Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Taxes [Abstract]

Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2019		2018			2017
Current:
Domestic	$	14,632	$	26,821		$	30,742
Foreign		3,019		3,180			3,139
Total current		17,651		30,001			33,881
Deferred:
Domestic		4,677		(10,132	)		18,833
Foreign		417		108			98
Total deferred		5,094		(10,024	)		18,931
Total income tax provision	$	22,745	$	19,977		$	52,812

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,
	2019			2018			2017
U.S. Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017	$	19,277		$	16,135		$	33,755
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit		3,328			2,781			3,138
Income tax (tax benefits) attributable to foreign income		191			1,598			(149	)
Other non-deductible items, net		(409	)		(559	)		(1,319	)
Impact of Tax Cuts and Jobs Act		—			—			17,515
Change in valuation allowance		358			22			(128	)
Provision for income taxes	$	22,745		$	19,977		$	52,812

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,
	2019			2018
Deferred tax assets:
Inventories	$	12,077		$	12,798
Allowance for customer returns		11,969			16,836
Postretirement benefits		50			58
Allowance for doubtful accounts		1,262			1,371
Accrued salaries and benefits		9,826			9,147
Tax credit carryforwards		609			272
Accrued asbestos liabilities		13,132			11,872
Other		148			127
		49,073			52,481
Valuation allowance		(757	)		(399	)
Total deferred tax assets		48,316			52,082
Deferred tax liabilities:
Depreciation		7,706			7,755
Other		3,338			1,993
Total deferred tax liabilities		11,044			9,748
Net deferred tax assets	$	37,272		$	42,334