Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Details of earnings before income taxes are as follows:

	2021		2020			2019
	(In thousands)
Domestic	$	74,509	$	65,908		$	62,639
Foreign		4,114		(927	)		(1,032	)
Total	$	78,623	$	64,981		$	61,607

Schedule of Provision (Benefit) for Income Taxes

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

	2021			2020			2019
	(In thousands)
Current:
Federal	$	15,299		$	14,482		$	12,113
State		3,556			3,419			2,591
Foreign		1,939			819			1,250
Deferred:
Federal		(1,774	)		(2,495	)		(1,066	)
State		(600	)		(644	)		417
Foreign		(681	)		57			(875	)
Total	$	17,739		$	15,638		$	14,430

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:

	2021			2020			2019
	(In thousands)
Provision at statutory rate	$	16,511		$	13,646		$	12,938
State income taxes, net of federal tax benefit		2,288			2,196			2,080
Valuation allowance		168			1,302			515
Foreign - tax rate differential and other		606			(267	)		70
Federal tax credits		(770	)		(517	)		(609	)
Compensation subject to section 162(m)		685			110			66
Stock based compensation		(1,510	)		(682	)		(253	)
Other		(239	)		(150	)		(377	)
Actual provision	$	17,739		$	15,638		$	14,430

Components of Deferred Income Taxes

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

	2021			2020
	(In thousands)
Deferred tax assets:
Reserve for receivables and inventory	$	2,532		$	2,618
Accrued compensation		2,641			1,874
Reserves and payables		3,101			2,741
Accrued post-retirement medical benefits		1,381			1,535
Net operating loss and credit carryforwards		2,260			2,106
Deferred compensation		1,041			829
Accrued qualified plan benefits		1,034			511
Accrued stock-based compensation		1,212			1,216
Deferred revenue		2,530			2,596
Operating lease liabilities		959			1,708
Other		967			713
Total gross deferred tax assets		19,658			18,447
Less: valuation allowance		(2,169	)		(2,140	)
Total net deferred tax assets		17,489			16,307
Deferred tax liabilities:
Property, plant and equipment		5,056			5,204
Intangible assets		8,475			8,795
Prepaids		413			552
Operating lease assets		949			1,699
Other		452			663
Total deferred tax liabilities		15,345			16,913
Net deferred tax assets (liabilities)	$	2,144		$	(606	)

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:

	2021			2020
	(In thousands)
Balance at beginning of year	$	1,123		$	1,165
Increases in unrecognized tax benefits as a result of positions taken during the prior year		52			—
Increases in unrecognized tax benefits as a result of positions taken during the current year		230			209
Reductions to unrecognized tax benefits as a result of a lapse of the applicable statute of limitations		(233	)		(251	)
Balance at end of year	$	1,172		$	1,123