Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]



Year Ended December 31,	2015		2014		2013
(Thousands of dollars)
Income before income taxes and equity earnings:
Domestic	$	25,069	$	8,328	$	27,981
International	10,214		7,374		8,860
	$	35,283	$	15,702	$	36,841

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes is comprised of the following:



Year Ended December 31,	2015			2014			2013
(Thousands of dollars)
Current taxes
Federal	$	(10,900	)	$	(2,976	)	$	(9,951	)
State	481			(453		)	(859		)
Foreign	(2,099		)	(8,660		)	(1,307		)
Total current taxes	(12,518		)	(12,089		)	(12,117		)
Deferred taxes
Federal	(961		)	657			183
State	(576		)	(109		)	277
Foreign	2,716			4,642			(2,360		)
Total deferred taxes	1,179			5,190			(1,900		)

Income tax provision	$	(11,339	)	$	(6,899	)	$	(14,017	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

reconciliation of the United States federal tax rate to our effective income tax rate:



Year Ended December 31,	2015		2014		2013
Statutory rate	(35.0	)%	(35.0	)%	(35.0	)%
State tax provisions, net of federal income tax benefit	3.8		(0.5	)	(1.0	)
Permanent differences	(1.5	)	(5.3	)	(0.1	)
Tax credits	0.9		2.8		6.0
Foreign income taxes at rates other than the statutory rate	2.3		(0.5	)	0.7
Valuation allowance and other	(5.6	)	(8.4	)	—
Changes in tax liabilities, net	6.4		4.2		(5.7	)
Share based compensation	(4.4	)	—		—
Other	1.0		(1.2	)	(2.9	)
Effective income tax rate	(32.1	)%	(43.9	)%	(38.0	)%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The classification of our net deferred tax asset is shown below:



December 31,	2015			2014
(Thousands of dollars)

Current deferred income tax assets	$	—		$	9,897
Current deferred income tax liabilities	—			—
Long-term deferred income tax assets	25,598			17,852
Long-term deferred income tax liabilities	(8,094		)	(15,122		)
Net deferred tax asset	$	17,504		$	12,627

Tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred liabilities are as follows:



December 31,	2015			2014
(Thousands of dollars)
Deferred income tax assets:
Liabilities deductible in the future	$	7,060		$	7,046
Liabilities deductible in the future related to hedging and foreign currency losses	8,469			3,378
Deferred compensation	11,833			14,023
Net loss carryforwards and credits	5,891			3,395
Competent authority deferred tax assets and other foreign timing differences	4,836			8,603
Other	(683		)	1,430
Total before valuation allowance	37,406			37,875
Valuation allowance	(5,891		)	(3,911		)
Net deferred income tax assets	31,515			33,964
Deferred income tax liabilities:
Differences between the book and tax basis of property, plant and equipment	(14,011		)	(21,337		)
Deferred income tax liabilities	(14,011		)	(21,337		)
Net deferred income tax assets	$	17,504		$	12,627

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

We account for our uncertain tax positions in accordance with U.S. GAAP. A reconciliation of the beginning and ending amounts of these tax benefits is as follows:



Year Ended December 31,	2015			2014			2013
(Thousands of dollars)
Beginning balance	$	7,193		$	9,462		$	6,310
Increases (decreases) due to foreign currency translations	—			(244		)	—
Increases (decreases) as a result of positions taken during:
Prior periods	1,238			(2,553		)	(197		)
Current period	1,798			956			3,655
Settlements with taxing authorities	—			—			(306		)
Expiration of applicable statutes of limitation	(2,911		)	(428		)	—
Ending balance ⁽¹⁾	$	7,318		$	7,193		$	9,462