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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes [Abstract]

Income Tax Provision (Benefit)

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

		Year Ended December 31,
		2021				2020				2019
Current:
Domestic		$	26,528			$	30,368			$	14,632
Foreign			5,851				4,064				3,019
Total current			32,379				34,432				17,651
Deferred:
Domestic			(1,161	)			(7,418	)			4,677
Foreign			(174	)			(52	)			417
Total deferred			(1,335	)			(7,470	)			5,094
Total income tax provision		$	31,044			$	26,962			$	22,745

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,
		2021				2020				2019
U.S. Federal income tax rate of 21%		$	27,398			$	22,550			$	19,277
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit			4,579				3,781				3,328
Income tax (tax benefit) attributable to foreign income			(122	)			330				191
Other non-deductible items, net			(1,277	)			(563	)			(409	)
Change in valuation allowance			466				864				358
Provision for income taxes		$	31,044			$	26,962			$	22,745

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,
		2021				2020
Deferred tax assets:
Inventories		$	12,181			$	12,773
Allowance for customer returns			14,185				13,804
Postretirement benefits			33				42
Allowance for expected credit losses			1,450				1,412
Accrued salaries and benefits			15,585				12,984
Tax credit and NOL carryforwards			5,702				1,451
Accrued asbestos liabilities			15,463				15,372
Other			190				170
			64,789				58,008
Valuation allowance			(2,087	)			(1,621	)
Total deferred tax assets			62,702				56,387
Deferred tax liabilities:
Intangible assets acquired, net of amortization			13,450				—
Depreciation			7,589				7,710
Other			5,537				3,907
Total deferred tax liabilities			26,576				11,617
Net deferred tax assets		$	36,126			$	44,770

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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
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- 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
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