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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

The provision for income taxes included the following components for the years ended December 31, 2017, 2016 and 2015:

		2017				2016				2015
		(Dollars in thousands)
Current:
Federal		$	3,904			$	5,965			$	8,801
State			499				1,027				1,314
Foreign			633				737				501
Total			5,036				7,729				10,616
Deferred			2,187				(2,645	)			346
Total provision		$	7,223			$	5,084			$	10,962

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2017, 2016 and 2015:

 

		2017				2016				2015
U.S. federal statutory income tax rate			35.0	%			35.0	%			35.0	%
State income taxes, net of federal tax benefit			2.9				3.5				3.4
Non-taxable municipal bond interest			(0.9	)			(1.0	)			(1.0	)
Foreign income tax rate differences			0.1				(0.6	)			0.4
Life insurance deferred tax reversal			—				(14.2	)			—
Impact of tax rate change on deferred taxes			(5.8	)			—				—
Other			(1.1	)			0.3				(0.1	)
Effective tax rate			30.2	%			23.0	%			37.7	%

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

The components of deferred taxes as of December 31, 2017, and 2016 were as follows:

		2017				2016
		(Dollars in thousands)
Deferred income tax assets:
Accounts receivable reserves		$	199			$	341
Pension liability			7,307				11,002
Accrued liabilities			1,975				2,648
Carryfoward losses			250				129
Foreign currency losses on intercompany loans			(46	)			53
			9,685				14,173
Deferred income tax liabilities:
Inventory and related reserves			(2,989	)			(3,744	)
Cash value of life insurance			(337	)			(441	)
Property, plant and equipment			(1,373	)			(1,483	)
Intangible assets			(6,125	)			(8,284	)
Prepaid expenses and other assets			(180	)			(264	)
			(11,004	)			(14,216	)
Net deferred income tax liabilities		$	(1,319	)		$	(43	)

Schedule of Deferred Tax Benefit (Liabilities) [Table Text Block]

The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows:

		2017				2016
		(Dollars in thousands)
Non-current deferred income tax benefits		$	750			$	660
Non-current deferred income tax liabilities			(2,069	)			(703	)
Net deferred income tax liabilities		$	(1,319	)		$	(43	)

Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block]

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

		2017				2016				2015
		(Dollars in thousands)
Unrecognized tax benefits balance at January 1,		$	275			$	284			$	—
Increases related to current year tax positions			144				239				284
Decreases due to settlements of tax positions			(7	)			(248	)			—
Unrecognized tax benefits balance at December 31,		$	412			$	275			$	284

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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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-Publisher FASB
-Name Accounting Standards Codification
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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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