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Income Taxes (Tables)

12 Months Ended

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

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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

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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