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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

Components of the provision for income taxes are as follows (in thousands):

			2022						2021						2020
Current:
Federal			$	(18)					$	(388)					$	(8,378)
Foreign			5,896						4,979						2,660
State and local			(27)						24						5
			5,851						4,615						(5,713)
Deferred:
Federal			(3,533)						(208)						955
Foreign			80						(167)						1,098
State and local			(16)						8						42
			(3,469)						(367)						2,095
Provision (benefit) for income taxes			$	2,382					$	4,248					$	(3,618)

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 (in thousands):

			2022						2021						2020
Provision at United States federal statutory rate			$	3,063					$	1,870					$	954
U.S. federal valuation allowance			(2,363)						1,706						(2,493)
U.S. state and local valuation allowance			349						269						419
Net operating loss carryback at 34% tax rate			—						(137)						(3,205)
Effect of foreign taxes			1,519						996						790
State and local tax expense			(391)						(237)						(372)
Other			205						(219)						289
Provision (benefit) for income taxes			$	2,382					$	4,248					$	(3,618)

Schedule of Deferred Tax Assets

Deferred tax assets consist of the following at December 31:

			2022						2021
Net operating loss carryforwards			$	3,399					$	2,439
Interest limitation carryforwards			1,734						1,321
Accrued liabilities			626						704
Accounts receivable			44						45
Inventory			215						137
Property, plant, and equipment			(5,111)						(5,216)
Post retirement benefits			1,629						2,107
Goodwill and finite-lived assets, net			1,662						2,146
Other, net			418						6
Total deferred tax asset			4,616						3,689
Valuation allowance for deferred tax assets			(1,154)						(3,168)
Total deferred tax asset, net			$	3,462					$	521

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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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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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- 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
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-SubTopic 10
-Section 50
-Paragraph 12
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