Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Income (Loss) from continuing operations

Income (Loss) from continuing operations for the three years ended December 31 was as follows:

	2015			2014		2013
U.S. operations	$	51,189		$	52,315	$	54,702
Foreign operations	(765		)	17,223		5,176
Total	$	50,424		$	69,538	$	59,878

Income tax expense (benefit)

Income tax expense (benefit) for the three years ended December 31 was as follows:

	2015			2014			2013
Current:
Federal	$	15,117		$	11,903		$	13,551
Foreign	3,992			3,373			3,567
State	1,685			1,543			1,136
	$	20,794		$	16,819		$	18,254
Deferred:
Federal	$	(481	)	$	2,650		$	1,856
Foreign	(1,888		)	(524		)	(424		)
State	(89		)	(58		)	(39		)
	$	(2,458	)	$	2,068		$	1,393
Total:
Federal	$	14,636		$	14,553		$	15,407
Foreign	2,104			2,849			3,143
State	1,596			1,485			1,097
Total Income Tax Expense	$	18,336		$	18,887		$	19,647

Effective tax rate reconciliation

Our effective income tax rate varied from the U.S. federal statutory tax rate for the three years ended December 31 as follows:

	2015		2014		2013
Tax at statutory rate	35.0	%	35.0	%	35.0	%
Increases (decreases) in the tax rate from:
State and local taxes, net of federal benefit	2.2		1.7		1.7
Effect of foreign operations	(5.1	)	(4.6	)	(3.3	)
Impairment of Long-Lived Assets	7.0		—		—
Effect of changes in valuation allowances	1.5		(0.9	)	3.7
Domestic production activities deduction	(2.7	)	(1.6	)	(1.6	)
Other, net	(1.5	)	(2.4	)	(2.7	)
Effective income tax rate	36.4	%	27.2	%	32.8	%

Deferred tax assets and liabilities

Deferred tax assets and liabilities were comprised of the following as of December 31:

	2015			2014
Deferred Tax Assets:
Employee wages and benefits, principally due to accruals for financial reporting purposes	$	16,395		$	16,696
Warranty reserves accrued for financial reporting purposes	3,101			2,895
Receivables, principally due to allowance for doubtful accounts and tax accounting method for equipment rentals	1,446			1,549
Tax loss carryforwards	5,834			6,845
Tax credit carryforwards	1,102			1,043
Other	603			1,246
Gross Deferred Tax Assets	$	28,481		$	30,274
Less: valuation allowance	(5,884		)	(5,699		)
Total Net Deferred Tax Assets	$	22,597		$	24,575
Deferred Tax Liabilities:
Inventories, principally due to changes in inventory reserves	$	617		$	305
Property, Plant and Equipment, principally due to differences in depreciation and related gains	6,619			6,745
Goodwill and Intangible Assets	3,315			5,611
Total Deferred Tax Liabilities	$	10,551		$	12,661
Net Deferred Tax Assets	$	12,046		$	11,914

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	2015			2014
Balance at January 1,	$	3,029		$	3,660
Increases as a result of tax positions taken during the current year	532			610
Decreases relating to settlement with tax authorities	(72		)	(6		)
Reductions as a result of a lapse of the applicable statute of limitations	(760		)	(1,033		)
Decreases as a result of foreign currency fluctuations	(403		)	(202		)
Balance at December 31,	$	2,326		$	3,029