Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income before income taxes was generated in the United States and globally as follows:


(Table only in thousands)	2014		2013		2012
Domestic	$	14,638	$	5,442	$	13,745
Foreign		1,576		1,013		1,618

	$	16,214	$	6,455	$	15,363

Schedule of Income Tax Provision

Income tax provision consisted of the following for the years ended December 31:


(Table only in thousands)	2014			2013			2012
Current:
Federal	$	4,672		$	(1,660	)	$	2,765
State		947			(191	)		805
Foreign		1,624			623			489

		7,243			(1,228	)		4,059

Deferred:
Federal		(3,033	)		1,000			377
State		(367	)		178			110
Foreign		(706	)		(52	)		(33	)

		(4,106	)		1,126			454

	$	3,137		$	(102	)	$	4,513

Schedule of Reconciliation of Income Tax Provision and Statutory Rate

The income tax provision differs from the statutory rate due to the following:


(Table only in thousands)	2014			2013			2012
Tax expense at statutory rate	$	5,675		$	2,194		$	5,223
Increase (decrease) in tax resulting from:
State income tax, net of federal benefit		416			311			694
Domestic Production Activities deduction		(670	)		(295	)		(415	)
Change in uncertain tax position reserves		388			599			110
Permanent differences		58			510			—
Impact of foreign rate differences and adjustments		296			(295	)		(94	)
Current and prior years R&D tax credits		(3,026	)		(3,649	)		(1,100	)
Other		—			112			95
Non-deductible transaction costs		—			411			—

	$	3,137		$	(102	)	$	4,513

Schedule of Net Deferred Tax Assets and Liabilities

Deferred income taxes reflect the future tax consequences of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and tax credit carry forwards. The net deferred tax liabilities consisted of the following at December 31:


(Table only in thousands)	2014			2013
Gross deferred tax assets:
Accrued expenses	$	106		$	120
Reserves on assets		870			805
Stock-based compensation awards		43			552
Revaluation of debt		721			—
State, foreign and local net operating loss carry-forwards		206			242
Deferred state taxes		885			—
Valuation allowances		(87	)		(149	)

		2,744			1,570

Gross deferred tax liabilities:
Foreign deferral on assets		(739	)		(348	)
Depreciation		(2,189	)		(3,215	)
Goodwill and intangibles		(21,867	)		(24,904	)
Prepaid expenses		(719	)		(551	)
Inventory		(868	)		(790	)
Revaluation of debt		—			(283	)
Minimum pension / post retirement		(397	)		(1,423	)

		(26,779	)		(31,514	)

Net deferred liabilities	$	(24,035	)	$	(29,944	)

Schedule of Amounts Reported in Balance Sheet

Reconciliation to amounts reported in the balance sheet follows:


	2014			2013
Net current deferred tax assets included in other current assets	$	1,066		$	699
Net non-current deferred tax assets		3,003			66
Net current deferred tax liabilities included in accounts payable and accrued expenses		(1,739	)		—
Net non-current deferred tax liabilities		(26,365	)		(30,009	)

Net deferred tax liability	$	(24,035	)	$	(29,244	)

Schedule of Reconciliation of Uncertain Tax Position

A reconciliation of the beginning and ending amount of uncertain tax position reserves included in other liabilities on the Consolidated Balance Sheets is as follows:


(Table only in thousands)	2014			2013
Balance as of January 1,	$	763		$	162
Additions for tax positions current year		188			120
Additions for tax positions taken in prior years		266			481
Reductions for expirations on tax positions of prior years		(51	)		—

Balance as of December 31,	$	1,166		$	763