Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Pre-tax income (loss) consisted of the following for the years ended December 31:

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.

A reconciliation of income taxes computed at the statutory rates to the reported income tax provision for the years ended December 31 follows:



	2019			2018 (as restated)			2017
Federal provision at statutory rate ¹	$	4,527		$	10,411		$	4,480
U.S./Foreign tax rate differential	393			731			(919		)
Foreign non-deductible expenses	2,059			(1,759		)	(2,006		)
Foreign tax provision	793			1,253			615
State taxes, net of federal benefit ¹	308			619			49
State tax rate change, net of federal benefit	(41		)	(32		)	(264		)
Change in uncertain tax positions	15			84			119
Change in valuation allowance	(2,054		)	597			2,475
Tax credits	(2,652		)	(2,049		)	(152		)
Share-based compensation	(14		)	(50		)	(657		)
Change in U.S. corporate tax rate	—			—			7,277
Repatriation of foreign earnings	1,235			(3,670		)	3,964
GILTI, net of related foreign tax credit	730			1,194			—
Other	479			758			86
Provision for income taxes	$	5,778		$	8,087		$	15,067

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.

The provision (benefit) for income taxes for the years ended December 31 follows:

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.

A summary of deferred income tax assets and liabilities as of December 31 follows:



	2019			2018 (as restated)
Noncurrent deferred tax assets: ¹
Amortization and fixed assets	$	1,457		$	1,992
Accounts receivable	129			166
Inventories	2,032			2,226
Pension obligations	2,134			2,375
Warranty obligations	741			827
Accrued benefits	369			382
Foreign exchange contracts	91			(367		)
Restricted stock	126			106
Operating leases	165			—
Tax credit carryforwards	3,843			3,537
Net operating loss carryforwards	12,657			16,817
Other temporary differences not currently available for tax purposes	2,902			2,945
Total noncurrent deferred tax assets	$	26,646		$	31,006
Valuation allowance	(11,992		)	(14,665		)
Net noncurrent deferred tax assets	$	14,654		$	16,341
Noncurrent deferred tax liabilities:
Amortization and fixed assets	$	(2,501	)	$	(2,960	)
Accounts receivable	72			54
Inventories	115			123
Warranty obligations	1			1
Accrued benefits	(111		)	67
Operating leases	27			—
Net operating loss carryforwards	1,517			2,272
Other temporary differences not currently available for tax purposes	(678		)	(351		)
Total noncurrent tax liabilities	(1,558		)	(794		)
Total net deferred tax asset	$	13,096		$	15,547

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.

A reconciliation of the beginning and ending amount of unrecognized tax benefits (including interest and penalties) at December 31 follows:



	2019			2018 (as restated)			2017
Balance - Beginning of the year ¹	$	894		$	811		$	1,098
Gross increase - tax positions in prior periods ¹	70			66			70
Gross decreases - tax positions in prior periods ¹	(39		)	(14		)	(219		)
Gross increases - current period tax positions ¹	—			59			65
Lapse of statute of limitations	(12		)	(12		)	(221		)
Currency translation adjustment	(5		)	(16		)	18
Balance - End of the year ¹	$	908		$	894		$	811

⁽¹⁾ The Company has adjusted certain prior period amounts for the restatement and immaterial corrections of error. See Note 2 for details.