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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2012

Income Taxes [Abstract]

Schedule of income tax provision (benefit)

The income tax provision (benefit) consists of the following (in thousands):

		Year Ended December 31,
		2012				2011				2010
Current:
Domestic		$	17,791			$	10,887			$	(7	)
Foreign			1,362				1,108				1,528
Total current			19,153				11,995				1,521
Deferred:
Domestic			5,909				(11,886	)			13,873
Foreign			(84	)			12				(3	)
Total deferred			5,825				(11,874	)			13,870
Total income tax provision		$	24,978			$	121			$	15,391

Schedule of effective income tax rate reconciliation

Reconciliations between taxes at the U.S. Federal income tax rate and taxes at our effective income tax rate on earnings from continuing operations before income taxes are as follows (in thousands):

		Year Ended December 31,
		2012				2011				2010
U.S. Federal income tax rate of 35%		$	23,781			$	22,557			$	14,032
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit			2,021				2,261				2,050
Income tax (tax benefits) attributable to foreign income			(852	)			(163	)			107
Change in unrecognized tax benefits			-				(454	)			(1,084	)
Other non-deductible items, net			697				(2,455	)			639
Change in valuation allowance			(669	)			(21,625	)			(353	)
Provision for income taxes		$	24,978			$	121			$	15,391

Schedule of components of net deferred tax assets and liabilities

The following is a summary of the components of the net deferred tax assets and liabilities recognized in the accompanying consolidated balance sheets (in thousands):

		December 31,
		2012				2011
Deferred tax assets:
Inventories		$	16,115			$	16,036
Allowance for customer returns			10,660				9,308
Postretirement benefits			2,911				3,389
Allowance for doubtful accounts			2,223				2,480
Accrued salaries and benefits			7,924				7,828
Net operating loss			84				383
Capital loss			6,007				6,133
Tax credit carry forwards			1,167				4,065
Deferred gain on building sale			2,123				2,583
Accrued asbestos liabilities			10,358				10,905
Other			470				2,975
			60,042				66,085
Valuation allowance (1)			(7,174	)			(7,843	)
Total deferred tax assets			52,868				58,242
Deferred tax liabilities:
Depreciation			8,328				8,906
Promotional costs			197				200
Other			-				-
Total deferred tax liabilities			8,525				9,106
Net deferred tax assets		$	44,343			$	49,136

(1) Current net deferred tax assets are $33.2 million and $32.2 million for 2012 and 2011, respectively.  Non-current net deferred tax assets are $11.1 million and $16.9 million for 2012 and 2011, respectively.  The tax valuation allowance was allocated to long term deferred tax assets in the amounts of $7.2 million and $7.8 million in 2012 and 2011, respectively.  None of the valuation allowance was allocated to current deferred tax assets in 2012 and 2011.

Schedule of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

Balance at January 1, 2012		$	349
Increase based on tax positions taken in the current year			-
Decrease based on tax positions taken in the current year			-
Balance at December 31, 2012		$	349

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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