Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

(Loss) Income Before Income Taxes and Equity Gains (Losses) in Joint Venture

(Loss) income from continuing operations before income taxes and gain on sale of joint venture is summarized below. (Loss) income from continuing operations for certain foreign entities is classified differently for book reporting and income tax reporting purposes.

	2019			2018
Domestic	$	(14,335	)	$	(48,169	)
Foreign		5,968			4,362
Loss from continuing operations before income taxes and gain on sale of joint venture	$	(8,367	)	$	(43,807	)

Income Tax Provision for Continuing Operations

The income tax provision for continuing operations consisted of the following:

	2019			2018
Current:
Federal	$	(118	)	$	1,166
State		56			73
Foreign		1,611			839
Current income tax provision		1,549			2,078
Deferred:
Federal		2,244			(10,881	)
State		(217	)		(2,189	)
Foreign		(422	)		3,350
(Decrease) increase in valuation allowance		(1,046	)		7,910
Deferred income tax provision (benefit)		559			(1,810	)
Total income tax provision	$	2,108		$	268

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 was as follows:

	2019			2018
Computed at statutory rate	$	(1,757	)	$	(8,943	)
Tax differential on non-U.S. earnings		44			56
State income taxes		(172	)		(2,131	)
Meals and entertainment		83			76
Alternative minimum tax credits		(13	)		(433	)
GILTI inclusion		4,859			0
(Decrease) increase in valuation allowance		(1,046	)		7,910
Repatriation transition tax impact		0			1,383
Adjustments to net operating losses		4			1,879
Other – net		106			471
Total income tax provision	$	2,108		$	268

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities as of December 31, 2019, and 2018, are summarized below.

	2019			2018
Assets:
Employment – related liabilities	$	8,643		$	10,667
Pension liability – foreign		958			996
Pension liability – domestic		11,605			8,527
Capital loss carryforwards		316			305
Asbestos-related liability		17,963			18,894
Net operating loss – domestic		8,929			3,936
Net operating loss – state		4,014			3,057
Net operating loss – foreign		10,256			9,514
Inventory related		2,100			3,905
Impairment charge associated with investment in MG		1,043			1,050
Operating lease right-of-use assets		1,388			0
Other		3,476			3,352
Gross deferred income tax assets		70,691			64,203
Valuation allowance		(43,671	)		(33,881	)
		27,020			30,322
Liabilities:
Depreciation		(21,741	)		(25,420	)
Intangible assets – finite life		(830	)		(1,181	)
Intangible assets – indefinite life		(492	)		(550	)
Operating lease liabilities		(1,388	)		0
Other		(115	)		(147	)
Gross deferred income tax liabilities		(24,566	)		(27,298	)
Net deferred income tax assets	$	2,454		$	3,024