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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate

A reconciliation of the Federal statutory income tax rate to the Company’s effective tax rate is as follows:



	Percent of Income before Income Taxes
	2013		2012		2011
Statutory Federal income tax rate	35.0	%	35.0	%	35.0	%
State income taxes — net of Federal tax benefit	2.8		4.2		0.7
Foreign tax rate differential	0.2		0.5		0.4
Domestic production deduction	(3.2	)	(2.9	)	(3.5	)
Non-deductible expenses	1.5		1.5		2.0
Changes in unrecognized tax benefits	0.4		(1.6	)	(14.4	)
Non-deductible goodwill	—		—		3.1
Foreign tax incentives	(2.2	)	(1.2	)	—
Valuation allowances	(0.1	)	1.2		3.0
Other	(0.4	)	—		1.0
Effective tax rate for the year	34.0	%	36.7	%	27.3	%

Income (loss) from continuing operations before income taxes

Income before income taxes was attributable to the following sources:



	2013		2012			2011
United States	$	39,096	$	50,143		$	39,740
Foreign	295		(2,802		)	(6,053		)
Totals	$	39,391	$	47,341		$	33,687

Income tax expense (benefit) from continuing operations

Income tax expense (benefit) consisted of the following:



	2013					2012					2011
	Current		Deferred			Current		Deferred			Current		Deferred
Federal	$	13,853	$	(1,479	)	$	13,093	$	2,124		$	6,509	$	2,057
Foreign	1,573		(2,278		)	297		(1,168		)	612		(371		)
State and local	2,116		(396		)	2,937		96			1,906		(1,531		)
	$	17,542	$	(4,153	)	$	16,327	$	1,052		$	9,027	$	155

Significant components of the Company’s deferred taxes

Significant components of the Company’s deferred taxes as of December 31, 2013 and 2012 are as follows:



	2013			2012
Deferred income tax liabilities
Property, plant and equipment	$	18,297		$	24,748
Tax-deductible goodwill	7,437			5,206
Non-deductible intangibles	4,135			5,069
State deferred taxes	1,148			1,487
Other	484			392
	31,501			36,902
Deferred income tax assets
Compensation	6,104			6,243
Inventory valuation	765			806
Allowance for uncollectible accounts	1,007			967
Non-deductible accruals	2,116			3,820
Other	—			78
Net operating loss carryforwards	4,612			4,975
	14,604			16,889
Valuation Allowance	(5,221		)	(6,060		)
	9,383			10,829
Net deferred income tax liability	$	22,118		$	26,073

The following table summarizes the activity related to the Company’s unrecognized tax benefits:



	2013			2012			2011
Balance at January 1	$	1,078		$	1,217		5,767
Increases related to current year tax positions	496			—			—
Increases related to acquired businesses	—			236			—
Increases related to previous year tax positions	—			580			395
Reductions due to lapse of applicable statute of limitations	(48		)	(256		)	(4,945		)
Reduction due to settlements	(22		)	(699		)	—
Balance at December 31	$	1,504		$	1,078		$	1,217

- Definition

Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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