Income Taxes
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Dec. 31, 2014
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INCOME TAXES | Note 15.
Income Taxes
Significant components of the Company’s deferred tax liabilities and assets as of December 31, 2014 and 2013 are as follows:
Significant components of the provision for income taxes are as follows:
At December 31, 2014, the Company has not recorded deferred U.S. income taxes or foreign withholding taxes on $56,266 of undistributed earnings of its foreign subsidiaries. It is management’s intent and practice to indefinitely reinvest such earnings outside of the U.S. Determination of the amount of any unrecognized deferred income tax liability associated with these undistributed earnings is not practicable because of the complexities of the hypothetical calculation.
Income before income taxes, as shown in the accompanying consolidated statements of operations, includes the following components:
The reconciliation of income tax computed at statutory rates to income tax expense is as follows:
At December 31, 2014 and 2013, the tax benefit of net operating loss carryforwards available for state income tax purposes was $74 and $83, respectively. The state net operating loss carryforwards will expire in various years from 2019 through 2032. At December 31, 2014, the Company has foreign net operating loss carryforwards of $162, which may be carried forward indefinitely. The Company has foreign tax credit carryforwards in the amount of $780 that will expire in 2023 through 2025. The Company anticipates utilizing these operating loss and credit carryforwards prior to their expiration and, therefore, has not provided a valuation allowance for these amounts.
The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2014 and 2013:
The total amount of unrecognized tax benefits that, if recognized, would affect the effective tax rate is $1,013 at December 31, 2014. The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income taxes. At December 31, 2014 and 2013, the Company had accrued interest and penalties related to unrecognized tax benefits of $335 and $342, respectively. As of December 31, 2014, the Company does not expect any material increases or decreases to its unrecognized tax benefits within the next 12 months. Ultimate realization of this decrease is dependent upon the occurrence of certain events, including the completion of audits by tax authorities and expiration of statutes of limitations.
The Company files income tax returns in the United States and in various state, local and foreign jurisdictions. The Company is subject to federal income tax examinations for the period 2011 and forward. With respect to the state, local and foreign filings, certain entities of the Company are subject to income tax examinations for the periods 2007 and forward.
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