Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income (loss) from Operations Before Income Taxes

Income (loss) from operations before income taxes for the years ended December 31, 2024 and 2023 is summarized below. Income (loss) from operations before income taxes for certain foreign entities is classified differently for book reporting and income tax reporting purposes.

	2024		2023
Domestic	$	3,331	$	(44,128	)
Foreign		1,715		4,851
Income (loss) from operations before income taxes	$	5,046	$	(39,277	)

Summary of Income Tax Provision (Benefit)

The income tax provision (benefit) for the years ended December 31, 2024 and 2023 consisted of the following:

	2024			2023
Current:
Federal	$	—		$	—
State		22			33
Foreign		2,414			1,773
Current income tax provision		2,436			1,806
Deferred:
Federal		1,176			(8,461	)
State		549			(1,147	)
Foreign		(1,959	)		(598	)
Increase in valuation allowance		493			7,242
Deferred income tax provision (benefit)		259			(2,964	)
Total income tax provision (benefit)	$	2,695		$	(1,158	)

Difference Between Statutory U.S. Federal Income Tax and the Corporation's Effective Income Tax

The difference between statutory U.S. federal income tax and the Corporation’s effective income tax for the years ended December 31, 2024 and 2023 was as follows:

	2024			2023
Computed at statutory rate	$	1,060		$	(8,248	)
State income taxes		354			(899	)
Rate change		113			465
Tax differential on non-U.S. earnings		(54	)		(216	)
Stock-based compensation		279			206
Meals and entertainment		48			43
Deductible compensation limitation		112			15
Increase in valuation allowance		493			7,242
Other – net		290			234
Total income tax provision (benefit)	$	2,695		$	(1,158	)

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2024 and 2023 are summarized in the following table.

	2024			2023
Assets:
Asbestos-related liability	$	16,503		$	19,044
Net operating loss – domestic		14,633			15,115
Net operating loss – foreign		10,514			9,289
Net operating loss – state		3,095			3,248
Sale-leaseback		10,510			10,204
Employment – related liabilities		5,330			5,221
Interest expense limitation		3,141			1,929
Pension liability – domestic		2,283			5,299
Pension liability – foreign		29			—
Operating lease right-of-use liabilities		1,124			1,161
Impairment charge associated with investment in Anhui		958			953
Inventory related		210			—
Capital loss carryforwards		189			192
Other		1,284			594
Gross deferred income tax assets		69,803			72,249
Valuation allowance		(41,019	)		(41,041	)
		28,784			31,208
Liabilities:
Depreciation		(24,190	)		(25,408	)
Operating lease assets		(1,124	)		(1,161	)
Intangible assets – indefinite life		(430	)		(464	)
Intangible assets – finite life		(15	)		(112	)
Inventory related		—			(674	)
Pension asset – foreign		—			(224	)
Other		(624	)		(548	)
Gross deferred income tax liabilities		(26,383	)		(28,591	)
Net deferred income tax assets (liabilities)	$	2,401		$	2,617