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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

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

			2023						2022						2021
Current:
Federal			$	26					$	(18)					$	(388)
Foreign			2,835						5,896						4,979
State and local			88						(27)						24
			2,949						5,851						4,615
Deferred:
Federal			2,844						(3,533)						(208)
Foreign			(451)						80						(167)
State and local			80						(16)						8
			2,473						(3,469)						(367)
Provision for income taxes			$	5,422					$	2,382					$	4,248

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):

			2023						2022						2021
Provision at United States federal statutory rate			$	5,407					$	3,063					$	1,870
U.S. federal valuation allowance			—						(2,363)						1,706
U.S. state and local valuation allowance			379						349						269
Net operating loss carryback at 34% tax rate			—						—						(137)
Effect of foreign taxes			143						1,519						996
State and local tax expense			(385)						(391)						(237)
Other			(122)						205						(219)
Provision for income taxes			$	5,422					$	2,382					$	4,248

Schedule of Deferred Tax Assets

Deferred tax assets consist of the following at December 31:

			2023						2022
U.S. federal net operating loss carryforwards			$	442					$	2,276
U.S. state and local operating loss carryforwards			1,553						1,123
Interest limitation carryforwards			1,162						1,734
Accrued liabilities			595						626
Accounts receivable			32						44
Inventory			211						215
Property, plant, and equipment			(6,065)						(5,111)
Post retirement benefits			1,024						1,629
Goodwill and finite-lived assets, net			2,151						1,662
Other, net			795						418
Total deferred tax asset			1,900						4,616
Valuation allowance for deferred tax assets			(1,530)						(1,154)
Total deferred tax asset (liability), net			$	370					$	3,462

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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

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-Topic 740
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-Paragraph 9
-Section 50
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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.

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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.

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