Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of Provision for Income Taxes

	Year ended December 31,
	2021			2020		2019
Current    — Federal	$	7,445		$	3,166	$	3,508
— State		1,615			904		1,090
		9,060			4,070		4,598
Deferred  — Federal		(3,349	)		2,111		1,660
— State		(337	)		171		149
		(3,686	)		2,282		1,809
Provision for Income Taxes	$	5,374		$	6,352	$	6,407

Schedule of Deferred Tax Liabilities

	2021			2020
Deferred tax assets
Benefit plans	$	1,853		$	1,976
Inventories		336			420
Capital loss carryover		--			544
Other		--			179
Total deferred tax assets		2,189			3,119
Valuation allowance		(36	)		(580	)
Net deferred tax assets		2,153			2,539
Deferred tax liabilities
Property, plant, and equipment		7,289			11,532
Patents and goodwill		1,773			1,775
Other		173			--
Total deferred tax liabilities		9,235			13,307
Net deferred tax liabilities	$	7,082		$	10,768

Schedule of Statutory Federal Income Tax Rate

	Year ended December 31,
	2021			2020			2019
Income tax expense at the statutory federal income tax rate	$	8,070		$	8,078		$	9,065
Increase (decrease) resulting from:
State income taxes		1,027			839			978
R&D tax credits		(1,703	)		(1,589	)		(1,470	)
Foreign-derived intangible income deduction		(2,091	)		(1,051	)		(1,700	)
Excess tax benefit from stock compensation		(185	)		(81	)		(412	)
Uncertain tax positions		--			(450	)		(42	)
Other, net		256			606			(12	)
Provision for Income Taxes	$	5,374		$	6,352		$	6,407

Schedule of Deferred Tax Valuation Allowance

Gross unrecognized tax benefits at January 1, 2019	$	493
Increase in tax positions for prior years		19
Increase in tax positions for current years		--
Lapse in statutes of limitation		(62	)
Gross unrecognized tax benefits at December 31, 2019	$	450
Increase in tax positions for prior years		8
Increase in tax positions for current year		--
Lapse in statutes of limitation		(458	)
Gross unrecognized tax benefits at December 31, 2020	$	--
Increase in tax positions for prior years		--
Increase in tax positions for current year		--
Lapse in statutes of limitation		--
Gross unrecognized tax benefits at December 31, 2021	$	--