Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of components of income (loss) before provision for income taxes

	December 31,
	2013		2012			2011
United States	$	18,912	$	(11,923	)	$	(4,559	)
Foreign	5,591		6,880			12,718
Total	$	24,503	$	(5,043	)	$	8,159

Schedule of components of expense (benefit) for income tax

	December 31,
	2013		2012		2011
Current:
Federal	$	—	$	—	$	—
State	—		—		—
Foreign	1,607		1,776		3,442
Total current	1,607		1,776		3,442
Deferred and other:
Federal	—		—		—
State	—		—		—
Foreign	29		39		(271		)
Total deferred and other:	29		39		(271		)
Total tax expense	$	1,636	$	1,815	$	3,171

Schedule of components of deferred tax assets and liabilities

	December 31,
	2013			2012
Current tax assets:
Accounts receivable reserves	$	74		$	—
Inventory reserves	865			—
Accrued insurance	250			—
Accrued payroll	150			—
Accrued warranties	125			40
Other accrued expenses	316			145
Less: valuation allowance	(826		)	—
Total current deferred tax assets	$	954		$	185
Long-term tax assets (liabilities):
Pension & post retirement obligations	$	2,913		$	—
Net operating loss carry forwards	3,943			—
Federal AMT credits	888			—
Fixed assets	(1,545		)	(388		)
Intangible assets	(21,263		)	(1,127		)
Other long-term assets	450			—
Less: valuation allowance	(4,101		)	—
Total long-term deferred tax liabilities	$	(18,715	)	$	(1,515	)
Net long-term deferred tax liabilities	$	(17,761	)	$	(1,330	)

Schedule of effective income tax provision (benefit) was different than the statutory federal and state income tax rates

	2013		2012		2011
Expected Tax Rate	34.00	%	34.00	%	34.00	%
Meals and Entertainment	0.05		(0.21	)	0.12
Pass Through Taxation (Zero Rate)	(26.44	)	(80.39	)	19.00
Other Non-Deductible Items	0.02		(0.03	)	0.01
Tax credits	(1.09	)	5.12		(4.51	)
Tax Rate Differentials	(2.06	)	12.28		(11.69	)
Withholding Tax	2.12		(6.54	)	3.73
Valuation Allowance	0.17		0.00		0.00
Other Adjustments	(0.09	)	(0.23	)	(1.79	)
Effective Tax Rate	6.68	%	(36.00	)%	38.87	%

Summary of uncertain tax positions

	2013
Balance as of December 12, 2012	$	—
Add New Colt’s uncertain tax position as of July 12, 2013	198
Additions based on tax provisions related to the current year	—
Additions for tax provisions of prior years	—
Reductions for tax provisions of prior years	—
Balance as of December 31, 2013	$	198