Helios Technologies Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Income Taxes Income Taxes (Tables)

Income Taxes Income Taxes (Tables)

12 Months Ended

Dec. 27, 2014

Schedule of Income before Income Tax, Domestic and Foreign

For financial reporting purposes, income before income taxes includes the following components:



	For the year ended
	December 27, 2014		December 28, 2013		December 29, 2012
United States	$	52,713	$	46,314	$	44,957
Foreign	13,029		10,858		10,896
Total	$	65,742	$	57,172	$	55,853

Schedule of Components of Income Tax Provision (Benefit)

The components of the income tax provision (benefit) are as follows:



	For the year ended
	December 27, 2014			December 28, 2013			December 29, 2012
Current tax expense (benefit):
United States	$	17,897		$	15,634		$	15,396
State and local	1,249			950			924
Foreign	2,574			2,466			1,788
Total Current	21,720			19,050			18,108
Deferred tax expense (benefit):
United States	112			158			545
State and local	(7		)	6			12
Foreign	142			(26		)	(210		)
Total Deferred	247			138			347
Total income tax provision	$	21,967		$	19,188		$	18,455

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation between the effective income tax rate and the U.S. federal statutory rate is as follows:



	For the year ended
	December 27, 2014			December 28, 2013			December 29, 2012
U.S. federal taxes at the statutory rate	$	23,010		$	20,010		$	19,549
Increase (decrease)
Foreign tax credit	(432		)	(433		)	(358		)
Domestic production activity deduction	(1,793		)	(1,632		)	(1,483		)
Foreign income taxed at lower rate	(957		)	(1,013		)	(901		)
Nondeductible items	392			302			411
State and local taxes, net	1,242			957			935
Change in reserve	193			168			710
Other	312			829			(408		)
Income tax provision	$	21,967		$	19,188		$	18,455

Schedule of Unrecognized Tax Benefits Roll Forward

The following is a roll-forward of the Company’s unrecognized tax benefits:



Unrecognized tax benefits - December 31, 2011	$	609
Increases from positions taken during prior periods	710
Settled Positions	(124		)
Lapse of statute of limitations	—
Unrecognized tax benefits - December 29, 2012	$	1,195
Increases from positions taken during prior periods	168
Settled positions	(241		)
Lapse of statute of limitations	—
Unrecognized tax benefits - December 28, 2013	$	1,122
Increases from positions taken during prior periods	193
Settled positions	(159		)
Lapse of statute of limitations	—
Unrecognized tax benefits - December 27, 2014	$	1,156

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

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income taxes. The temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 27, 2014, and December 28, 2013 are presented below:



			December 27, 2014			December 28, 2013
Deferred tax assets:
	Current:
		Accrued expenses and other	$	467		$	474
	Total current deferred tax assets		467			474

	Noncurrent:
		Accrued expenses and other	2,863			2,414
	Total noncurrent deferred tax assets		2,863			2,414

Deferred tax liabilities:
	Noncurrent:
		Depreciation	(10,265		)	(8,867		)
		Other	(1,099		)	(1,294		)
Total noncurrent deferred tax liabilities			(11,364		)	(10,161		)
Net noncurrent deferred tax liability			$	(8,501	)	$	(7,747	)