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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of provision for income taxes

Components of the provision for income taxes are as follows:

	2018				2017				2016
Current:
Federal - US	$	11,000			$	1,993,000			$	3,408,000
Foreign	1,023,000				613,000				—
State and local	14,000				24,000				2,000
	1,048,000				2,630,000				3,410,000
Deferred:
Federal	(1,355,000		)		(407,000		)		490,000
Foreign	(289,000		)		52,000				(86,000		)
State and local	(68,000		)		11,000				22,000
	(1,712,000		)		(344,000		)		426,000
Provision (benefit) for income taxes	$	(664,000	)		$	2,286,000			$	3,836,000

Reconciliation of income tax provision

A reconciliation of the income tax provision based on the federal statutory income tax rate to the Company's income tax provision for the years ended December 31 is as follows:

	2018				2017				2016
Provision at US federal statutory rate	$	(1,145,000	)		$	2,634,000			$	3,823,000
Adjustments for US tax law changes	—				(185,000		)		—
Excess tax liability (benefit) — equity transactions	33,000				(126,000		)		—
Effect of foreign taxes	213,000				(58,000		)		34,000
Adoption of ASC 606	236,000				—				—
State and local tax expense	(54,000		)		35,000				24,000
Other	53,000				(14,000		)		(45,000		)
Provision (benefit) for income taxes	$	(664,000	)		$	2,286,000			$	3,836,000

Components of deferred tax assets

Deferred tax assets consist of the following at December 31:

	2018				2017
Current asset (liability):
Net operating loss carryforwards	$	456,000			$	—
Interest limitation carryforwards	394,000				—
Accrued liabilities	568,000				608,000
Accounts receivable	521,000				156,000
Inventory	525,000				371,000
Other, net	(446,000		)		(292,000		)
Total current asset	2,018,000				843,000
Non-current asset (liability):
Property, plant, and equipment	(3,941,000		)		(3,345,000		)
Post retirement benefits	1,848,000				2,060,000
Goodwill and finite-lived assets, net	994,000				(78,000		)
Other, net	234,000				125,000
Total non-current liability	(865,000		)		(1,238,000		)
Total deferred tax asset (liability) - net	$	1,153,000			$	(395,000	)

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- References

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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

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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