Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2015

Notes

Note 8 - Income Taxes

Note 8 – Income Taxes 

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

		December 31,
		2015				2014
		Current		Long-term		Current		Long-term
Inventory write-downs and differences          due to UNICAP	$	78	$	-	$	78	$	-
Allowance for doubtful accounts		26		-		26		-
Accrued liabilities and reserves		121		-		65		-
Other - foreign		30		(49)		27		(64)
Depreciation and amortization		-		(5,412)		-		(6,511)
Unrealized investment loss		108		-		107		-
Deferred income taxes, net	$	363	$	(5,461)	$	303	$	(6,575)

The components of income tax expense are as follows:

		Years ended December 31,
		2015		2014		2013
Current	$	4,877	$	5,288	$	4,266
Deferred		(1,175)		(854)		(1,196)
Total	$	3,702	$	4,434	$	3,070

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

		Years ended December 31,
		2015		2014		2013
Federal income tax expense at the statutory rate	$	2,704	$	2,632	$	2,580
State income taxes		262		255		250
Foreign income taxes (blended rate)		990		1,770		542
ETI, manufacturing deduction and tax credits		(257)		(244)		(244)
Other		3		21		(58)
Total	$	3,702	$	4,434	$	3,070

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

		Years ended December 31,
		2015		2014		2013
Domestic	$	7,973	$	7,717	$	7,587
Foreign		7,572		8,095		6,889
Total	$	15,545	$	15,812	$	14,476