Note 8 - Income Taxes

12 Months Ended

Dec. 31, 2017

Notes

Note 8 - Income Taxes

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