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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Income Before Income Taxes

Income before income taxes was derived from the following sources:

 

 

 

2019

 

 

2018

 

 

2017

 

United States

 

$

11,353

 

 

$

10,268

 

 

$

4,774

 

Foreign

 

 

20,105

 

 

 

22,320

 

 

 

21,032

 

 

 

$

31,458

 

 

$

32,588

 

 

$

25,806

 

Components of Income Taxes

The components of income taxes for the years ended December 31 are as follows:

 

 

 

2019

 

 

2018

 

 

2017

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

2,835

 

 

$

(904

)

 

$

4,592

 

Foreign

 

 

6,170

 

 

 

6,247

 

 

 

5,998

 

State and local

 

 

391

 

 

 

350

 

 

 

126

 

 

 

 

9,396

 

 

 

5,693

 

 

 

10,716

 

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(10

)

 

 

801

 

 

 

2,316

 

Foreign

 

 

(1,347

)

 

 

(608

)

 

 

12

 

State and local

 

 

83

 

 

 

121

 

 

 

108

 

 

 

 

(1,274

)

 

 

314

 

 

 

2,436

 

Income taxes

 

$

8,122

 

 

$

6,007

 

 

$

13,152

 

Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax

The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows:

 

 

 

2019

 

 

2018

 

 

2017

 

U. S. federal statutory tax rate

 

21%

 

 

21%

 

 

35%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal tax at statutory rate

 

$

6,606

 

 

$

6,843

 

 

$

9,033

 

State and local taxes, net of federal benefit

 

 

308

 

 

 

273

 

 

 

82

 

U.S. federal permanent items

 

 

621

 

 

 

240

 

 

 

(60

)

Global intangible low-taxed income

 

 

1,738

 

 

 

1,721

 

 

 

(116

)

Foreign tax credits

 

 

(1,422

)

 

 

(1,707

)

 

 

0

 

Transition tax

 

 

0

 

 

 

(1,780

)

 

 

2,592

 

Non-U.S. tax rate variances

 

 

929

 

 

 

1,011

 

 

 

(1,491

)

Valuation allowance

 

 

(346

)

 

 

(57

)

 

 

88

 

Tax credits

 

 

(464

)

 

 

(295

)

 

 

(255

)

Tax act impact, deferred rate

 

 

0

 

 

 

(680

)

 

 

3,161

 

Other, net

 

 

152

 

 

 

438

 

 

 

118

 

 

 

$

8,122

 

 

$

6,007

 

 

$

13,152

 

Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:

 

 

 

2019

 

 

2018

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Accrued compensation and benefits

 

$

1,180

 

 

$

1,387

 

Inventory valuation reserves

 

 

2,384

 

 

 

2,256

 

Allowance for doubtful accounts

 

 

473

 

 

 

346

 

Benefit plan reserves

 

 

7,586

 

 

 

7,153

 

Net operating loss carryforwards

 

 

3,003

 

 

 

2,651

 

Other accrued expenses

 

 

3,012

 

 

 

2,830

 

Unrealized foreign exchange

 

 

718

 

 

 

1,217

 

Gross deferred tax assets

 

 

18,356

 

 

 

17,840

 

Valuation allowance

 

 

(3,137

)

 

 

(3,495

)

Net deferred tax assets

 

 

15,219

 

 

 

14,345

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation and other basis differences

 

 

(6,867

)

 

 

(6,855

)

Intangibles

 

 

(3,742

)

 

 

(2,057

)

Undistributed foreign earnings

 

 

0

 

 

 

(172

)

Other

 

 

(162

)

 

 

(72

)

Deferred tax liabilities

 

 

(10,771

)

 

 

(9,156

)

Net deferred tax assets

 

$

4,448

 

 

$

5,189

 

 

 

 

2019

 

 

2018

 

Change in net deferred tax assets:

 

 

 

 

 

 

 

 

Deferred income tax expense

 

 

 

 

 

 

 

 

Ordinary movement

 

$

1,275

 

 

$

(993

)

Deferred tax balances from business acquisition

 

 

(1,883

)

 

 

0

 

Tax impact deferred rate

 

 

0

 

 

 

680

 

Items of other comprehensive income (loss)

 

 

(62

)

 

 

(62

)

Currency translation

 

 

(71

)

 

 

(120

)

Total change in net deferred tax assets

 

$

(741

)

 

$

(495

)

Changes in Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31:

 

 

 

2019

 

 

2018

 

 

2017

 

Balance at January 1

 

$

0

 

 

$

0

 

 

$

0

 

Additions for tax positions of current year

 

 

0

 

 

 

0

 

 

 

0

 

Additions for tax positions of prior years

 

 

118

 

 

 

0

 

 

 

0

 

Reductions for tax positions of prior years

 

 

0

 

 

 

0

 

 

 

0

 

Expiration of statutes of limitations

 

 

0

 

 

 

0

 

 

 

0

 

Balance at December 31

 

$

118

 

 

$

0

 

 

$

0