Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Schedule of Income Tax Expense

Income tax expense is composed of the following:

	Year Ended December 31,
	2016			2015		2014
	(Thousands of dollars)
Current
Federal	$	—		$	—	$	—
State		409			284		307
Foreign		1,374			3,159		4,352
Deferred – principally Federal		(2,252	)		12,889		15,768
Total	$	(469	)	$	16,332	$	20,427

Schedule of Income Tax Expense as Percentage of Pre-Tax Earnings

Income tax expense 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, 2016						December 31, 2015						December 31, 2014
	(Thousands of dollars, except percentage amounts)
	Amount			Tax Rate %			Amount			Tax Rate %			Amount		Tax Rate %
Income taxes at statutory rate	$	(9,502	)		35		$	15,140			35		$	18,590		35
Increase (decrease) in taxes resulting from:
Valuation allowance on foreign tax credits		8,991			(33	)		—			—			113		—
Valuation allowance on state net operating loss carryforwards		5,028			(19	)		—			—			—		—
Valuation allowance reversal–investment in foreign entity		—			—			(456	)		(1	)		—		—
Change in tax rate on deferred items		(4,772	)		18			1,078			3			—		—
State income taxes, net of federal benefit		(1,384	)		5			146			—			916		2
Other items – net		1,170			(4	)		424			1			808		1
Total	$	(469	)		2		$	16,332			38		$	20,427		38

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:

	2016			2015
	(Thousands of dollars)
Deferred tax assets:
Deferred compensation	$	937		$	946
Foreign tax credits		21,492			20,118
Vacation and bonus accrual		1,674			1,952
Inventory valuation		7,655			6,808
Rental accrual		1,416			1,691
Hurricane relief credit		1,255			1,255
Stock-based compensation		2,202			3,598
Other		3,115			3,593
Net operating losses		89,256			61,611
Total deferred tax assets		129,002			101,572
Valuation allowance – state NOL carryforwards		(5,318	)		(290	)
Valuation allowance – tax credit carryforwards		(11,039	)		(2,047	)
Total deferred tax assets, net		112,645			99,235
Deferred tax liabilities:
Tax depreciation in excess of book depreciation		(253,560	)		(242,501	)
Total deferred tax liabilities		(253,560	)		(242,501	)
Net deferred tax liabilities	$	(140,915	)	$	(143,266	)
Current deferred tax assets	$	10,798		$	10,379
Deferred tax liability – long-term		(151,713	)		(153,645	)
Net deferred tax liabilities	$	(140,915	)	$	(143,266	)