Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision (Benefit) for Income Taxes |
The provision (benefit) for income taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
2015 |
|
2014 |
|
2013 |
Current |
|
|
|
|
|
U.S. Federal |
$ |
24,809 |
|
|
$ |
22,705 |
|
|
$ |
10,904 |
|
State |
2,382 |
|
|
3,797 |
|
|
682 |
|
Foreign |
137 |
|
|
1,112 |
|
|
81 |
|
Deferred |
|
|
|
|
|
U.S. Federal |
703 |
|
|
(3,035 |
) |
|
181 |
|
State |
(1,019 |
) |
|
(655 |
) |
|
(757 |
) |
Foreign |
64 |
|
|
(987 |
) |
|
(146 |
) |
|
$ |
27,076 |
|
|
$ |
22,937 |
|
|
$ |
10,945 |
|
|
| Effective Tax Rates Differ from Statutory Federal Income Tax Rate |
The effective tax rates differ from the statutory federal income tax rate as follows:
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
|
2013 |
Statutory Federal Income Tax Rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
Permanent Items |
|
|
|
|
|
Non-deductible Stock Compensation Expense |
0.6 |
% |
|
0.6 |
% |
|
1.0 |
% |
Domestic Production Activity Deduction |
(2.9 |
)% |
|
(2.6 |
)% |
|
(3.0 |
)% |
Non-deductible Acquisition Costs |
— |
% |
|
— |
% |
|
1.0 |
% |
Other |
0.2 |
% |
|
0.1 |
% |
|
— |
% |
Foreign Tax Benefits |
(1.1 |
)% |
|
(1.7 |
)% |
|
(0.3 |
)% |
State Income Tax (Benefits), Net of Federal Income Tax Effect |
0.9 |
% |
|
2.6 |
% |
|
(0.1 |
)% |
Research and Development Tax Credits |
(2.7 |
)% |
|
(4.3 |
)% |
|
(5.0 |
)% |
Other |
(1.2 |
)% |
|
(0.7 |
)% |
|
— |
% |
Effective Tax Rate |
28.8 |
% |
|
29.0 |
% |
|
28.6 |
% |
|
| Significant Components of Company's Deferred Tax Assets and Liabilities |
Significant components of the Company’s deferred tax assets and liabilities as of December 31, are as follows:
|
|
|
|
|
|
|
|
|
(In thousands) |
2015 |
|
2014 |
Deferred Tax Assets: |
|
|
|
Goodwill and Intangible Assets |
$ |
1,261 |
|
|
$ |
2,470 |
|
Asset Reserves |
6,589 |
|
|
4,497 |
|
Deferred Compensation |
7,986 |
|
|
8,895 |
|
Capital Lease Basis Difference |
1,753 |
|
|
1,935 |
|
State Investment Tax Credit Carryforwards, Net of Federal Tax |
533 |
|
|
1,028 |
|
Customer Advanced Payments and Deferred Revenue |
1,722 |
|
|
1,795 |
|
State Net Operating Loss Carryforwards and Other |
2,401 |
|
|
2,853 |
|
Total Gross Deferred Tax Assets |
22,245 |
|
|
23,473 |
|
Valuation Allowance for State Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax |
(2,640 |
) |
|
(3,134 |
) |
Deferred Tax Assets |
19,605 |
|
|
20,339 |
|
Deferred Tax Liabilities: |
|
|
|
Depreciation |
12,561 |
|
|
8,586 |
|
Intangible Assets |
19,254 |
|
|
23,693 |
|
Other |
1,199 |
|
|
1,237 |
|
Deferred Tax Liabilities |
33,014 |
|
|
33,516 |
|
Net Deferred Tax Liabilities |
$ |
(13,409 |
) |
|
$ |
(13,177 |
) |
|
| Components of Net Deferred Tax Assets and Liabilities |
The net deferred tax assets and liabilities presented in the Consolidated Balance Sheets are as follows at December 31:
|
|
|
|
|
|
|
|
|
(In thousands) |
2015 |
|
2014 |
Deferred Tax Asset — Current |
$ |
— |
|
|
$ |
7,762 |
|
Other Assets — Long-term |
1,558 |
|
|
— |
|
Deferred Tax Liabilities — Long-term |
(14,967 |
) |
|
(20,939 |
) |
Net Deferred Tax Liabilities |
$ |
(13,409 |
) |
|
$ |
(13,177 |
) |
|
| Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties |
A reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties which are insignificant, is as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
(in thousands) |
2015 |
|
2014 |
|
2013 |
Balance at Beginning of the Year |
$ |
181 |
|
|
$ |
1,940 |
|
|
$ |
840 |
|
Increases (Decreases) as a Result of Tax Positions Taken in Prior Years |
(181 |
) |
|
(1,901 |
) |
|
145 |
|
Increases as a Result of Tax Positions Taken in the Current Year |
— |
|
|
142 |
|
|
955 |
|
Balance at End of the Year |
$ |
— |
|
|
$ |
181 |
|
|
$ |
1,940 |
|
|