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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes [Abstract] |
Income Tax Provision (Benefit) | The income tax provision (benefit) consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Domestic |  | $ | 16,182 |  |  | $ | 26,528 |  |  | $ | 30,368 |
Foreign |  |  | 8,669 |  |  |  | 5,851 |  |  |  | 4,064 |
Total current |  |  | 24,851 |  |  |  | 32,379 |  |  |  | 34,432 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  |  | 1,102 |  |  |  | (1,161 | ) |  |  | (7,418 | )
Foreign |  |  | (747 | ) |  |  | (174 | ) |  |  | (52 | )
Total deferred |  |  | 355 |  |  |  | (1,335 | ) |  |  | (7,470 | )
Total income tax provision |  | $ | 25,206 |  |  | $ | 31,044 |  |  | $ | 26,962 |
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, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
U.S. Federal income tax rate of 21% |  | $ | 20,650 |  |  | $ | 27,398 |  |  | $ | 22,550 |
Increase (decrease) in tax rate resulting from: |  |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal income tax benefit |  |  | 3,118 |  |  |  | 4,579 |  |  |  | 3,781 |
Income tax (benefit) attributable to foreign income |  |  | (53 | ) |  |  | (122 | ) |  |  | 330 |
Other non-deductible items, net |  |  | 423 |  |  |  | (1,277 | ) |  |  | (563 | )
Change in valuation allowance |  |  | 1,068 |  |  |  | 466 |  |  |  | 864 |
Provision for income taxes |  | $ | 25,206 |  |  | $ | 31,044 |  |  | $ | 26,962 |
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, |
|  | 2022 |  |  | 2021 |
Deferred tax assets: |  |  |  |  |  |
Inventories |  | $ | 11,604 |  |  | $ | 12,181 |
Allowance for customer returns |  |  | 14,506 |  |  |  | 14,185 |
Postretirement benefits |  |  | 25 |  |  |  | 33 |
Allowance for expected credit losses |  |  | 2,965 |  |  |  | 1,450 |
Accrued salaries and benefits |  |  | 12,048 |  |  |  | 15,585 |
Tax credit and NOL carryforwards |  |  | 5,103 |  |  |  | 5,702 |
Accrued asbestos liabilities |  |  | 17,208 |  |  |  | 15,463 |
Other |  |  | 190 |  |  |  | 190 |
|  |  | 63,649 |  |  |  | 64,789 |
Valuation allowance |  |  | (3,155 | ) |  |  | (2,087 | )
Total deferred tax assets |  |  | 60,494 |  |  |  | 62,702 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Intangible assets acquired, net of amortization |  |  | 13,292 |  |  |  | 13,450 |
Depreciation |  |  | 8,715 |  |  |  | 7,589 |
Interest rate swap agreement |  |  | 1,299 |  |  |  | — |
Other |  |  | 3,530 |  |  |  | 5,537 |
Total deferred tax liabilities |  |  | 26,836 |  |  |  | 26,576 |
Net deferred tax assets |  | $ | 33,658 |  |  | $ | 36,126 |

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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 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 https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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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 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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