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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Taxes |
Income Taxes | 11. Income Taxes Components of the provision for income taxes are as follows: 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) 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: 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) The Company evaluates the balance of deferred tax assets that will be realized based on the premise that the Company is more likely than not to realize deferred tax benefits through the generation of future taxable income. Management makes assumptions, judgments, and estimates to determine our current and deferred tax provision and also the deferred tax assets and liabilities. The Company evaluates provisions and deferred tax assets quarterly to determine if adjustments to our valuation allowance are required based on the consideration of all available evidence. As of December 31, 2020 the Company had a net deferred tax asset of $ 53,000 consisting of a liability of $ 876,000 related to tax positions in the United States, an asset of $ 460,000 related to tax positions in Canada and an asset of $ 469,000 related to tax positions in Mexico. The deferred tax liabilities are in other noncurrent liabilities on the Consolidated Balance Sheet. During 2020, the Company recorded a valuation allowance of $ 1,193,000 against the entire state and local net loss carryforward and a portion of the interest limitation carryforward, due to cumulative losses in the United States over the last three years and uncertainty related to the Company ’s ability to realize the deferred assets. The Company believes that the deferred tax assets associated with the Canadian and Mexican tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income. Deferred tax assets consist of the following at December 31: 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 At December 31, 2020, the Company had estimated net operating loss carryforwards in the state and local tax jurisdictions of $ 25,990,000 and interest limitation carryforwards in United States federal jurisdictions of $ 4,697,000 . Both carryforwards do not expire. At December 31, 2020, the Company had no net operating loss carryforwards in Canada, Mexico or United States federal jurisdictions. At December 31, 2020 and 2019 the Company had no liability for unrecognized tax benefits under guidance relating to tax uncertainties. The Company does not anticipate that the unrecognized tax benefits will significantly change within the next twelve months. The Company files income tax returns in the United States, Mexico, Canada and various state and local jurisdictions. The Company is not subject to United States federal and state income tax examinations by tax authorities for the years before 2017, not subject to Mexican income tax examinations by Mexican authorities for the years before 2015 and not subject to Canadian income tax examinations by Canadian authorities for the years before 2018.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=116825942&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 + Details
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