Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Details of earnings before income taxes are as follows:

	2020			2019			2018
	(In thousands)
Domestic	$	65,908		$	62,639		$	31,584
Foreign		(927	)		(1,032	)		4,268
Total	$	64,981		$	61,607		$	35,852

Schedule of Provision (Benefit) for Income Taxes

The provision (benefit) for income taxes is as follows:

	2020			2019			2018
	(In thousands)
Current:
Federal	$	14,482		$	12,113		$	9,223
State		3,419			2,591			2,640
Foreign		819			1,250			1,468
Deferred:
Federal		(2,495	)		(1,066	)		(2,890	)
State		(644	)		417			(1,765	)
Foreign		57			(875	)		(614	)
Total	$	15,638		$	14,430		$	8,062

Reconciliation of Provision for Income Taxes

The provision for income tax differs from the amount that would be provided by applying the statutory U.S. corporate income tax rate in each year due to the following items:

	2020			2019			2018
	(In thousands)
Provision at statutory rate	$	13,646		$	12,938		$	7,529
State income taxes, net of federal tax benefit		2,196			2,080			717
Valuation allowance		1,302			515			—
Foreign - tax rate differential and other		(267	)		70			159
Federal tax credits		(517	)		(609	)		(742	)
Compensation subject to section 162(m)		110			66			562
Stock based compensation		(682	)		(253	)		(384	)
Tax rate difference on temporary adjustments		—			—			(460	)
Other		(150	)		(377	)		681
Actual provision	$	15,638		$	14,430		$	8,062

Components of Deferred Income Taxes

The components of deferred income taxes as of December 31 are as follows:

	2020			2019
	(In thousands)
Deferred tax assets:
Reserve for receivables and inventories	$	2,618		$	2,108
Accrued compensation		1,874			888
Reserves & payables		2,741			1,410
Non-pension postretirement benefits		1,535			1,505
Net operating loss and credit carryforwards		2,106			1,401
Accrued pension benefits		982			933
Accrued employee benefits		1,574			1,747
Deferred revenue		2,596			2,219
Operating lease liabilities		1,708			1,861
Other		713			497
Total gross deferred tax assets		18,447			14,569
Less: valuation allowance		(2,140	)		(863	)
Total net deferred tax assets		16,307			13,706
Deferred tax liabilities:
Depreciation		5,204			4,673
Amortization		8,795			6,158
Prepaids		552			529
Operating lease assets		1,699			1,850
Other		663			630
Total deferred tax liabilities		16,913			13,840
Net deferred tax liabilities	$	(606	)	$	(134	)

Schedule of Changes in Gross Liability for Unrecognized Tax Benefits

Changes in the Company's gross liability for unrecognized tax benefits, excluding interest and penalties, were as follows:

	2020			2019
	(In thousands)
Balance at beginning of year	$	1,165		$	1,121
Increases in unrecognized tax benefits as a result of positions taken during the prior year		—			88
Increases in unrecognized tax benefits as a result of positions taken during the current year		209			235
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(251	)		(279	)
Balance at end of year	$	1,123		$	1,165