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Income Taxes (Tables)

12 Months Ended

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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