Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Taxes

Provision for income taxes

2020

2019

2018

Current:

Federal

$

(8,378,000)

$

—

$

11,000

Foreign

2,660,000

685,000

1,023,000

State and local

5,000

20,000

14,000

(5,713,000)

705,000

1,048,000

Deferred:

Federal

955,000

738,000

(1,355,000)

Foreign

1,098,000

(1,824,000)

(289,000)

State and local

42,000

26,000

(68,000)

2,095,000

(1,060,000)

(1,712,000)

Provision (benefit) for income taxes

$

(3,618,000)

$

(355,000)

$

(664,000)

Reconciliation of income tax provision based on the federal statutory income tax rate to the Company's income tax provision

2020

2019

2018

Provision at United States federal statutory rate

$

954,000

$

(3,274,000)

$

(1,145,000)

Valuation allowance

(2,074,000)

3,267,000

—

Net operating loss carryback at

34

% tax rate

(3,205,000)

—

—

Effect of foreign taxes

790,000

(209,000)

213,000

Adoption of ASC 606

—

—

236,000

State and local tax expense

(372,000)

(102,000)

(54,000)

Other

289,000

(37,000)

86,000

Provision (benefit) for income taxes

$

(3,618,000)

$

(355,000)

$

(664,000)

Deferred tax assets

2020

2019

Net operating loss carryforwards

$

535,000

$

4,928,000

Interest limitation carryforwards

1,033,000

686,000

Accrued liabilities

391,000

477,000

Accounts receivable

40,000

108,000

Inventory

322,000

587,000

Property, plant, and equipment

(5,509,000)

(5,580,000)

Post retirement benefits

2,068,000

2,090,000

Goodwill and finite-lived assets, net

2,210,000

1,973,000

Other, net

156,000

24,000

Total deferred tax asset

1,246,000

5,293,000

Valuation allowance for deferred tax assets

(1,193,000)

(3,267,000)

Total deferred tax asset, net

$

53,000

$

2,026,000