XML 34 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Components of the provision for income taxes are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 1,829 |  |  | $ | 26 |  |  | $ | (18) |
Foreign | 1,805 |  |  | 2,835 |  |  | 5,896 |
State and local | 75 |  |  | 88 |  |  | (27) |
| 3,709 |  |  | 2,949 |  |  | 5,851 |
Deferred: |  |  |  |  |
Federal | 812 |  |  | 2,844 |  |  | (3,533) |
Foreign | (406) |  |  | (451) |  |  | 80 |
State and local | 67 |  |  | 80 |  |  | (16) |
| 473 |  |  | 2,473 |  |  | (3,469) |
Provision for income taxes | $ | 4,182 |  |  | $ | 5,422 |  |  | $ | 2,382 |
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):
| 2024 |  | 2023 |  | 2022
Provision at United States federal statutory rate | $ | 3,671 |  |  | $ | 5,407 |  |  | $ | 3,063 |
U.S. federal valuation allowance | — |  |  | — |  |  | (2,363) |
State and Local tax expense | 126 |  |  | (6) |  |  | (42) |
Effect of foreign taxes | 534 |  |  | 143 |  |  | 1,519 |
Foreign Direct Investment | (451) |  |  | (153) |  |  | — |
Permanent Compensation Differences | 429 |  |  | (94) |  |  | 228 |
Other | (127) |  |  | 125 |  |  | (23) |
Provision for income taxes | $ | 4,182 |  |  | $ | 5,422 |  |  | $ | 2,382 |
At December 31, 2024, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $34,148,000 and $20,553,000 of the Company's Canadian and Mexican subsidiaries, respectively, that would become payable upon repatriation to the United States. At December 31, 2023, a provision has not been made for U.S. taxes on accumulated undistributed earnings of approximately $32,622,000 and $19,153,000 of the Company's Canadian and Mexican subsidiaries, 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, 2024 the Company had a net deferred tax asset of $1,454,000 and $183,000 related to tax positions in Mexico and Canada and deferred tax liabilities of $1,219,000 related to tax positions in the United States. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. As of December 31, 2024, the Company had a valuation allowance of $1,265,000 against the deferred tax asset related to local (city) jurisdiction tax positions, due to cumulative losses over the last three years in the local jurisdiction and uncertainty related to the Company’s ability to realize the deferred assets. The Company believes that the net deferred tax assets associated with the Mexican and Canada tax jurisdictions are more-likely-than-not to be realizable based on estimates of future taxable income. As of December 31, 2023 the Company had a net deferred tax asset of $1,595,000 related to tax positions in Mexico and deferred tax liabilities of $1,182,000 and $43,000 related to tax positions in the United States and Canada. Deferred tax assets are included in "Other non-current assets" on the Consolidated Balance Sheets and deferred tax liabilities are included in "Other non-current liabilities" on the Consolidated Balance Sheets. As of December 31, 2023, the Company had a valuation allowance of $1,530,000 against the deferred tax asset related to local tax positions, due to cumulative losses in the local jurisdiction 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 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:
| 2024 |  | 2023
U.S. federal net operating loss carryforwards | $ | — |  |  | $ | 442 |
U.S. local operating loss carryforwards | 1,273 |  |  | 1,553 |
Interest limitation carryforwards | — |  |  | 1,162 |
Accrued liabilities | 586 |  |  | 595 |
Accounts receivable | 53 |  |  | 32 |
Inventory | 220 |  |  | 211 |
Property, plant, and equipment | (5,303) |  |  | (6,065) |
Post retirement benefits | 1,034 |  |  | 1,024 |
Goodwill and finite-lived assets, net | 2,112 |  |  | 2,151 |
Other, net | 1,708 |  |  | 795 |
Total deferred tax asset | 1,683 |  |  | 1,900 |
Valuation allowance for deferred tax assets | (1,265) |  |  | (1,530) |
Total deferred tax asset, net | $ | 418 |  |  | $ | 370 |
At December 31, 2024 the Company had no net operating loss carryforwards in United States, Canada or Mexico federal tax jurisdictions. At December 31, 2023, the Company's net operating loss carryforwards and interest limitation carryforwards in the United States federal tax jurisdiction were $2,100,000 and $4,945,000, respectively. At December 31, 2023, the Company had no net operating loss carryforwards in Canada or Mexico federal tax jurisdictions. At December 31, 2024 and 2023 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 income tax examinationsfor years before 2021. The Company is not subject to state examinations for years before 2021. The Company is not subject to Mexican income tax examinations by for the years before 2019 and is not subject to Canadian income tax examinations for the years before 2020.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration