XML 88 R48.htm IDEA: XBRL DOCUMENT
v3.19.3.a.u2

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2019
Income Taxes [Abstract] |
Income Tax Provision (Benefit) | The income tax provision (benefit) consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
Current: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 14,632 |  |  | $ | 26,821 |  |  | $ | 30,742 |
Foreign |  |  | 3,019 |  |  |  | 3,180 |  |  |  | 3,139 |
Total current |  |  | 17,651 |  |  |  | 30,001 |  |  |  | 33,881 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 4,677 |  |  |  | (10,132 | ) |  |  | 18,833 |
Foreign |  |  | 417 |  |  |  | 108 |  |  |  | 98 |
Total deferred |  |  | 5,094 |  |  |  | (10,024 | ) |  |  | 18,931 |
Total income tax provision |  | $ | 22,745 |  |  | $ | 19,977 |  |  | $ | 52,812 |
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, |
|  | 2019 |  |  | 2018 |  |  | 2017 |
U.S. Federal income tax rate of 21% in 2019 and 2018, and 35% in 2017 |  | $ | 19,277 |  |  | $ | 16,135 |  |  | $ | 33,755 |
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax benefit |  |  | 3,328 |  |  |  | 2,781 |  |  |  | 3,138 |
Income tax (tax benefits) attributable to foreign income |  |  | 191 |  |  |  | 1,598 |  |  |  | (149 | )
Other non-deductible items, net |  |  | (409 | ) |  |  | (559 | ) |  |  | (1,319 | )
Impact of Tax Cuts and Jobs Act |  |  | — |  |  |  | — |  |  |  | 17,515 |
Change in valuation allowance |  |  | 358 |  |  |  | 22 |  |  |  | (128 | )
Provision for income taxes |  | $ | 22,745 |  |  | $ | 19,977 |  |  | $ | 52,812 |
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, |
|  | 2019 |  |  | 2018 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 12,077 |  |  | $ | 12,798 |
Allowance for customer returns |  |  | 11,969 |  |  |  | 16,836 |
Postretirement benefits |  |  | 50 |  |  |  | 58 |
Allowance for doubtful accounts |  |  | 1,262 |  |  |  | 1,371 |
Accrued salaries and benefits |  |  | 9,826 |  |  |  | 9,147 |
Tax credit carryforwards |  |  | 609 |  |  |  | 272 |
Accrued asbestos liabilities |  |  | 13,132 |  |  |  | 11,872 |
Other |  |  | 148 |  |  |  | 127 |
|  |  | 49,073 |  |  |  | 52,481 |
Valuation allowance |  |  | (757 | ) |  |  | (399 | )
Total deferred tax assets |  |  | 48,316 |  |  |  | 52,082 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation |  |  | 7,706 |  |  |  | 7,755 |
Other |  |  | 3,338 |  |  |  | 1,993 |
Total deferred tax liabilities |  |  | 11,044 |  |  |  | 9,748 |
Net deferred tax assets |  | $ | 37,272 |  |  | $ | 42,334 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration