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Income Taxes (Tables)

12 Months Ended

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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