Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
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Consolidated Income from Continuing Operations Before Income Taxes |
Consolidated income from continuing operations before income taxes consisted of the following (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2015 | | 2014 | | 2013 | U.S. operations | | $ | 173,966 |
| | $ | 118,743 |
| | $ | 88,561 |
| Foreign operations | | 73,353 |
| | 79,778 |
| | 42,865 |
| Income before income tax | | $ | 247,319 |
| | $ | 198,521 |
| | $ | 131,426 |
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Components of Provision (Benefit) for Income Taxes |
The components of the provision (benefit) for income taxes consisted of the following (in thousands): | | | | | | | | | | | | | | | | Year Ended December 31, | | | 2015 | | 2014 | | 2013 | Current: | | | | | | | Federal | | $ | 61,211 |
| | $ | 42,790 |
| | $ | 14,953 |
| State and local | | 6,520 |
| | 3,175 |
| | 1,999 |
| Non-U.S. | | 21,014 |
| | 20,679 |
| | 14,178 |
| | | 88,745 |
| | 66,644 |
| | 31,130 |
| Deferred: | | | | | | | Federal | | (8,883 | ) | | (5,147 | ) | | 11,363 |
| State and local | | (906 | ) | | (739 | ) | | (120 | ) | Non-U.S. | | (11,488 | ) | | (4,096 | ) | | (4,550 | ) | | | (21,277 | ) | | (9,982 | ) | | 6,693 |
| Income tax expense | | $ | 67,468 |
| | $ | 56,662 |
| | $ | 37,823 |
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Reconciliation of Statutory Federal Income Tax Rate to Effective Rate |
The following is a reconciliation of the statutory federal income tax rate to the effective rate reported in the financial statements: | | | | | | | | | | | | | Year Ended December 31, | | | 2015 | | 2014 | | 2013 | | | (percent of income) | Provision for federal income taxes at the statutory rate | | 35.0 | % | | 35.0 | % | | 35.0 | % | State and local income taxes, net of federal benefit | | 2.2 |
| | 1.5 |
| | 1.5 |
| Non-U.S. income taxed at different rates | | (3.9 | ) | | (3.4 | ) | | (3.7 | ) | Foreign tax credits | | (1.7 | ) | | — |
| | (0.5 | ) | Reduction of unrecognized tax benefits | | (0.8 | ) | | (3.2 | ) | | (1.9 | ) | Research credits | | (0.9 | ) | | (0.9 | ) | | (2.1 | ) | Reduction of valuation allowance | | (2.7 | ) | | — |
| | — |
| Other | | 0.1 |
| | (0.5 | ) | | 0.5 |
| Actual provision for income taxes | | 27.3 | % | | 28.5 | % | | 28.8 | % |
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Significant Components of Deferred Taxes |
Significant components of the Company’s deferred taxes consisted of the following (in thousands): | | | | | | | | | | | | December 31, | | | 2015 | | 2014 | Deferred tax assets: | | | | | Accruals and allowances | | $ | 47,290 |
| | $ | 44,678 |
| Capitalized inventory costs | | 27,669 |
| | 25,962 |
| Stock compensation | | 6,585 |
| | 6,488 |
| Net operating loss carryforwards | | 2,971 |
| | 6,660 |
| Depreciation and amortization | | 14,288 |
| | 1,947 |
| Tax credits | | 5,805 |
| | 5,496 |
| Other | | 400 |
| | 578 |
| Gross deferred tax assets | | 105,008 |
| | 91,809 |
| Valuation allowance | | (258 | ) | | (6,008 | ) | Net deferred tax assets | | 104,750 |
| | 85,801 |
| Deferred tax liabilities: | | | | | Depreciation and amortization | | (26,608 | ) | | (25,579 | ) | Foreign currency loss | | (1,477 | ) | | (3,055 | ) | Other | | (713 | ) | | (814 | ) | Gross deferred tax liabilities | | (28,798 | ) | | (29,448 | ) | Total net deferred taxes | | $ | 75,952 |
| | $ | 56,353 |
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Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of gross unrecognized tax benefits is as follows (in thousands): | | | | | | | | | | | | | | | | December 31, | | | 2015 | | 2014 | | 2013 | Balance at beginning of year | | $ | 6,630 |
| | $ | 14,639 |
| | $ | 12,431 |
| Increases related to prior year tax positions | | 365 |
| | 821 |
| | 252 |
| Decreases related to prior year tax positions | | (2,019 | ) | | (7,623 | ) | | (332 | ) | Increases related to current year tax positions | | 6,564 |
| | 2,473 |
| | 4,281 |
| Settlements | | — |
| | (3,121 | ) | | (84 | ) | Expiration of statute of limitations | | (353 | ) | | (559 | ) | | (1,909 | ) | Balance at end of year | | $ | 11,187 |
| | $ | 6,630 |
| | $ | 14,639 |
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