Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

The income tax provision (benefit) consists of the following (in thousands):

	Year Ended December 31,
	2018			2017		2016
Current:
Domestic	$	26,821		$	30,742	$	33,156
Foreign		3,180			3,139		3,628
Total current		30,001			33,881		36,784

Deferred:
Domestic		(10,132	)		18,833		(387	)
Foreign		108			98		(239	)
Total deferred		(10,024	)		18,931		(626	)
Total income tax provision	$	19,977		$	52,812	$	36,158

Effective Income Tax Rate Reconciliation

Reconciliations between taxes at the U.S. Federal income tax rate and taxes at our effective income tax rate on earnings from continuing operations before income taxes are as follows (in thousands):

	Year Ended December 31,
	2018			2017			2016

U.S. Federal income tax rate of 21% in 2018, 35% in 2017 and 35% in 2016	$	16,135		$	33,755		$	34,500
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit		2,781			3,138			2,944
Income tax (tax benefits) attributable to foreign income		1,598			(149	)		(887	)
Other non-deductible items, net		(559	)		(1,319	)		(464	)
Impact of Tax Cuts and Jobs Act		—			17,515			—
Change in valuation allowance		22			(128	)		65
Provision for income taxes	$	19,977		$	52,812		$	36,158

Components of Net Deferred Tax Assets and Liabilities

The following is a summary of the components of the net deferred tax assets and liabilities recognized in the accompanying consolidated balance sheets (in thousands):

	December 31,
	2018			2017
Deferred tax assets:
Inventories	$	12,798		$	11,498
Allowance for customer returns		16,836			8,678
Postretirement benefits		58			170
Allowance for doubtful accounts		1,371			1,181
Accrued salaries and benefits		9,147			8,500
Capital loss		—			154
Tax credit carryforwards		272			272
Deferred gain on building sale		—			55
Accrued asbestos liabilities		11,872			8,886
Other		127			—
		52,481			39,394
Valuation allowance		(399	)		(377	)
Total deferred tax assets		52,082			39,017
Deferred tax liabilities:
Depreciation		7,755			5,495
Other		1,993			1,102
Total deferred tax liabilities		9,748			6,597

Net deferred tax assets	$	42,334		$	32,420