Note 8 – Income Taxes
Deferred tax assets (liabilities) consist of the following temporary differences:
|
|
| December 31, | |||
|
|
| 2017 |
|
| 2016 |
| Inventory write-downs and differences due to UNICAP | $ | 56 |
| $ | 98 |
| Allowance for doubtful accounts |
| 16 |
|
| 25 |
| Accrued liabilities and reserves |
| 89 |
|
| 147 |
| Other - foreign |
| 4 |
|
| (23) |
| Depreciation and amortization |
| (3,789) |
|
| (4,277) |
| Unrealized investment gains |
| 66 |
|
| 105 |
| Deferred income taxes, net | $ | (3,558) |
| $ | (3,925) |
The components of income tax expense are as follows:
|
|
| Years ended December 31, | ||||||
|
|
| 2017 |
|
| 2016 |
|
| 2015 |
| Current | $ | 10,944 |
| $ | 5,467 |
| $ | 4,877 |
| Deferred |
| (367) |
|
| (1,173) |
|
| (1,175) |
| Total | $ | 10,577 |
| $ | 4,294 |
| $ | 3,702 |
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|
|
| Years ended December 31, | ||||||
|
|
| 2017 |
|
| 2016 |
|
| 2015 |
| Federal income tax expense at the statutory rate | $ | 3,086 |
| $ | 2,998 |
| $ | 2,704 |
| State income taxes |
| 299 |
|
| 291 |
|
| 262 |
| Foreign income taxes (blended rate) |
| 1,444 |
|
| 1,270 |
|
| 990 |
| ETI, manufacturing deduction and tax credits |
| (303) |
|
| (287) |
|
| (257) |
| Deemed repatriation transition tax |
| 6,288 |
|
| - |
|
| - |
| Effective federal rate change |
| (228) |
|
| - |
|
| - |
| Other |
| (9) |
|
| 22 |
|
| 3 |
| Total | $ | 10,577 |
| $ | 4,294 |
| $ | 3,702 |
The domestic and foreign components of income before income tax expense were as follows:
|
|
| Years ended December 31, | ||||||
|
|
| 2017 |
|
| 2016 |
|
| 2015 |
| Domestic | $ | 9,124 |
| $ | 8,688 |
| $ | 7,973 |
| Foreign |
| 9,958 |
|
| 7,734 |
|
| 7,572 |
| Total | $ | 19,082 |
| $ | 16,422 |
| $ | 15,545 |