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

Jan. 02, 2016

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
	January 2, 2016		December 27, 2014		December 28, 2013
United States	$	45,964	$	52,713	$	46,314
Foreign	3,266		13,029		10,858
Total	$	49,230	$	65,742	$	57,172

Schedule of Components of Income Tax Provision (Benefit)

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



	For the year ended
	January 2, 2016			December 27, 2014			December 28, 2013
Current tax expense (benefit):
United States	$	14,538		$	17,897		$	15,634
State and local	948			1,249			950
Foreign	1,359			2,574			2,466
Total Current	16,845			21,720			19,050
Deferred tax expense (benefit):
United States	(781		)	112			158
State and local	(58		)	(7		)	6
Foreign	86			142			(26		)
Total Deferred	(753		)	247			138
Total income tax provision	$	16,092		$	21,967		$	19,188

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
	January 2, 2016			December 29, 2014			December 28, 2013
U.S. federal taxes at the statutory rate	$	17,231		$	23,010		$	20,010
Increase (decrease)
Foreign tax credit	(310		)	(432		)	(433		)
Domestic production activity deduction	(1,699		)	(1,793		)	(1,632		)
Foreign income taxed at lower rate	(420		)	(957		)	(1,013		)
Nondeductible items	—			392			302
State and local taxes, net	890			1,242			957
Change in reserve	304			193			168
Other	96			312			829
Income tax provision	$	16,092		$	21,967		$	19,188

Schedule of Unrecognized Tax Benefits Roll Forward

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



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
Increases from positions taken during prior periods	110
Settled positions	783
Lapse of statute of limitations	—
Unrecognized tax benefits - January 2, 2016	$	2,049

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 January 2, 2016, and December 27, 2014 are presented below:



			January 2, 2016			December 27, 2014
Deferred tax assets:
	Current:
		Accrued expenses and other	$	460		$	467
	Total current deferred tax assets		460			467

	Noncurrent:
		Accrued expenses and other	2,157			2,863
	Total noncurrent deferred tax assets		2,157			2,863

Deferred tax liabilities:
	Noncurrent:
		Depreciation	(8,708		)	(10,265		)
		Other	(860		)	(1,099		)
Total noncurrent deferred tax liabilities			(9,568		)	(11,364		)
Net noncurrent deferred tax liability			$	(7,411	)	$	(8,501	)