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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Components of Income before Income Tax | Income (loss) before income taxes, as shown in the accompanying Consolidated Statements of Operations, includes the following components for the years ended December 31, 2019 and 2018:
|  | Year Ended December 31, |  |  |  |
|  | 2019 |  | 2018 |  |
Domestic |  | $ | 12,230 |  |  | $ | (34,608) |  |  |
Foreign |  | 5,167 |  |  | 7,897 |  |  |
Income (loss) from operations, before income taxes |  | $ | 17,397 |  |  | $ | (26,711) |  |  |
Significant Components of Income Tax | Significant components of the provision for income taxes for the years ended December 31, 2019 and 2018 were as follows:
|  | Year Ended December 31, |  |  |  |
|  | 2019 |  | 2018 |  |
Current: |  |  |  |  |  |
Federal |  | $ | 1,909 |  |  | $ | 2,208 |  |  |
State |  | 505 |  |  | 172 |  |  |
Foreign |  | 1,925 |  |  | 3,675 |  |  |
Total current |  | 4,339 |  |  | 6,055 |  |  |
Deferred: |  |  |  |  |  |
Federal |  | (22,835) |  |  | (55) |  |  |
State |  | (6,173) |  |  | (8) |  |  |
Foreign |  | (502) |  |  | (1,535) |  |  |
Total deferred |  | (29,510) |  |  | (1,598) |  |  |
Total income tax (benefit) expense |  | $ | (25,171) |  |  | $ | 4,457 |  |  |
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, 2019 and 2018 is as follows:
|  | Year Ended December 31, |  |  |  |  |  |  |  |  |  |
|  | 2019 |  |  |  | 2018 |  |  |  |  |  |
|  | Amount |  | Percent |  | Amount |  | Percent |  |  |  |
Statutory rate |  | $ | 3,653 |  |  | 21.0 | % |  | $ | (5,609) |  |  | 21.0 | % |  |  |  |
Foreign tax rate differential |  | 129 |  |  | 0.7 |  |  | 156 |  |  | (0.6) |  |  |  |  |
State income taxes, net of federal benefit |  | (59) |  |  | (0.3) |  |  | (706) |  |  | 2.6 |  |  |  |  |
Non-deductible expenses |  | 345 |  |  | 2.0 |  |  | 261 |  |  | (1.0) |  |  |  |  |
Global intangible low-taxed income, net of tax credits |  | 145 |  |  | 0.8 |  |  | 171 |  |  | (0.6) |  |  |  |  |
Income tax credits |  | (126) |  |  | (0.7) |  |  | (633) |  |  | 2.4 |  |  |  |  |
Nondeductible executive compensation |  | 234 |  |  | 1.3 |  |  | 351 |  |  | (1.3) |  |  |  |  |
Tax on unremitted foreign earnings |  | 216 |  |  | 1.2 |  |  | 149 |  |  | (0.6) |  |  |  |  |
Change in valuation allowance |  | (29,635) |  |  | (170.3) |  |  | 10,226 |  |  | (38.3) |  |  |  |  |
Other |  | (73) |  |  | (0.4) |  |  | 91 |  |  | (0.3) |  |  |  |  |
Total income tax (benefit) expense / Effective rate |  | $ | (25,171) |  |  | (144.7) | % |  | $ | 4,457 |  |  | (16.7) | % |  |  |  |
Significant Components of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2019 and 2018 were as follows:
|  | December 31, |  |
|  | 2019 |  | 2018
Deferred tax assets: |  |  |  |
Goodwill and other intangibles |  | $ | 17,028 |  | 33 | $ | 18,756 |
Accrued settlement |  | 10,196 |  |  | 11,933 |
Deferred compensation |  | 3,620 |  |  | 2,940 |
Contingent liabilities |  | 1,816 |  |  | 1,663 |
Net operating loss / tax credit carryforwards |  | 1,438 |  |  | 1,602 |
Pension and post-retirement liability |  | 1,414 |  |  | 1,524 |
Warranty reserve |  | 294 |  |  | 346 |
Accounts receivable |  | 261 |  |  | 214 |
Other |  | 725 |  |  | 644 |
Total deferred tax assets |  | 36,792 |  |  | 39,622 |
Less: valuation allowance |  | (1,072) |  |  | (30,707) |
Net deferred tax assets |  | 35,720 |  |  | 8,915 |
Deferred tax liabilities: |  |  |  |
Goodwill and other intangibles |  | (4,454) |  |  | (5,020) |
Depreciation |  | (5,946) |  |  | (6,625) |
Inventories |  | (946) |  |  | (2,125) |
Unremitted earnings of foreign subsidiaries |  | (390) |  |  | (160) |
Other |  | (97) |  |  | (272) |
Total deferred tax liabilities |  | (11,833) |  |  | (14,202) |
Net deferred tax assets (liabilities) |  | $ | 23,887 |  |  | $ | (5,287) |
Reconciliation of Unrealized tax Benefits | The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2019 and 2018:
|  | December 31, |  |
|  | 2019 |  | 2018
Unrecognized tax benefits at beginning of period: |  | $ | 481 |  |  | $ | 599 |
Decreases based on tax positions for prior periods |  | (67) |  |  | (118) |
Balance at end of period |  | $ | 414 |  |  | $ | 481 |

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