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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Before Income Taxes | Income before income taxes was derived from the following sources:
| 2024 |  | 2023 |  | 2022
United States | $ | 19,476 |  |  | $ | 57,736 |  |  | $ | 58,887 |
Foreign | 31,294 |  |  | 24,608 |  |  | 14,817 |
Total income before income taxes | $ | 50,770 |  |  | $ | 82,344 |  |  | $ | 73,704 |
Components of Income Taxes | The components of income taxes for the years ended December 31 are as follows:
| 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 2,646 |  |  | $ | 12,263 |  |  | $ | 12,529 |
Foreign | 9,613 |  |  | 6,654 |  |  | 7,346 |
State and local | 316 |  |  | 2,322 |  |  | 2,086 |
| 12,575 |  |  | 21,239 |  |  | 21,961 |
Deferred |  |  |  |  |
Federal | 2,139 |  |  | (1,866) |  |  | 577 |
Foreign | (1,507) |  |  | 11 |  |  | (3,326) |
State and local | 452 |  |  | (377) |  |  | 93 |
| 1,084 |  |  | (2,232) |  |  | (2,656) |
Income taxes | $ | 13,659 |  |  | $ | 19,007 |  |  | $ | 19,305 |
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:
| 2024 |  | 2023 |  | 2022
Federal tax at statutory rate | 21.0% |  | 21.0% |  | 21.0%
Non-deductible officers' compensation | 4.0 |  | 1.5 |  | 1.4
Non-U.S. tax rate variances | 3.2 |  | 2.0 |  | (2.4)
Global intangible low-taxed income | 2.3 |  | 3.6 |  | 0.9
Other, net | 1.8 |  | (0.4) |  | 0.7
Valuation allowance | 0.5 |  | 0.7 |  | 2.9
State and local taxes, net of federal benefit | 0.5 |  | 2.2 |  | 2.2
Uncertain tax positions | 0.1 |  | — |  | 0.7
Other Life Insurance Proceeds | — |  | — |  | (1.2)
Goodwill Impairment | — |  | — |  | 2.7
Other U.S. federal permanent items | (0.1) |  | (0.2) |  | (0.1)
Tax credits | (0.8) |  | (1.3) |  | (0.3)
Other stock compensation | (2.4) |  | (1.5) |  | (0.3)
Foreign tax credits | (3.2) |  | (4.5) |  | (2.0)
Effective income tax rate | 26.9% |  | 23.1% |  | 26.2%
Significant Components of Deferred Tax Assets and Liabilities | Significant components of our deferred tax assets and liabilities were as follows:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Research and development capitalization | $ | 6,483 |  |  | $ | 5,522 |
Benefit plan reserves | 5,947 |  |  | 6,200 |
Inventory valuation reserves | 3,077 |  |  | 4,041 |
Other accrued expenses | 2,128 |  |  | 972 |
Net operating loss carryforwards | 1,967 |  |  | 1,940 |
Foreign tax credit | 1,337 |  |  | 1,018 |
Allowance for credit losses | 1,298 |  |  | 1,329 |
Accrued compensation and benefits | 1,147 |  |  | 1,374 |
Unrealized foreign exchange | 56 |  |  | 314 |
Gross deferred tax assets | 23,440 |  |  | 22,710 |
Valuation allowance | (2,725) |  |  | (2,567) |
Net deferred tax assets | 20,715 |  |  | 20,143 |
Deferred tax liabilities: |  |  |
Depreciation and other basis differences | (15,179) |  |  | (13,382) |
Intangibles | (2,003) |  |  | (2,579) |
Other | (753) |  |  | (609) |
Deferred tax liabilities | (17,935) |  |  | (16,570) |
Net deferred tax assets | $ | 2,780 |  |  | $ | 3,573 |
| 2024 |  | 2023
Change in net deferred tax assets: |  |  |
Ordinary movement | $ | (1,084) |  |  | $ | 2,232 |
Deferred tax balances from business acquisitions | — |  |  | 153 |
Items of other comprehensive loss | 267 |  |  | 216 |
Currency translation | 24 |  |  | (79) |
Other | — |  |  | (108) |
Total change in net deferred tax assets | $ | (793) |  |  | $ | 2,414 |
Changes in Unrecognized Tax Benefits Excluding Interest and Penalties |
| 2024 |  | 2023 |  | 2022
Balance at January 1 | $ | 410 |  |  | $ | 482 |  |  | $ | — |
Additions for tax positions of prior years | — |  |  | — |  |  | 482 |
Settlements with tax authorities | — |  |  | (72) |  |  | — |
Expiration of statutes of limitations | — |  |  | — |  |  | — |
Balance at December 31 | $ | 410 |  |  | $ | 410 |  |  | $ | 482 |

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