Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes [Abstract]

Income Tax Provision (Benefit)

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

	Year Ended December 31,
	2023			2022			2021
Current:
Domestic	$	15,422		$	16,182		$	26,528
Foreign		9,224			8,669			5,851
Total current		24,646			24,851			32,379
Deferred:
Domestic		(5,769	)		1,102			(1,161	)
Foreign		(509	)		(747	)		(174	)
Total deferred		(6,278	)		355			(1,335	)
Total income tax provision	$	18,368		$	25,206		$	31,044

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,
	2023			2022			2021
U.S. Federal income tax rate of 21%	$	17,160		$	20,650		$	27,398
Increase (decrease) in tax rate resulting from:
State and local income taxes, net of federal income tax benefit		2,086			3,118			4,579
Change in valuation allowance		674			1,068			466
Income tax (benefit) attributable to foreign income		377			(53	)		(122	)
Other non-deductible items, net		(1,929	)		423			(1,277	)
Provision for income taxes	$	18,368		$	25,206		$	31,044

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,
	2023			2022
Deferred tax assets:
Inventories	$	10,493		$	11,604
Allowance for customer returns		13,083			14,506
Accrued asbestos liabilities		20,758			17,208
Accrued salaries and benefits		11,816			12,048
Tax credit and NOL carryforwards		5,968			5,103
Allowance for expected credit losses		3,567			2,965
Other		17			215
		65,702			63,649
Valuation allowance		(3,830	)		(3,155	)
Total deferred tax assets		61,872			60,494
Deferred tax liabilities:
Intangible assets acquired, net of amortization		12,668			13,292
Depreciation		7,597			8,715
Interest rate swap agreement		990			1,299
Other		84			3,530
Total deferred tax liabilities		21,339			26,836
Net deferred tax assets	$	40,533		$	33,658