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