Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2016

Notes

Note 8 - Income Taxes

Note 8 – Income Taxes 

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

		December 31,
		2016				2015
		Current		Long-term		Current		Long-term
Inventory write-downs and differences          due to UNICAP	$	98	$	-	$	78	$	-
Allowance for doubtful accounts		25		-		26		-
Accrued liabilities and reserves		147		-		121		-
Other - Foreign		18		(41)		30		(49)
Depreciation and amortization		-		(4,277)		-		(5,412)
Unrealized investment gains		105		-		108		-
Deferred income taxes, net	$	393	$	(4,318)	$	363	$	(5,461)

The components of income tax expense are as follows:

		Years ended December 31,
		2016		2015		2014
Current	$	5,467	$	4,877	$	5,288
Deferred		(1,173)		(1,175)		(854)
Total	$	4,294	$	3,702	$	4,434

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

		Years ended December 31,
		2016		2015		2014
Federal income tax expense at the statutory rate	$	2,998	$	2,704	$	2,632
State income taxes		291		262		255
Foreign income taxes (blended rate)		1,270		990		1,770
ETI, manufacturing deduction and tax credits		(287)		(257)		(244)
Other		22		3		21
Total	$	4,294	$	3,702	$	4,434

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

		Years ended December 31,
		2016		2015		2014
Domestic	$	8,688	$	7,973	$	7,717
Foreign		7,734		7,572		8,095
Total	$	16,422	$	15,545	$	15,812