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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Components of Income before Income Tax | Income before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2018 and 2017:
|  | Year Ended December 31, |  |  |  |
|  | 2018 |  | 2017 |  |
Domestic |  | $ | (34,608) |  | $ | 4,081 |  |
Foreign |  | 7,897 |  | 5,970 |  |
(Loss) income from operations, before income taxes |  | $ | (26,711) |  | $ | 10,051 |  |
Significant Components of Income Tax | Significant components of the provision for income taxes for the years ended December 31, 2018 and 2017 are as follows:
|  | Year Ended December 31, |  |  |  |
|  | 2018 |  | 2017 |  |
Current: |  |  |  |  |  |
Federal |  | $ | 2,208 |  | $ | 2,630 |  |
State |  | 172 |  | 822 |  |
Foreign |  | 3,675 |  | 2,460 |  |
Total current |  | 6,055 |  | 5,912 |  |
Deferred: |  |  |  |  |  |
Federal |  | (55) |  | (798) |  |
State |  | (8) |  | 17 |  |
Foreign |  | (1,535) |  | (441) |  |
Total deferred |  | (1,598) |  | (1,222) |  |
Total income tax expense |  | $ | 4,457 |  | $ | 4,690 |  |
Reconciliation of Statutory Income to Income Tax Expense | The reconciliation of income tax computed at statutory rates to income tax expense for the years ended December 31, 2018 and 2017 is as follows:
|  | Year Ended December 31, |  |  |  |  |  |  |  |  |  |
|  | 2018 |  |  |  | 2017 |  |  |  |  |  |
|  | Amount |  | Percent |  | Amount |  | Percent |  |  |  |
Statutory rate |  | $ | (5,609) |  | 21.0 | % |  | $ | 3,518 |  | 35.0 | % |  |  |  |
Foreign tax rate differential |  | 156 |  | (0.6) |  |  | (641) |  | (6.4) |  |  |  |  |
State income taxes, net of federal benefit |  | (706) |  | 2.6 |  |  | 368 |  | 3.7 |  |  |  |  |
Non-deductible expenses |  | 261 |  | (1.0) |  |  | 323 |  | 3.2 |  |  |  |  |
Domestic production activities deduction |  | — |  | — |  |  | (405) |  | (4.0) |  |  |  |  |
U.S. Tax Cuts and Jobs Act: remeasurement of deferred taxes |  | — |  | — |  |  | 9,573 |  | 95.2 |  |  |  |  |
U.S. Tax Cuts and Jobs Act: deferred foreign earnings |  | — |  | — |  |  | 4,009 |  | 39.9 |  |  |  |  |
Global intangible low-taxed income, net of tax credits |  | 171 |  | (0.6) |  |  | — |  | — |  |  |  |  |
Income tax credits |  | (633) |  | 2.4 |  |  | (123) |  | (1.2) |  |  |  |  |
Nondeductible executive compensation |  | 351 |  | (1.3) |  |  | — |  | — |  |  |  |  |
Tax on unremitted foreign earnings |  | 149 |  | (0.6) |  |  | (6,712) |  | (66.8) |  |  |  |  |
Change in valuation allowance |  | 10,226 |  | (38.3) |  |  | (5,354) |  | (53.3) |  |  |  |  |
Other |  | 91 |  | (0.3) |  |  | 134 |  | 1.3 |  |  |  |  |
Total income tax expense / Effective rate |  | $ | 4,457 |  | (16.7) | % |  | $ | 4,690 |  | 46.7 | % |  |  |  |
Significant Components of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows:
|  | December 31, |  |
|  | 2018 |  | 2017
Deferred tax assets: |  |  |  |
Goodwill and other intangibles |  | $ | 18,756 |  | $ | 19,324
Accrued settlement |  | 11,933 |  | —
Pension and post-retirement liability |  | 1,524 |  | 1,532
Warranty reserve |  | 346 |  | 2,060
Deferred compensation |  | 2,940 |  | 2,385
Contingent liabilities |  | 1,663 |  | 1,669
Net operating loss / tax credit carryforwards |  | 1,602 |  | 1,816
Other |  | 858 |  | 1,442
Total deferred tax assets |  | 39,622 |  | 30,228
Less: valuation allowance |  | (30,707) |  | (19,553)
Net deferred tax assets |  | 8,915 |  | 10,675
Deferred tax liabilities: |  |  |  |
Goodwill and other intangibles |  | (5,020) |  | (5,721)
Depreciation |  | (6,625) |  | (7,079)
Unremitted earnings of foreign subsidiaries |  | (160) |  | (1,220)
Inventories |  | (2,125) |  | (3,056)
Other |  | (272) |  | (513)
Total deferred tax liabilities |  | (14,202) |  | (17,589)
Net deferred tax liabilities |  | $ | (5,287) |  | $ | (6,914)
Reconciliation of Unrealized tax Benefits | The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2018 and 2017:
|  | December 31, |  |
|  | 2018 |  | 2017
Unrecognized tax benefits at beginning of period: |  | $ | 599 |  | $ | 619
Increases based on tax positions for prior periods |  | — |  | —
Decreases based on tax positions for prior periods |  | (118) |  | (20)
Balance at end of period |  | $ | 481 |  | $ | 599

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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://www.xbrl.org/2003/role/presentationRef -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
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