Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was derived from the following sources:

	2021		2020		2019
United States	$	32,570	$	22,725	$	11,353
Foreign		16,326		17,846		20,105
	$	48,896	$	40,571	$	31,458

Components of Income Taxes

The components of income taxes for the years ended December 31 are as follows:

	2021			2020			2019
Current
Federal	$	649		$	7,909		$	2,835
Foreign		5,065			5,093			6,170
State and local		917			1,188			391
		6,631			14,190			9,396
Deferred
Federal		7,172			(2,290	)		(10	)
Foreign		(75	)		(445	)		(1,347	)
State and local		(553	)		(645	)		83
		6,544			(3,380	)		(1,274	)
Income taxes	$	13,175		$	10,810		$	8,122

Differences Between the Provision for Income Taxes at the U.S. Federal Statutory Rate and the Tax

The differences between the provision for income taxes at the U.S. federal statutory rate and the tax shown in the Statements of Consolidated Income for the years ended December 31 are summarized as follows:

	2021			2020			2019
U. S. federal statutory tax rate	21.0%			21.0%			21.0%
Federal tax at statutory rate	$	10,268		$	8,520		$	6,606
State and local taxes, net of federal benefit		721			942			308
Non-deductible officers' compensation		763			1,161			1,005
Other U.S. federal permanent items		35			162			(384	)
Global intangible low-taxed income		770			1,222			1,738
Foreign tax credits		(1,222	)		(1,204	)		(1,422	)
Non-U.S. tax rate variances		2,936			1,330			929
Valuation allowance		(738	)		(245	)		(346	)
Tax credits		(807	)		(349	)		(464	)
Other, net		449			(729	)		152
	$	13,175		$	10,810		$	8,122

Tax Effects of Temporary Differences That Give Rise to the Company's Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the Company’s deferred tax assets and liabilities at December 31 are as follows:

	2021			2020
Deferred tax assets:
Accrued compensation and benefits	$	1,175		$	1,518
Inventory valuation reserves		2,504			2,535
Allowance for credit losses		663			480
Benefit plan reserves		7,048			7,564
Net operating loss carryforwards		2,383			1,851
Foreign tax credit		543			0
Other accrued expenses		2,453			3,825
Unrealized foreign exchange		213			799
Other		0			284
Gross deferred tax assets		16,982			18,856
Valuation allowance		(1,932	)		(2,912	)
Net deferred tax assets		15,050			15,944
Deferred tax liabilities:
Depreciation and other basis differences		(11,023	)		(4,514	)
Intangibles		(2,594	)		(3,419	)
Other		(404	)		(69	)
Deferred tax liabilities		(14,021	)		(8,002	)
Net deferred tax assets	$	1,029		$	7,942

	2021			2020
Change in net deferred tax assets:
Deferred income tax expense
Ordinary movement	$	(6,544	)	$	3,380
Items of other comprehensive (loss) income		(371	)		319
Currency translation		2			(205	)
Total change in net deferred tax assets	$	(6,913	)	$	3,494

Changes in Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a tabular reconciliation of the total amounts of unrecognized tax benefits related to uncertain tax positions, excluding interest and penalties, for the year ended December 31:

	2021			2020			2019
Balance at January 1	$	66		$	118		$	0
Additions for tax positions of prior years		0			0			118
Expiration of statutes of limitations		(66	)		(52	)		0
Balance at December 31	$	0		$	66		$	118