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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Provision for income taxes | 2020 2019 2018 Current: Federal $ (8,378,000) $ — $ 11,000 Foreign 2,660,000 685,000 1,023,000 State and local 5,000 20,000 14,000 (5,713,000) 705,000 1,048,000 Deferred: Federal 955,000 738,000 (1,355,000) Foreign 1,098,000 (1,824,000) (289,000) State and local 42,000 26,000 (68,000) 2,095,000 (1,060,000) (1,712,000) Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000)
Reconciliation of income tax provision based on the federal statutory income tax rate to the Company's income tax provision | 2020 2019 2018 Provision at United States federal statutory rate $ 954,000 $ (3,274,000) $ (1,145,000) Valuation allowance (2,074,000) 3,267,000 — Net operating loss carryback at 34 % tax rate (3,205,000) — — Effect of foreign taxes 790,000 (209,000) 213,000 Adoption of ASC 606 — — 236,000 State and local tax expense (372,000) (102,000) (54,000) Other 289,000 (37,000) 86,000 Provision (benefit) for income taxes $ (3,618,000) $ (355,000) $ (664,000)
Deferred tax assets | 2020 2019 Net operating loss carryforwards $ 535,000 $ 4,928,000 Interest limitation carryforwards 1,033,000 686,000 Accrued liabilities 391,000 477,000 Accounts receivable 40,000 108,000 Inventory 322,000 587,000 Property, plant, and equipment (5,509,000) (5,580,000) Post retirement benefits 2,068,000 2,090,000 Goodwill and finite-lived assets, net 2,210,000 1,973,000 Other, net 156,000 24,000 Total deferred tax asset 1,246,000 5,293,000 Valuation allowance for deferred tax assets (1,193,000) (3,267,000) Total deferred tax asset, net $ 53,000 $ 2,026,000

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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 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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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://fasb.org/us-gaap/role/ref/legacyRef -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 + Details
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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://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 + Details
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