XML 92 R33.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Before Income Taxes | Income before income taxes was derived from the following sources:
|  | 2020 |  |  | 2019 |  |  | 2018 |
United States |  | $ | 22,725 |  |  | $ | 11,353 |  |  | $ | 10,268 |
Foreign |  |  | 17,846 |  |  |  | 20,105 |  |  |  | 22,320 |
|  | $ | 40,571 |  |  | $ | 31,458 |  |  | $ | 32,588 |
Components of Income Taxes | The components of income taxes for the years ended December 31 are as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Current |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 7,909 |  |  | $ | 2,835 |  |  | $ | (904 | )
Foreign |  |  | 5,093 |  |  |  | 6,170 |  |  |  | 6,247 |
State and local |  |  | 1,188 |  |  |  | 391 |  |  |  | 350 |
|  |  | 14,190 |  |  |  | 9,396 |  |  |  | 5,693 |
Deferred |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,290 | ) |  |  | (10 | ) |  |  | 801 |
Foreign |  |  | (445 | ) |  |  | (1,347 | ) |  |  | (608 | )
State and local |  |  | (645 | ) |  |  | 83 |  |  |  | 121 |
|  |  | (3,380 | ) |  |  | (1,274 | ) |  |  | 314 |
Income taxes |  | $ | 10,810 |  |  | $ | 8,122 |  |  | $ | 6,007 |
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 years ended December 31 are summarized as follows:
|  | 2020 |  |  | 2019 |  |  | 2018 |
U. S. federal statutory tax rate |  | 21% |  |  | 21% |  |  | 21% |
Federal tax at statutory rate |  | $ | 8,520 |  |  | $ | 6,606 |  |  | $ | 6,843 |
State and local taxes, net of federal benefit |  |  | 942 |  |  |  | 308 |  |  |  | 273 |
U.S. federal permanent items |  |  | 1,323 |  |  |  | 621 |  |  |  | 240 |
Global intangible low-taxed income |  |  | 1,222 |  |  |  | 1,738 |  |  |  | 1,721 |
Foreign tax credits |  |  | (1,204 | ) |  |  | (1,422 | ) |  |  | (1,707 | )
Transition tax |  |  | 0 |  |  |  | 0 |  |  |  | (1,780 | )
Non-U.S. tax rate variances |  |  | 1,330 |  |  |  | 929 |  |  |  | 1,011 |
Valuation allowance |  |  | (245 | ) |  |  | (346 | ) |  |  | (57 | )
Tax credits |  |  | (349 | ) |  |  | (464 | ) |  |  | (295 | )
Tax act impact, deferred rate |  |  | 0 |  |  |  | 0 |  |  |  | (680 | )
Other, net |  |  | (729 | ) |  |  | 152 |  |  |  | 438 |
|  | $ | 10,810 |  |  | $ | 8,122 |  |  | $ | 6,007 |
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:
|  | 2020 |  |  | 2019 |
Deferred tax assets: |  |  |  |  |  |  |  |
Accrued compensation and benefits |  | $ | 1,518 |  |  | $ | 1,180 |
Inventory valuation reserves |  |  | 2,535 |  |  |  | 2,384 |
Allowance for doubtful accounts |  |  | 480 |  |  |  | 473 |
Benefit plan reserves |  |  | 7,564 |  |  |  | 7,586 |
Net operating loss carryforwards |  |  | 1,851 |  |  |  | 3,003 |
Other accrued expenses |  |  | 3,825 |  |  |  | 3,012 |
Unrealized foreign exchange |  |  | 799 |  |  |  | 718 |
Other |  |  | 284 |  |  |  | 0 |
Gross deferred tax assets |  |  | 18,856 |  |  |  | 18,356 |
Valuation allowance |  |  | (2,912 | ) |  |  | (3,137 | )
Net deferred tax assets |  |  | 15,944 |  |  |  | 15,219 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and other basis differences |  |  | (4,514 | ) |  |  | (6,867 | )
Intangibles |  |  | (3,419 | ) |  |  | (3,742 | )
Other |  |  | (69 | ) |  |  | (162 | )
Deferred tax liabilities |  |  | (8,002 | ) |  |  | (10,771 | )
Net deferred tax assets |  | $ | 7,942 |  |  | $ | 4,448 |
|  | 2020 |  |  | 2019 |
Change in net deferred tax assets: |  |  |  |  |  |  |  |
Deferred income tax expense |  |  |  |  |  |  |  |
Ordinary movement |  | $ | 3,380 |  |  | $ | 1,275 |
Deferred tax balances from business acquisition |  |  | 0 |  |  |  | (1,883 | )
Items of other comprehensive income (loss) |  |  | 319 |  |  |  | (62 | )
Currency translation |  |  | (205 | ) |  |  | (71 | )
Total change in net deferred tax assets |  | $ | 3,494 |  |  | $ | (741 | )
Changes in Unrecognized Tax Benefits Excluding Interest and Penalties | The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31:
|  | 2020 |  |  | 2019 |  |  | 2018 |
Balance at January 1 |  | $ | 118 |  |  | $ | 0 |  |  | $ | 0 |
Additions for tax positions of current year |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Additions for tax positions of prior years |  |  | 0 |  |  |  | 118 |  |  |  | 0 |
Reductions for tax positions of prior years |  |  | 0 |  |  |  | 0 |  |  |  | 0 |
Expiration of statutes of limitations |  |  | (52 | ) |  |  | 0 |  |  |  | 0 |
Balance at December 31 |  | $ | 66 |  |  | $ | 118 |  |  | $ | 0 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -URI http://asc.fasb.org/extlink&oid=121610041&loc=d3e36027-109320 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration