Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) is composed of the following:

	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2014		2013		2012
	(Thousands of dollars)
Current
Federal	$	—	$	—	$	—
State		307		353		360
Foreign		4,352		9,637		—
Deferred – principally Federal		15,768		21,195		15,632
Total	$	20,427	$	31,185	$	15,992

Schedule of Income Tax Expense (Benefit) as Percentage of Pre-Tax Earnings

Income tax expense (benefit) as a percentage of pre-tax earnings varies from the effective Federal statutory rate of 35% as a result of the following:

	Year Ended				Year Ended						Year Ended
	December 31, 2014				December 31, 2013						December 31, 2012
	(Thousands of dollars, except percentage amounts)
	Amount		Tax Rate %		Amount			Tax Rate %			Amount		Tax Rate %
Income taxes at statutory rate	$	18,590		35	$	31,550			35		$	11,917		35
Increase (decrease) in taxes resulting from:
Valuation allowance – foreign tax credit		113		—		—			—			1,649		5
Change in tax rate on deferred items		—		—		(3,850	)		(4	)		—		—
State income taxes, net of federal benefit		916		2		2,161			2			1,688		5
Other items – net		808		1		1,324			2			738		2
Total	$	20,427		38	$	31,185			35		$	15,992		47

Schedule of Tax Effects of Temporary Differences that Give Rise to Significant Portions of Deferred Tax Assets and Deferred Tax Liabilities

The tax effects of significant items comprising our net deferred tax balance at December 31 are as follows:

	2014			2013
	(Thousands of dollars)
Deferred tax assets:
Deferred compensation	$	1,023		$	656
Foreign tax credits		16,982			12,611
Vacation and bonus accrual		2,031			5,931
Inventory valuation		6,093			5,655
Rental accrual		1,799			1,634
Hurricane relief credit		1,255			1,255
Stock-based compensation		2,977			1,307
Other		2,714			2,674
Net operating losses		56,305			55,990
Total deferred tax assets		91,179			87,713
Valuation allowance – state NOL carryforwards		(219	)		(541	)
Valuation allowance – tax credit carryforwards		(2,047	)		(1,933	)
Valuation allowance – other		(1,466	)		(1,515	)
Total deferred tax assets, net		87,447			83,724
Deferred tax liabilities:
Tax depreciation in excess of book depreciation		(218,064	)		(198,358	)
Total deferred tax liabilities		(218,064	)		(198,358	)
Net deferred tax liabilities	$	(130,617	)	$	(114,634	)
Current deferred tax assets	$	9,915		$	12,723
Deferred tax liability – long-term		(140,532	)		(127,357	)
Net deferred tax liabilities	$	(130,617	)	$	(114,634	)