Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.8.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2017
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes consists of the following:
(In thousands)
2017
 
2016
 
2015
Current
 
 
 
 
 
U.S. Federal
$
8,436

 
$
21,667

 
$
24,809

State
2,054

 
2,899

 
2,382

Foreign
316

 
551

 
137

Deferred
 
 
 
 
 
U.S. Federal
(3,850
)
 
(2,871
)
 
703

State
(326
)
 
(1,140
)
 
(1,019
)
Foreign
(1,318
)
 
(745
)
 
64

 
$
5,312

 
$
20,361

 
$
27,076

Effective Tax Rates Differ from Statutory Federal Income Tax Rate
The effective tax rates differ from the statutory federal income tax rate as follows:
 
2017
 
2016
 
2015
Statutory Federal Income Tax Rate
35.0
 %
 
35.0
 %
 
35.0
 %
Permanent Items
 
 
 
 
 
Non-deductible Stock Compensation Expense
1.1
 %
 
1.1
 %
 
0.6
 %
Domestic Production Activity Deduction
(4.7
)%
 
(3.3
)%
 
(2.9
)%
Other
0.5
 %
 
0.2
 %
 
0.2
 %
Foreign Tax Benefits
(5.6
)%
 
(1.1
)%
 
(1.1
)%
State Income Tax, Net of Federal Income Tax Effect
4.5
 %
 
1.8
 %
 
0.9
 %
Research and Development Tax Credits
(11.5
)%
 
(3.7
)%
 
(2.7
)%
Tax Expense on Deemed Repatriation of Foreign Earnings
5.6
 %
 
 %
 
 %
Revaluation of Deferred Taxes for Federal Tax Rate Change
(3.5
)%
 
 %
 
 %
Other
(0.1
)%
 
(0.4
)%
 
(1.2
)%
Effective Tax Rate
21.3
 %
 
29.6
 %
 
28.8
 %
Significant Components of Company's Deferred Tax Assets and Liabilities
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of asset
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)
2017
 
2016
Other Assets — Long-term
$
2,816

 
$
2,644

Deferred Tax Liabilities — Long-term
(5,121
)
 
(11,297
)
Net Deferred Tax Liabilities
$
(2,305
)
 
$
(8,653
)
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)
2017
 
2016
 
2015
Balance at Beginning of the Year
$

 
$

 
$
181

Decreases as a Result of Tax Positions Taken in Prior Years

 

 
(181
)
Increases as a Result of Tax Positions Taken in the Current Year

 

 

Balance at End of the Year
$

 
$

 
$