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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
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, 2020, 2019, and 2018:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Domestic |  | $ | 9,618 |  |  | $ | 18,972 |  |  | $ | (32,466) |
Foreign |  | 4,364 |  |  | 5,167 |  |  | 7,897 |
Income (loss) from operations, before income taxes |  | $ | 13,982 |  |  | $ | 24,139 |  |  | $ | (24,569) |
Significant Components of Income Tax | Significant components of the provision for income taxes for the years ended December 31, 2020, 2019, and 2018 were as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |  |
Federal |  | $ | (9,506) |  |  | $ | 4,012 |  |  | $ | 3,807 |
State |  | 130 |  |  | 620 |  |  | 133 |
Foreign |  | 1,852 |  |  | 1,925 |  |  | 3,675 |
Total current |  | (7,524) |  |  | 6,557 |  |  | 7,615 |
Deferred: |  |  |  |  |  |
Federal |  | (292) |  |  | (23,661) |  |  | (55) |
State |  | (3,458) |  |  | (6,229) |  |  | (8) |
Foreign |  | (567) |  |  | (502) |  |  | (1535) |
Total deferred |  | (4,317) |  |  | (30,392) |  |  | (1,598) |
Total income tax (benefit) expense |  | $ | (11,841) |  |  | $ | (23,835) |  |  | $ | 6,017 |
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, 2020, 2019, and 2018 is as follows:
|  | Year Ended December 31,
|  | 2020 |  | 2019 |  | 2018
|  | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Statutory rate |  | $ | 2,936 |  |  | 21.0 | % |  | $ | 5,069 |  |  | 21.0 | % |  | $ | (5,159) |  |  | 21.0 | %
Foreign tax rate differential |  | 65 |  |  | 0.5 |  |  | 129 |  |  | 0.5 |  |  | 156 |  |  | (0.6) |
State income taxes, net of federal benefit |  | 1,003 |  |  | 7.2 |  |  | 83 |  |  | 0.3 |  |  | (700) |  |  | 2.8 |
Non-deductible expenses |  | 181 |  |  | 1.3 |  |  | 278 |  |  | 1.2 |  |  | 219 |  |  | (0.9) |
Tax benefits related to disposition of the Test and Inspection Services business |  | (16,282) |  |  | (116.4) |  |  | — |  |  | — |  |  | — |  |  | — |
Global intangible low-taxed income, net of tax credits |  | 621 |  |  | 4.4 |  |  | 145 |  |  | 0.6 |  |  | 171 |  |  | (0.7) |
Income tax credits |  | (1,357) |  |  | (9.7) |  |  | (126) |  |  | (0.5) |  |  | (633) |  |  | 2.6 |
Nondeductible executive compensation |  | 132 |  |  | 0.9 |  |  | 234 |  |  | 1.0 |  |  | 351 |  |  | (1.4) |
Tax on unremitted foreign earnings |  | 174 |  |  | 1.2 |  |  | 216 |  |  | 0.9 |  |  | 149 |  |  | (0.6) |
Change in valuation allowance |  | 731 |  |  | 5.2 |  |  | (29,966) |  |  | (124.1) |  |  | 11,400 |  |  | (46.4) |
Other |  | (45) |  |  | (0.3) |  |  | 103 |  |  | 0.4 |  |  | 63 |  |  | (0.3) |
Total income tax (benefit) expense / Effective rate |  | $ | (11,841) |  |  | (84.7) | % |  | $ | (23,835) |  |  | (98.7) | % |  | $ | 6,017 |  |  | (24.5) | %
Significant Components of Deferred Tax Asset and Liability | Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2020 and 2019 were as follows:
|  | December 31,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |
Goodwill and other intangibles |  | $ | 7,857 |  |  | $ | 8,782 |
Accrued settlement |  | 8,112 |  |  | 10,196 |
Deferred compensation |  | 2,351 |  |  | 3,620 |
Contingent liabilities |  | 649 |  |  | 786 |
Net operating loss / tax credit carryforwards |  | 25,123 |  |  | 1,118 |
Pension and post-retirement liability |  | 1,696 |  |  | 1,414 |
Inventories |  | 1,529 |  |  | 1,118 |
Warranty reserve |  | 297 |  |  | 294 |
Accounts receivable |  | 214 |  |  | 254 |
Other |  | 709 |  |  | 585 |
Total deferred tax assets |  | 48,537 |  |  | 28,167 |
Less: valuation allowance |  | (1,483) |  |  | (752) |
Net deferred tax assets |  | 47,054 |  |  | 27,415 |
Deferred tax liabilities: |  |  |  |
Goodwill and other intangibles |  | (4,116) |  |  | (4,454) |
Depreciation |  | (7,140) |  |  | (5,638) |
Inventory § 481(a) adjustment |  | (1,027) |  |  | (2,065) |
Unremitted earnings of foreign subsidiaries |  | (200) |  |  | (390) |
Other |  | (175) |  |  | (97) |
Total deferred tax liabilities |  | (12,658) |  |  | (12,644) |
Net deferred tax assets |  | $ | 34,396 |  |  | $ | 14,771 |
Reconciliation of Unrealized tax Benefits | The following table provides a reconciliation of unrecognized tax benefits as of December 31, 2020 and 2019:
|  | December 31,
|  | 2020 |  | 2019
Unrecognized tax benefits at beginning of period: |  | $ | 414 |  |  | $ | 481 |
Decreases based on tax positions for prior periods |  | (5) |  |  | (67) |
Balance at end of period |  | $ | 409 |  |  | $ | 414 |

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