INCOME TAXES

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

INCOME TAXES

6. INCOME TAXES

Deferred tax assets and liabilities are determined based on the differences between the financial and tax basis of existing assets and liabilities using the currently enacted tax rates in effect for the year in which the differences are expected to reverse.

The provision for income taxes on income consisted of the following in 2015, 2014 and 2013:

	2015			2014			2013
Current:
Federal	$	5,778		$	5,953		$	3,960
State		913			707			415
Foreign		1,623			1,853			1,025
		8,314			8,513			5,400
Deferred:
Federal		548			283			(238	)
State		47			32			(28	)
Foreign		(22	)		(168	)		41
		573			147			(225	)
	$	8,887		$	8,660		$	5,175

The principal differences between the federal statutory tax rate and the income tax expense in 2015, 2014 and 2013:

	2015			2014			2013
Federal statutory tax rate		35.0	%		35.0	%		35.0	%
State taxes, net of federal tax benefit		3.0	%		3.7	%		3.7	%
Excess of (decreases in) foreign tax over US tax on foreign income		(1.1	)%		0.1	%		0.3	%
Domestic Tax Credits		(1.2	)%		(1.4	)%		(1.5	)%
Other		0.0	%		(0.5	)%		(0.2	)%
Effective tax rate		35.7	%		36.9	%		37.3	%

Deferred income tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting and income tax reporting purposes. Temporary differences and carry forwards which give rise to deferred tax assets and liabilities at December 31, 2015 and 2014 are as follows:

	2015		2014
Deferred tax assets:
Allowance for doubtful accounts	$	78	$	94
Accruals and reserves		3,468		3,767
Other		179		222
Total deferred tax assets		3,725		4,083
Deferred tax liabilities:
Property, plant, and equipment		2,499		2,184
Total deferred tax liabilities		2,499		2,184
Net deferred tax asset	$	1,226	$	1,899

As of December 31, 2015, the Company has no federal or state net operating loss carryforwards.

At December 31, 2015 and 2014, the Company had no unrecognized tax positions. The Company does not expect its unrecognized tax positions to change significantly in the next twelve months. If unrecognized tax positions existed, the interest and penalties related to the unrecognized tax positions would be recorded as income tax expense in the consolidated statements of income.

The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s tax years 2012 through 2014 remain open to examination for U.S. Federal and state income taxes.