Preformed Line Products Company / "Research and Development" | Tables in SEC filings

PLPC Preformed Line Products Company

Annual report

Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities were as follows:

	2023		2022
Deferred tax assets:
Benefit plan reserves	$	6,200	$	6,348
Research and development capitalization		5,522		1,533
Inventory valuation reserves		4,041		2,548
Net operating loss carryforwards		1,940		2,722
Accrued compensation and benefits		1,374		994
Allowance for credit losses		1,329		917
Foreign tax credit		1,018		1,153
Other accrued expenses		972		2,531
Unrealized foreign exchange		314		215
Gross deferred tax assets		22,710		18,961
Valuation allowance		(2,567)		(3,080)
Net deferred tax assets		20,143		15,881

Deferred tax liabilities:
Depreciation and other basis differences		(13,382)		(10,825)
Intangibles		(2,579)		(3,263)
Other		(609)		(634)
Deferred tax liabilities		(16,570)		(14,722)
Net deferred tax assets	$	3,573	$	1,159

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