Note 9 - Income Taxes

12 Months Ended

Dec. 31, 2018

Notes

Note 9 - Income Taxes

Note 9 – Income Taxes 

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

		December 31,
		2018		2017		2016
Inventory write-downs and differences due to UNICAP	$	60	$	56	$	98
Allowance for doubtful accounts		18		16		25
Accrued liabilities and reserves		62		89		147
Other - foreign		-		4		(23)
Depreciation and amortization		(3,216)		(3,789)		(4,277)
Unrealized investment gains		-		66		105
Deferred income taxes, net	$	(3,076)	$	(3,558)	$	(3,925)

The components of income tax expense are as follows:

		Years ended December 31,
		2018		2017		2016
Current	$	1,386	$	10,944	$	5,467
Deferred		(482)		(367)		(1,173)
Total	$	904	$	10,577	$	4,294

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

		Years ended December 31,
		2018		2017		2016
Federal income tax expense at the statutory rate	$	2,127	$	3,086	$	2,998
State income taxes		365		299		291
Foreign income taxes (blended rate)		1,607		1,444		1,270
ETI, manufacturing deduction and tax credits		(146)		(303)		(287)
Deemed repatriation transition tax		(3,230)		6,288		-
Effective federal rate change		-		(230)		-
US Taxes on foreign income		179		-		-
Other		2		(7)		22
Total	$	904	$	10,577	$	4,294

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

		Years ended December 31,
		2018		2017		2016
Domestic	$	10,130	$	9,124	$	8,688
Foreign		9,329		9,958		7,734
Total	$	19,459	$	19,082	$	16,422