Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes [Abstract]

Income Tax Provision (Benefit)

The income tax provision (benefit) consists of the following (in thousands):

	Year Ended December 31,
	2014			2013			2012
Current:
Domestic	$	30,415		$	31,220		$	17,791
Foreign		3,740			1,706			1,362
Total current		34,155			32,926			19,153
Deferred:
Domestic		(4,732	)		(1,178	)		5,909
Foreign		(569	)		171			(84	)
Total deferred		(5,301	)		( 1,007	)		5,825
Total income tax provision	$	28,854		$	31,919		$	24,978

Effective Income Tax Rate Reconciliation

Reconciliations between taxes at the U.S. Federal income tax rate and taxes at our effective income tax rate on earnings from continuing operations before income taxes are as follows (in thousands):

	Year Ended December 31,
	2014			2013			2012
U.S. Federal income tax rate of 35%	$	28,614		$	29,737		$	23,781
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit		2,309			2,936			2,021
Income tax (tax benefits) attributable to foreign income		(1,511	)		(428	)		(852	)
Change in unrecognized tax benefits		(350	)		—			—
Other non-deductible items, net		134			(806	)		697
Change in valuation allowance		(342	)		480			(669	)
Provision for income taxes	$	28,854		$	31,919		$	24,978

Components of Net Deferred Tax Assets and Liabilities

The following is a summary of the components of the net deferred tax assets and liabilities recognized in the accompanying consolidated balance sheets (in thousands):

	December 31,
	2014			2013
Deferred tax assets:
Inventories	$	17,529		$	16,801
Allowance for customer returns		11,409			11,622
Postretirement benefits		2,155			2,446
Allowance for doubtful accounts		2,347			2,592
Accrued salaries and benefits		10,802			9,110
Capital loss		234			5,999
Tax credit carryforwards		313			695
Deferred gain on building sale		1,299			1,713
Accrued asbestos liabilities		13,625			9,780
		59,713			60,758
Valuation allowance (1)		(353	)		(6,694	)
Total deferred tax assets		59,360			54,064
Deferred tax liabilities:
Depreciation		7,023			7,583
Promotional costs		124			187
Other		738			383
Total deferred tax liabilities		7,885			8,153
Net deferred tax assets	$	51,475		$	45,911

(1) Current net deferred tax assets are $36.6 million and $35.6 million for 2014 and 2013, respectively.  Non-current net deferred tax assets are $14.9 million and $10.3 million for 2014 and 2013, respectively.  The tax valuation allowance was allocated to long term deferred tax assets in the amounts of $0.4 million and $6.7 million in 2014 and 2013, respectively.  None of the valuation allowance was allocated to current deferred tax assets in 2014 and 2013. The valuation allowance was reduced by $6 million due to the expiration of the statue of limitations relating to a capital loss carryover.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

Balance at January 1, 2013	$	350
Increase based on tax positions taken in the current year		—
Decrease based on tax positions taken in the current year		—
Balance at December 31, 2013		350
Increase based on tax positions taken in the current year		—
Decrease based on tax positions taken in the current year		(350	)
Balance at December 31, 2014	$	—