Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Income Before Income Taxes

Income before income taxes was derived from the following sources:

	2018		2017		2016
United States	$	10,268	$	4,774	$	3,501
Foreign		22,320		21,032		17,452
	$	32,588	$	25,806	$	20,953

Components of Income Taxes

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

	2018			2017		2016
Current
Federal	$	(904	)	$	4,592	$	(1,698	)
Foreign		6,247			5,998		5,115
State and local		350			126		32
		5,693			10,716		3,449
Deferred
Federal		801			2,316		2,986
Foreign		(608	)		12		(914	)
State and local		121			108		177
		314			2,436		2,249
Income taxes	$	6,007		$	13,152	$	5,698

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 year ended December 31 are summarized as follows:

	2018			2017			2016
U. S. federal statutory tax rate		21	%		35	%		35	%
Federal tax at statutory rate	$	6,843		$	9,033		$	7,334
State and local taxes, net of federal benefit		273			82			20
U.S. federal permanent items		240			(60	)		400
Global low-taxed income		1,721			(116	)		0
Foreign tax credits		(1,707	)	0				716
Transition tax		(1,780	)		2,592		0
Non-U.S. tax rate variances		1,011			(1,491	)		(1,484	)
Unrecognized tax benefits		0			0			(195	)
Valuation allowance		(57	)		88			(414	)
Tax credits		(295	)		(255	)		(252	)
Tax impact, deferred rate		(680	)		3,161		0
Other, net		438			118			(427	)
	$	6,007		$	13,152		$	5,698

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:

	2018			2017
Deferred tax assets:
Accrued compensation and benefits	$	1,387		$	1,093
Inventory valuation reserves		2,256			2,332
Allowance for doubtful accounts		346			360
Benefit plan reserves		7,153			7,981
Net operating loss carryforwards		2,651			3,402
Other accrued expenses		2,830			2,489
Unrealized foreign exchange		1,217			1,462
Gross deferred tax assets		17,840			19,119
Valuation allowance		(3,495	)		(3,965	)
Net deferred tax assets		14,345			15,154
Deferred tax liabilities:
Depreciation and other basis differences		(6,855	)		(6,313	)
Intangibles		(2,057	)		(2,706	)
Undistributed foreign earnings		(172	)		(426	)
Other		(72	)		(25	)
Deferred tax liabilities		(9,156	)		(9,470	)
Net deferred tax assets	$	5,189		$	5,684

	2018			2017
Change in net deferred tax assets:
Deferred income tax expense
Ordinary movement	$	(993	)	$	(473	)
Tax act - transition tax		0			1,198
Tax impact deferred rate		680			(3,161	)
Items of other comprehensive income (loss)		(62	)		48
Currency translation		(120	)		(58	)
Total change in net deferred tax assets	$	(495	)	$	(2,446	)

Changes in Unrecognized Tax Benefits Excluding Interest and Penalties

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

	2018		2017		2016
Balance at January 1	$	0	$	0	$	178
Additions for tax positions of prior years		0		0		0
Reductions for tax positions of prior years		0		0		0
Expiration of statutes of limitations		0		0		(178	)
Balance at December 31	$	0	$	0	$	0