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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of provision for income taxes

Components of the provision for income taxes are as follows:

	2019				2018				2017
Current:
Federal - US	$	—			$	11,000			$	1,993,000
Foreign	685,000				1,023,000				613,000
State and local	20,000				14,000				24,000
	705,000				1,048,000				2,630,000
Deferred:
Federal	738,000				(1,355,000		)		(407,000		)
Foreign	(1,824,000		)		(289,000		)		52,000
State and local	26,000				(68,000		)		11,000
	(1,060,000		)		(1,712,000		)		(344,000		)
Provision (benefit) for income taxes	$	(355,000	)		$	(664,000	)		$	2,286,000

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:

	2019				2018				2017
Provision at US federal statutory rate	$	(3,274,000	)		$	(1,145,000	)		$	2,634,000
Adjustments for US tax law changes	—				—				(185,000		)
Valuation allowance	3,267,000				—				—
Effect of foreign taxes	(209,000		)		213,000				(58,000		)
Adoption of ASC 606	—				236,000				—
State and local tax expense	(102,000		)		(54,000		)		35,000
Other	(37,000		)		86,000				(140,000		)
Provision (benefit) for income taxes	$	(355,000	)		$	(664,000	)		2,286,000

Components of deferred tax assets

Deferred tax assets consist of the following at December 31:

	2019				2018
Current asset (liability):
Net operating loss carryforwards	$	4,928,000			$	456,000
Interest limitation carryforwards	686,000				394,000
Accrued liabilities	477,000				568,000
Accounts receivable	108,000				521,000
Inventory	587,000				525,000
Other, net	(190,000		)		(446,000		)
Total current asset	6,596,000				2,018,000
Non-current asset (liability):
Property, plant, and equipment	(5,580,000		)		(3,941,000		)
Post retirement benefits	2,090,000				1,848,000
Goodwill and finite-lived assets, net	1,973,000				994,000
Other, net	214,000				234,000
Total non-current liability	(1,303,000		)		(865,000		)
Valuation allowance for deferred tax assets	(3,267,000		)		$	—
Total deferred tax asset (liability), net	$	2,026,000			$	1,153,000

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-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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