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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Components of the provision for income taxes are as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | (388) |  |  | $ | (8,378) |  |  | $ | — |
Foreign | 4,979 |  |  | 2,660 |  |  | 685 |
State and local | 24 |  |  | 5 |  |  | 20 |
| 4,615 |  |  | (5,713) |  |  | 705 |
Deferred: |  |  |  |  |
Federal | (208) |  |  | 955 |  |  | 738 |
Foreign | (167) |  |  | 1,098 |  |  | (1,824) |
State and local | 8 |  |  | 42 |  |  | 26 |
| (367) |  |  | 2,095 |  |  | (1,060) |
Provision (benefit) for income taxes | $ | 4,248 |  |  | $ | (3,618) |  |  | $ | (355) |
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 (in thousands):
| 2021 |  | 2020 |  | 2019
Provision at United States federal statutory rate | $ | 1,870 |  |  | $ | 954 |  |  | $ | (3,274) |
Valuation allowance | 1,975 |  |  | (2,074) |  |  | 3,267 |
Net operating loss carryback at 34% tax rate | (137) |  |  | (3,205) |  |  | — |
Effect of foreign taxes | 996 |  |  | 790 |  |  | (209) |
State and local tax expense | (237) |  |  | (372) |  |  | (102) |
Other | (219) |  |  | 289 |  |  | (37) |
Provision (benefit) for income taxes | $ | 4,248 |  |  | $ | (3,618) |  |  | $ | (355) |
At December 31, 2021, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $17,010,000 and $13,366,000 of the Company's Canadian and Mexican subsidiary, respectively, that would become payable upon repatriation to the United States. It is the intention of the Company to reinvest all such earnings in operations and facilities outside of the United States. It is not practicable to estimate the amount of deferred tax liability related to investments in these foreign subsidiaries. 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, 2021 the Company had a net deferred tax asset of $521,000 consisting of a net asset of $252,000 related to tax positions in Canada, a net asset of $841,000 related to tax positions in Mexico and a net liability of $572,000 related to tax positions in the United States. During 2021, the Company recorded a valuation allowance of $3,168,000 against the net deferred tax asset in the United States, due to cumulative losses 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:
| 2021 |  | 2020
Net operating loss carryforwards | $ | 2,439 |  |  | $ | 535 |
Interest limitation carryforwards | 1,321 |  |  | 1,033 |
Accrued liabilities | 704 |  |  | 391 |
Accounts receivable | 45 |  |  | 40 |
Inventory | 137 |  |  | 322 |
Property, plant, and equipment | (5,216) |  |  | (5,509) |
Post retirement benefits | 2,107 |  |  | 2,068 |
Goodwill and finite-lived assets, net | 2,146 |  |  | 2,210 |
Other, net | 6 |  |  | 156 |
Total deferred tax asset | 3,689 |  |  | 1,246 |
Valuation allowance for deferred tax assets | (3,168) |  |  | (1,193) |
Total deferred tax asset, net | $ | 521 |  |  | $ | 53 |
At December 31, 2021, the Company's estimated net operating loss carryforwards and interest limitation carryforwards in the United States federal tax jurisdiction were $7,905,000 and $6,005,000, respectively. Both carryforwards do not expire. At December 31, 2021, the Company had no net operating loss carryforwards in Canada or Mexico or jurisdictions. At December 31, 2021 and 2020 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 subject to federal income tax examinations for tax years 2014 through 2017 but the scope of examination is only limited to adjustments resulting from the Net Operating Loss carryback claims from the 2018, 2019, and 2020 tax years. The Company is subject to federal income tax examinations for years 2018 through 2021 with unlimited scope. The Company is not subject to state examinations for years before 2017. The company is 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=121826272&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=122134291&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=121826272&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=122134291&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=121826272&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 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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