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. 28, 2013

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 28, 2013		December 29, 2012		December 31, 2011
United States	$	46,314	$	44,957	$	43,513
Foreign	10,858		10,896		14,073
Total	$	57,172	$	55,853	$	57,586

Schedule of Components of Income Tax Provision (Benefit)

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



	For the year ended
	December 28, 2013			December 29, 2012			December 31, 2011
Current tax expense (benefit):
United States	$	15,634		$	15,396		$	14,034
State and local	950			924			436
Foreign	2,466			1,788			3,972
Total Current	19,050			18,108			18,442
Deferred tax expense (benefit):
United States	158			545			1,095
State and local	6			12			471
Foreign	(26		)	(210		)	(99		)
Total Deferred	138			347			1,467
Total income tax provision	$	19,188		$	18,455		$	19,909

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 28, 2013			December 29, 2012			December 31, 2011
U.S. federal taxes at the statutory rate	$	20,010		$	19,549		$	20,155
Increase (decrease)
Foreign tax credit	(433		)	(358		)	(1,026		)
Domestic production activity deduction	(1,632		)	(1,483		)	(1,075		)
Research and Development Tax Credit - Current Year	(50		)	(50		)	(150		)
Foreign income taxed at lower rate	(1,013		)	(901		)	(1,052		)
Nondeductible items	302			411			1,049
State and local taxes, net	957			935			907
Change in reserve	168			710			440
Other	879			(358		)	661
Income tax provision	$	19,188		$	18,455		$	19,909

Schedule of Unrecognized Tax Benefits Roll Forward

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



Unrecognized tax benefits - January 1, 2011	169
Increases from positions taken during prior periods	440
Lapse of statute of limitations	—
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

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 28, 2013, and December 29, 2012 are presented below:



			December 28, 2013			December 29, 2012
Deferred tax assets:
	Current:
		Accrued expenses and other	$	474		$	248
	Total current deferred tax assets		474			248

	Noncurrent:
		Accrued expenses and other	2,414			1,426
	Total noncurrent deferred tax assets		2,414			1,426

Deferred tax liabilities:
	Noncurrent:
		Depreciation	(8,867		)	(8,656		)
		Other	(1,294		)	—
Total noncurrent deferred tax liabilities			(10,161		)	(8,656		)
Net noncurrent deferred tax liability			$	(7,747	)	$	(7,230	)