Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2017 |
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| Income Tax Disclosure [Abstract] |
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| Schedule of Components of Income Tax Expense |
The sources of pre-tax income and the components of income tax expense for the years ended December 31, 2017, 2016 and 2015, respectively, are as follows: | | | | | | | | | | | | | | (in thousands) | | 2017 | | 2016 | | 2015 | Income Components | | | | | | | United States | | $ | 34,386 |
| | $ | 37,276 |
| | 33,274 |
| Foreign | | 2,194 |
| | (89 | ) | | 157 |
| Total pre-tax income from continuing operations | | $ | 36,580 |
| | $ | 37,187 |
| | $ | 33,431 |
| Income tax expense components | | | | | | | Current income tax provision | | | | | | | United States-Federal | | $ | 11,952 |
| | $ | 15,106 |
| | $ | 10,549 |
| United States-State and local | | 206 |
| | 311 |
| | 401 |
| Foreign | | 758 |
| | 371 |
| | 910 |
| Total current income tax provision | | 12,916 |
| | 15,788 |
| | 11,860 |
| Deferred income tax provision (benefit) | | | | | | | United States-Federal | | (35,486 | ) | | (1,733 | ) | | (9,350 | ) | United States-State and local | | (260 | ) | | (278 | ) | | (42 | ) | Foreign | | (87 | ) | | (245 | ) | | (10 | ) | Total deferred income tax provision (benefit) | | (35,833 | ) | | (2,256 | ) | | (9,402 | ) | Total income tax (benefit) expense | | $ | (22,917 | ) | | $ | 13,532 |
| | $ | 2,458 |
| Effective income tax rate | | (62.6 | )% | | 36.4 | % | | 7.4 | % |
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| Schedule of Effective Income Tax Rate Reconciliation |
A reconciliation of the income tax provision at the U.S. statutory rate to the effective income tax rate as reported is as follows: | | | | | | | | | | | | | 2017 | | 2016 | | 2015 | Tax provision at U.S. statutory rate | | 35.0 | % | | 35.0 | % | | 35.0 | % | State and local income tax, net of federal benefit | | (0.1 | )% | | 0.1 | % | | 0.7 | % | Foreign taxes | | (2.5 | )% | | — | % | | — | % | Release of uncertain tax positions | | — | % | | — | % | | (29.9 | )% | Prior year true-ups | | 0.3 | % | | — | % | | — | % | Indemnity expense | | — | % | | — | % | | 3.3 | % | Other | | 1.7 | % | | 1.3 | % | | (1.7 | )% | Impact of federal rate change | | (97.0 | )% | | — | % | | — | % | Effective income tax rate | | (62.6 | )% | | 36.4 | % | | 7.4 | % |
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| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities include the following: | | | | | | | | | | (in thousands) |
| 2017 |
| 2016 | Deferred Tax Assets |
|
|
|
| Costs incurred in excess of billings |
| $ | 814 |
| | $ | 506 |
| Compensation and benefits |
| 4,667 |
| | 10,816 |
| Reserves |
| 2,473 |
| | 2,660 |
| Other |
| 854 |
| | 3,116 |
| Property, plant and equipment, net | | 774 |
| | (769 | ) | Net operating losses | | 133 |
| | 168 |
| Subtotal | | $ | 9,715 |
| | $ | 16,497 |
| Valuation allowance | | — |
| | (157 | ) | Total deferred tax assets | | $ | 9,715 |
| | $ | 16,340 |
| Deferred Tax Liabilities |
| | | | Goodwill |
| $ | (46,890 | ) | | $ | (77,171 | ) | Unbilled receivables |
| (16,635 | ) | | (27,431 | ) | Other liabilities | | (1,169 | ) | | (1,178 | ) | Total deferred tax liabilities |
| $ | (64,694 | ) | | $ | (105,780 | ) |
Deferred taxes are classified in the Consolidated Balance Sheets as follows: | | | | | | | | | | (in thousands) |
| 2017 |
| 2016 | Non-current assets | | $ | 350 |
| | $ | 227 |
| Non-current liabilities |
| 55,329 |
| | 89,667 |
| Net deferred tax liabilities |
| $ | 54,979 |
| | $ | 89,440 |
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| Schedule of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits as of December 31, 2017, 2016 and 2015 is as follows: | | | | | | | | | | | | | | (in thousands) |
| 2017 |
| 2016 |
| 2015 | Unrecognized tax benefits-January 1, |
| $ | 429 |
| | $ | — |
| | $ | 7,604 |
| Additions for: |
| | | | | | Current year tax positions |
| — |
| | 429 |
| | — |
| Reductions for: |
| | | | | | Settlements with tax authorities | | (429 | ) | | — |
| | — |
| Prior year tax positions |
| — |
| | — |
| | (7,604 | ) | Unrecognized tax benefits-December 31, |
| $ | — |
| | $ | 429 |
| | $ | — |
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