Rendering

Component: (Network and Table)
Network
129 - Disclosure - INCOME TAXES (Tables)
(http://www.hurco.com/role/IncomeTaxesTables)
Table(Implied)
Slicers (applies to each fact value in each table cell)
Reporting Entity [Axis]0000315374 (http://www.sec.gov/CIK)
Income Tax Disclosure [Abstract]Period [Axis]
2015-11-01 - 2016-10-31
Income Tax Disclosure [Abstract]
 
Schedule of Income Taxes Provision (Benefit)
In the fiscal years set forth below, the provision for income taxes consisted of the following (in thousands):
 
 
 
Year Ended October 31,
 
 
 
2016
 
2015
 
2014
 
 
 
 
 
 
 
 
 
Current:
 
 
 
 
 
 
 
 
 
 
U.S. taxes
 
$
1,362
 
$
4,600
 
$
3,498
 
Foreign taxes
 
 
4,456
 
 
3,752
 
 
3,594
 
 
 
 
5,818
 
 
8,352
 
 
7,092
 
Deferred:
 
 
 
 
 
 
 
 
 
 
U.S. taxes
 
 
(176)
 
 
(896)
 
 
(709)
 
Foreign taxes
 
 
(49)
 
 
(117)
 
 
(165)
 
 
 
 
(225)
 
 
(1,013)
 
 
(874)
 
 
 
$
5,593
 
$
7,339
 
$
6,218
 
  
Schedule of Reconciliation of Statutory Tax Rate to Effective Tax Rate
A comparison of income tax expense at the U.S. statutory rate to the Company’s effective tax rate is as follows (dollars in thousands):
 
 
 
Year Ended October 31,
 
 
 
2016
 
 
2015
 
 
2014
 
Income before income taxes:
 
 
 
 
 
 
 
 
 
 
 
 
Domestic
 
$
2,703
 
 
$
10,806
 
 
$
9,190
 
Foreign
 
 
16,182
 
 
 
12,747
 
 
 
12,171
 
Earnings (Loss) before taxes on income
 
$
18,885
 
 
$
23,553
 
 
$
21,361
 
Tax rates:
 
 
 
 
 
 
 
 
 
 
 
 
U.S. statutory rate
 
 
34
%
 
 
35
%
 
 
35
%
Effect of tax rate of international jurisdictions different than U.S. statutory rates
 
 
(7)
%
 
 
(5)
%
 
 
(4)
%
Valuation allowance
 
 
3
%
 
 
1
%
 
 
0
%
State taxes
 
 
0
%
 
 
1
%
 
 
0
%
Tax Credits
 
 
(2)
%
 
 
(1)
%
 
 
(1)
%
Effect of Tax Rate Changes
 
 
4
%
 
 
0
%
 
 
0
%
Other
 
 
(2)
%
 
 
0
%
 
 
(1)
%
Effective tax rate
 
 
30
%
 
 
31
%
 
 
29
%
  
Schedule of Deferred Tax Assets and Liabilities
Significant components of our deferred tax assets and liabilities at October 31, 2016 and 2015 were as follows (in thousands):
 
 
 
October 31,
 
 
 
2016
 
2015
 
Deferred Tax Assets:
 
 
 
 
 
 
 
Accrued inventory reserves
 
 
1,824
 
 
1,304
 
Accrued warranty expenses
 
 
312
 
 
441
 
Compensation related expenses
 
 
2,664
 
 
1,891
 
Unrealized exchange gain/loss
 
 
370
 
 
186
 
Other accrued expenses
 
 
194
 
 
237
 
Net operating loss carryforwards
 
 
1,616
 
 
1,275
 
Other credit carryforwards
 
 
474
 
 
287
 
Other
 
 
331
 
 
170
 
 
 
 
7,785
 
 
5,791
 
Less: Valuation allowance on net operating loss carryforwards
 
 
(1,593)
 
 
(1,300)
 
Valuation allowance on other credit carryforwards
 
 
(474)
 
 
(185)
 
 
 
 
(2,067)
 
 
(1,485)
 
Deferred tax assets
 
 
5,718
 
 
4,306
 
 
 
 
 
 
 
 
 
Deferred Tax Liabilities:
 
 
 
 
 
 
 
Net derivative instruments
 
 
(701)
 
 
(811)
 
Property and equipment and capitalized software development costs
 
 
(2,717)
 
 
(2,369)
 
Other
 
 
(456)
 
 
(403)
 
 
 
 
 
 
 
 
 
Net deferred tax assets
 
$
1,844
 
$
723
 
  
Schedule of Income Tax Expense
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding the related accrual for interest or penalties, is as follows (in thousands): 
 
 
2016
 
2015
 
2014
 
Balance, beginning of year
 
$
1,034
 
$
1,196
 
$
1,284
 
Additions based on tax positions related to the current year
 
 
52
 
 
17
 
 
5
 
Additions (reductions) related to prior year tax positions
 
 
19
 
 
(51)
 
 
(4)
 
Reductions due to statute expiration
 
 
—
 
 
—
 
 
—
 
Other
 
 
(3)
 
 
(128)
 
 
(89)
 
 
 
 
 
 
 
 
 
 
 
 
Balance, end of year
 
$
1,102
 
$
1,034
 
$
1,196
 
  
Summary of open tax years by major jurisdiction
A summary of open tax years by major jurisdiction is presented below:
 
United States federal
Fiscal 2013 through the current period
Germany¹
Fiscal 2013 through the current period
Taiwan
Fiscal 2013 through the current period
 
¹ Includes federal as well as state, provincial or similar local jurisdictions, as applicable.