Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income from continuing operations before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2021 and 2020:


	Year Ended December 31,
	2021		2020
Domestic	$	2,772	$	9,618
Foreign	1,818		4,364
Income from continuing operations, before income taxes	$	4,590	$	13,982

Significant Components of Income Tax

Significant components of the provision for income taxes for the years ended December 31, 2021 and 2020 were as follows:


	Year Ended December 31,
	2021		2020
Current:
Federal	$	—	$	(9,506)
State	(237)		130
Foreign	1,217		1,852
Total current	980		(7,524)
Deferred:
Federal	(675)		(292)
State	1,450		(3,458)
Foreign	(636)		(567)
Total deferred	139		(4,317)
Total income tax expense (benefit)	$	1,119	$	(11,841)

Reconciliation of Statutory Income to Income Tax Expense

The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2021 and 2020 is as follows:


	Year Ended December 31,
	2021				2020
	Amount		Percent		Amount		Percent
Statutory rate	$	964	21.0	%	$	2,936	21.0	%
Foreign tax rate differential	20		0.4		65		0.5
State income taxes, net of federal benefit	132		2.9		1,003		7.2

Non-deductible expenses	153		3.3		181		1.3
Tax benefits related to disposition of the Test and Inspection Services business	(2,130)		(46.4)		(16,282)		(116.4)


U.S. taxation of foreign income, net of tax credits	32		0.7		621		4.4
Income tax credits	(227)		(4.9)		(1,357)		(9.7)
Nondeductible executive compensation	17		0.4		132		0.9
Change in income tax rates	379		8.3		138		1.0
Tax on unremitted foreign earnings	(68)		(1.5)		174		1.2
Change in valuation allowance	1,807		39.4		731		5.2
Other	40		0.9		(183)		(1.3)
Total income tax expense (benefit) / Effective rate	$	1,119	24.4	%	$	(11,841)	(84.7)	%

Significant Components of Deferred Tax Asset and Liability

Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows:


	December 31,
	2021		2020
Deferred tax assets:
Goodwill and other intangibles	$	7,047	$	7,857
Accrued settlement	6,000		8,112
Deferred compensation	2,165		2,351
Contingent liabilities	644		649
Net operating loss / tax credit carryforwards	28,932		25,123
Pension and post-retirement liability	1,218		1,696
Inventories	500		1,529
Warranty reserve	248		297
Accounts receivable	129		214
Interest deduction carryforward	161		—
Other	767		709
Total deferred tax assets	47,811		48,537
Less: valuation allowance	(3,290)		(1,483)
Net deferred tax assets	44,521		47,054
Deferred tax liabilities:
Goodwill and other intangibles	(3,814)		(4,116)
Depreciation	(6,919)		(7,140)
Inventory § 481(a) adjustment	—		(1,027)
Unremitted earnings of foreign subsidiaries	(220)		(200)
Other	(79)		(175)
Total deferred tax liabilities	(11,032)		(12,658)
Net deferred tax assets	$	33,489	$	34,396

Reconciliation of Unrealized tax Benefits

The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2021 and 2020:


	December 31,
	2021		2020
Unrecognized tax benefits at beginning of period:	$	409	$	414

Decreases based on tax positions for prior periods	(44)		(5)

Balance at end of period	$	365	$	409