Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Taxes [Abstract]

Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2015			2014			2013
Current:
Domestic	$	22,943		$	30,415		$	31,220
Foreign		4,324			3,740			1,706
Total current		27,267			34,155			32,926
Deferred:
Domestic		(1,210	)		(4,732	)		(1,178	)
Foreign		(74	)		(569	)		171
Total deferred		(1,284	)		(5,301	)		( 1,007	)
Total income tax provision	$	25,983		$	28,854		$	31,919

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,
	2015			2014			2013
U.S. Federal income tax rate of 35%	$	25,936		$	28,614		$	29,737
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit		1,857			2,309			2,936
Income tax (tax benefits) attributable to foreign income		(1,705	)		(1,511	)		(428	)
Change in unrecognized tax benefits		—			(350	)		—
Other non-deductible items, net		(192	)		134			(806	)
Change in valuation allowance		87			(342	)		480
Provision for income taxes	$	25,983		$	28,854		$	31,919

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,
	2015			2014
Deferred tax assets:
Inventories	$	17,651		$	17,529
Allowance for customer returns		14,551			11,409
Postretirement benefits		1,127			2,155
Allowance for doubtful accounts		1,512			2,347
Accrued salaries and benefits		9,683			10,802
Capital loss		234			234
Tax credit carryforwards		381			313
Deferred gain on building sale		891			1,299
Accrued asbestos liabilities		13,098			13,625
		59,128			59,713
Valuation allowance (1)		(440	)		(353	)
Total deferred tax assets		58,688			59,360
Deferred tax liabilities:
Depreciation		7,054			7,023
Promotional costs		230			124
Other		41			738
Total deferred tax liabilities		7,325			7,885
Net deferred tax assets	$	51,363		$	51,475

(1) Current net deferred tax assets are $40.6 million and $36.6 million for 2015 and 2014, respectively. Non-current net deferred tax assets are $10.7 million and $14.9 million for 2015 and 2014, respectively. The tax valuation allowance was allocated to long term deferred tax assets in the amounts of $0.4 million in both 2015 and 2014. None of the valuation allowance was allocated to current deferred tax assets in 2015 and 2014.

Unrecognized Tax Benefits

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

Balance at January 1, 2014	$	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		—
Increase based on tax positions taken in the current year		—
Decrease based on tax positions taken in the current year		—
Balance at December 31, 2015	$	—