Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Provision (Benefit) for Income Taxes |
The provision (benefit) for income taxes consists of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
2016 |
|
2015 |
|
2014 |
Current |
|
|
|
|
|
U.S. Federal |
$ |
21,667 |
|
|
$ |
24,809 |
|
|
$ |
22,705 |
|
State |
2,899 |
|
|
2,382 |
|
|
3,797 |
|
Foreign |
551 |
|
|
137 |
|
|
1,112 |
|
Deferred |
|
|
|
|
|
U.S. Federal |
(2,871 |
) |
|
703 |
|
|
(3,035 |
) |
State |
(1,140 |
) |
|
(1,019 |
) |
|
(655 |
) |
Foreign |
(745 |
) |
|
64 |
|
|
(987 |
) |
|
$ |
20,361 |
|
|
$ |
27,076 |
|
|
$ |
22,937 |
|
|
| Effective Tax Rates Differ from Statutory Federal Income Tax Rate |
The effective tax rates differ from the statutory federal income tax rate as follows:
|
|
|
|
|
|
|
|
|
|
|
2016 |
|
2015 |
|
2014 |
Statutory Federal Income Tax Rate |
35.0 |
% |
|
35.0 |
% |
|
35.0 |
% |
Permanent Items |
|
|
|
|
|
Non-deductible Stock Compensation Expense |
1.1 |
% |
|
0.6 |
% |
|
0.6 |
% |
Domestic Production Activity Deduction |
(3.3 |
)% |
|
(2.9 |
)% |
|
(2.6 |
)% |
Other |
0.2 |
% |
|
0.2 |
% |
|
0.1 |
% |
Foreign Tax Benefits |
(1.1 |
)% |
|
(1.1 |
)% |
|
(1.7 |
)% |
State Income Tax, Net of Federal Income Tax Effect |
1.8 |
% |
|
0.9 |
% |
|
2.6 |
% |
Research and Development Tax Credits |
(3.7 |
)% |
|
(2.7 |
)% |
|
(4.3 |
)% |
Other |
(0.4 |
)% |
|
(1.2 |
)% |
|
(0.7 |
)% |
Effective Tax Rate |
29.6 |
% |
|
28.8 |
% |
|
29.0 |
% |
|
| 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) |
2016 |
|
2015 |
Deferred Tax Assets: |
|
|
|
Asset Reserves |
$ |
9,208 |
|
|
$ |
8,709 |
|
Deferred Compensation |
8,378 |
|
|
7,986 |
|
Capital Lease Basis Difference |
1,690 |
|
|
1,753 |
|
State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax |
665 |
|
|
533 |
|
Customer Advanced Payments and Deferred Revenue |
3,750 |
|
|
1,722 |
|
State Net Operating Loss Carryforwards and Other |
4,282 |
|
|
2,401 |
|
Total Gross Deferred Tax Assets |
27,973 |
|
|
23,104 |
|
Valuation Allowance for State Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax |
(3,816 |
) |
|
(2,640 |
) |
Deferred Tax Assets |
24,157 |
|
|
20,464 |
|
Deferred Tax Liabilities: |
|
|
|
Depreciation |
12,972 |
|
|
12,561 |
|
Goodwill and Intangible Assets |
18,558 |
|
|
20,113 |
|
Other |
1,280 |
|
|
1,199 |
|
Deferred Tax Liabilities |
32,810 |
|
|
33,873 |
|
Net Deferred Tax Liabilities |
$ |
(8,653 |
) |
|
$ |
(13,409 |
) |
|
| 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) |
2016 |
|
2015 |
Other Assets — Long-term |
$ |
2,644 |
|
|
$ |
1,558 |
|
Deferred Tax Liabilities — Long-term |
(11,297 |
) |
|
(14,967 |
) |
Net Deferred Tax Liabilities |
$ |
(8,653 |
) |
|
$ |
(13,409 |
) |
|
| 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) |
2016 |
|
2015 |
|
2014 |
Balance at Beginning of the Year |
$ |
— |
|
|
$ |
181 |
|
|
$ |
1,940 |
|
Decreases as a Result of Tax Positions Taken in Prior Years |
— |
|
|
(181 |
) |
|
(1,901 |
) |
Increases as a Result of Tax Positions Taken in the Current Year |
— |
|
|
— |
|
|
142 |
|
Balance at End of the Year |
$ |
— |
|
|
$ |
— |
|
|
$ |
181 |
|
|