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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Before Income Taxes | Income before income taxes was derived from the following sources:
|  | 2022 |  |  | 2021 |  |  | 2020 |
United States |  | $ | 58,887 |  |  | $ | 32,570 |  |  | $ | 22,725 |
Foreign |  |  | 14,817 |  |  |  | 16,326 |  |  |  | 17,846 |
|  | $ | 73,704 |  |  | $ | 48,896 |  |  | $ | 40,571 |
Components of Income Taxes | The components of income taxes for the years ended December 31 are as follows:
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 12,529 |  |  | $ | 649 |  |  | $ | 7,909 |
Foreign |  |  | 7,346 |  |  |  | 5,065 |  |  |  | 5,093 |
State and local |  |  | 2,086 |  |  |  | 917 |  |  |  | 1,188 |
|  |  | 21,961 |  |  |  | 6,631 |  |  |  | 14,190 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 577 |  |  |  | 7,172 |  |  |  | (2,290 | )
Foreign |  |  | (3,326 | ) |  |  | (75 | ) |  |  | (445 | )
State and local |  |  | 93 |  |  |  | (553 | ) |  |  | (645 | )
|  |  | (2,656 | ) |  |  | 6,544 |  |  |  | (3,380 | )
Income taxes |  | $ | 19,305 |  |  | $ | 13,175 |  |  | $ | 10,810 |
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:
|  | 2022 |  | 2021 |  | 2020
Federal tax at statutory rate |  | 21.0% |  | 21.0% |  | 21.0%
State and local taxes, net of federal benefit |  | 2.2 |  | 1.5 |  | 2.3
Valuation allowance |  | 2.9 |  | (1.5) |  | (0.6)
Non-deductible Goodwill Impairment |  | 2.7 |  | 0.0 |  | 0.0
Non-U.S. tax rate variances |  | (2.4) |  | 6.0 |  | 3.3
Foreign tax credits |  | (2.0) |  | (2.5) |  | (3.0)
Non-deductible officers' compensation |  | 1.4 |  | 1.6 |  | 2.9
Officer Life Insurance Proceeds |  | (1.2) |  | 0.0 |  | 0.0
Global intangible low-taxed income |  | 0.9 |  | 1.6 |  | 3.0
Uncertain tax positions |  | 0.7 |  | 0.0 |  | 0.0
Other U.S. federal permanent items |  | (0.4) |  | 0.1 |  | 0.4
Tax credits |  | (0.3) |  | (1.7) |  | (0.9)
Other, net |  | 0.7 |  | 0.8 |  | (1.8)
Effective income tax rate |  | 26.2% |  | 26.9% |  | 26.6%
Significant Components of Deferred Tax Assets and Liabilities |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Benefit plan reserves |  | $ | 6,348 |  |  | $ | 7,048 |
Net operating loss carryforwards |  |  | 2,722 |  |  |  | 2,383 |
Inventory valuation reserves |  |  | 2,548 |  |  |  | 2,504 |
Other accrued expenses |  |  | 2,531 |  |  |  | 2,453 |
Research and development capitalization |  |  | 1,533 |  |  |  | — |
Foreign tax credit |  |  | 1,153 |  |  |  | 543 |
Accrued compensation and benefits |  |  | 994 |  |  |  | 1,175 |
Allowance for credit losses |  |  | 917 |  |  |  | 663 |
Unrealized foreign exchange |  |  | 215 |  |  |  | 213 |
Gross deferred tax assets |  |  | 18,961 |  |  |  | 16,982 |
Valuation allowance |  |  | (3,080 | ) |  |  | (1,932 | )
Net deferred tax assets |  |  | 15,881 |  |  |  | 15,050 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and other basis differences |  |  | (10,825 | ) |  |  | (11,023 | )
Intangibles |  |  | (3,263 | ) |  |  | (2,594 | )
Other |  |  | (634 | ) |  |  | (404 | )
Deferred tax liabilities |  |  | (14,722 | ) |  |  | (14,021 | )
Net deferred tax assets |  | $ | 1,159 |  |  | $ | 1,029 |
|  | 2022 |  |  | 2021 |
Change in net deferred tax assets: |  |  |  |  |  |
Ordinary movement |  | $ | 2,656 |  |  | $ | (6,544 | )
Deferred tax balances from business acquisitions (see Note 17) |  |  | (1,999 | ) |  |  | — |
Items of other comprehensive loss (see Note 6) |  |  | (312 | ) |  |  | (371 | )
Currency translation |  |  | (7 | ) |  |  | 2 |
Other |  |  | (208 | ) |  |  | — |
Total change in net deferred tax assets |  | $ | 130 |  |  | $ | (6,913 | )
Changes in Unrecognized Tax Benefits Excluding Interest and Penalties |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Balance at January 1 |  | $ | — |  |  | $ | 66 |  |  | $ | 118 |
Additions for tax positions of prior years |  |  | 482 |  |  |  | — |  |  |  | — |
Expiration of statutes of limitations |  |  | — |  |  |  | (66 | ) |  |  | (52 | )
Balance at December 31 |  | $ | 482 |  |  | $ | — |  |  | $ | 66 |

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