Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Provision (Benefit) for Income Taxes
The provision (benefit) for income taxes at December 31 consists of the following:
(In thousands) 2018 2017 2016
Current
U.S. Federal $ 7,540  $ 8,436  $ 21,667 
State (504) 2,054  2,899 
Foreign 1,123  316  551 
Deferred
U.S. Federal (1,799) (3,850) (2,871)
State (1,584) (326) (1,140)
Foreign 703  (1,318) (745)
Total $ 5,479  $ 5,312  $ 20,361 
Effective Tax Rates Differ from Statutory Federal Income Tax Rate
The effective tax rates differ from the statutory federal income tax rate as follows:
2018 2017 2016
Statutory Federal Income Tax Rate 21.0  % 35.0  % 35.0  %
Permanent Items
Stock Compensation Expense (0.9) % 1.1  % 1.1  %
Domestic Production Activity Deduction —  % (4.7) % (3.3) %
Other 0.4  % 0.5  % 0.2  %
Foreign Tax Benefits 0.5  % (5.6) % (1.1) %
State Income Tax, Net of Federal Income Tax Effect 2.8  % 4.5  % 1.8  %
Revised State Filing Tax Benefit, Net of Federal Income Tax Effect, Net of Reserve (6.7) % —  % —  %
Research and Development Tax Credits (6.2) % (11.5) % (3.7) %
Tax Expense on Deemed Repatriation of Foreign Earnings (0.8) % 5.6  % —  %
Revaluation of Deferred Taxes for Federal Tax Rate Change (0.1) % (3.5) % —  %
Other 0.5  % (0.1) % (0.4) %
Effective Tax Rate 10.5  % 21.3  % 29.6  %
Significant Components of Company's Deferred Tax Assets and Liabilities
Significant components of the Company’s deferred tax assets and liabilities at December 31, are as follows:
(In thousands) 2018 2017
Deferred Tax Assets:
Asset Reserves $ 8,808  $ 7,596 
Deferred Compensation 5,628  6,091 
Capital Lease Basis Difference 1,743  1,002 
State Investment and Research and Development Tax Credit Carryforwards, Net of Federal Tax 1,066  1,379 
Customer Advanced Payments and Deferred Revenue 875  1,007 
State Net Operating Loss Carryforwards and Other 8,281  8,115 
Total Gross Deferred Tax Assets 26,401  25,190 
Valuation Allowance for Foreign Tax Credit, State Deferred Tax Assets and Tax Credit Carryforwards, Net of Federal Tax (8,098) (7,823)
Deferred Tax Assets 18,303  17,367 
Deferred Tax Liabilities:
Depreciation 11,687  9,267 
Goodwill and Intangible Assets 4,438  7,275 
Other 3,812  3,130 
Deferred Tax Liabilities 19,937  19,672 
Net Deferred Tax Liabilities $ (1,634) $ (2,305)
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) 2018 2017
Other Assets — Long-term $ 3,999  $ 2,816 
Assets Held for Sale (1,528) — 
Deferred Tax Liabilities — Long-term (3,199) (5,121)
Liabilities Held for Sale (906) — 
Net Deferred Tax Liabilities $ (1,634) $ (2,305)
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, is as follows:
(in thousands) 2018 2017 2016
Balance at Beginning of the Year $ —  $ —  $ — 
Decreases as a Result of Tax Positions Taken in Prior Years —  —  — 
Increases as a Result of Tax Positions Taken in the Current Year 2,197  —  — 
Balance at End of the Year 2,197  $ —  $ —