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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was derived from the following sources:

		2017				2016				2015
United States		$	4,774			$	3,501			$	4,421
Foreign			21,032				17,452				7,285
		$	25,806			$	20,953			$	11,706

Components of Income Taxes

The components of income taxes for the year ended December 31 are as follows:

		2017				2016				2015
Current
Federal		$	4,592			$	(1,698	)		$	2,679
Foreign			5,998				5,115				2,951
State and local			126				32				345
			10,716				3,449				5,975
Deferred
Federal			2,316				2,986				(611	)
Foreign			12				(914	)			(309	)
State and local			108				177				(24	)
			2,436				2,249				(944	)
Income taxes		$	13,152			$	5,698			$	5,031

Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax

The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the year ended December 31 are summarized as follows:

		2017				2016				2015
U. S. federal statutory tax rate		35%				35%				35%
Federal tax at statutory rate		$	9,033			$	7,334			$	4,097
State and local taxes, net of federal benefit			82				20				89
U.S. federal permanent items			(60	)			400				251
Domestic production activities deduction			(116	)		0					(321	)
Foreign earnings and related tax credits		0					716				700
Tax act - transition tax			2,592			0				0
Non-U.S. tax rate variances			(1,491	)			(1,484	)			(685	)
Unrecognized tax benefits		0					(195	)			(768	)
Valuation allowance			88				(414	)			1,754
Tax credits			(255	)			(252	)			(212	)
Tax Act - remeasurement of deferreds			3,161			0				0
Other, net			118				(427	)			126
		$	13,152			$	5,698			$	5,031

Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:

		2017				2016
Deferred tax assets:
Accrued compensation and benefits		$	1,093			$	1,250
Inventory valuation reserves			2,332				3,422
Allowance for doubtful accounts			360				471
Benefit plan reserves			7,981				11,130
Net operating loss carryforwards			3,402				3,358
Other accrued expenses			2,489				2,445
Unrealized foreign exchange			1,462				2,812
Gross deferred tax assets			19,119				24,888
Valuation allowance			(3,965	)			(3,805	)
Net deferred tax assets			15,154				21,083
Deferred tax liabilities:
Depreciation and other basis differences			(6,313	)			(8,341	)
Intangibles			(2,706	)			(2,887	)
Undistributed foreign earnings			(426	)			(1,642	)
Other			(25	)			(83	)
Deferred tax liabilities			(9,470	)			(12,953	)
Net deferred tax assets		$	5,684			$	8,130

		2017				2016
Change in net deferred tax assets:
Deferred income tax expense
Ordinary movement		$	(473	)		$	(2,249	)
Tax act - transition tax			1,198				0
Tax impact deferred rate			(3,161	)			0
Items of other comprehensive income (loss)			48				(48	)
Currency translation			(58	)			191
Total change in net deferred tax assets		$	(2,446	)		$	(2,106	)

Changes in Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits, excluding interest and penalties, for the year ended December 31:

		2017				2016				2015
Balance at January 1		$	0			$	178			$	794
Additions for tax positions of prior years			0				0				0
Reductions for tax positions of prior years			0				0				(616	)
Expiration of statutes of limitations			0				(178	)			0
Balance at December 31		$	0			$	0			$	178

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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