Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2014

Notes

Note 8 - Income Taxes

Note 8 – Income Taxes 

Deferred tax assets (liabilities) consist of the following temporary differences:

		December 31,
		2014				2013
		Current		Long-term		Current		Long-term
Inventory write-downs and differences          due to UNICAP	$	78	$	-	$	82	$	-
Allowance for doubtful accounts		26		-		27		-
Accrued liabilities and reserves		65		-		57		-
Other - foreign		27		(64)		55		(85)
Depreciation and amortization		-		(6,511)		-		(7,369)
Unrealized investment loss		107		-		107		-
Deferred income taxes, net	$	303	$	(6,575)	$	328	$	(7,454)

The components of income tax expense are as follows:

		Years ended December 31,
		2014		2013		2012
Current	$	5,288	$	4,266	$	4,960
Deferred		(854)		(1,196)		(592)
Total	$	4,434	$	3,070	$	4,368

Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:

		Years ended December 31,
		2014		2013		2012
Federal income tax expense at the statutory rate	$	2,632	$	2,580	$	2,741
State income taxes		255		250		266
Foreign income taxes (blended rate)		1,770		542		1,603
ETI, manufacturing deduction and tax credits		(244)		(244)		(266)
Other		21		(58)		24
Total	$	4,434	$	3,070	$	4,368

The domestic and foreign components of income before income tax expense were as follows: 

		Years ended December 31,
		2014		2013		2012
Domestic	$	7,717	$	7,587	$	7,989
Foreign		8,095		6,889		6,548
Total	$	15,812	$	14,476	$	14,537