Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.7.0.1
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