Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2019

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

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

		December 31,
		2019		2018		2017
Inventory write-downs and differences due to UNICAP	$	84	$	60	$	56
Allowance for doubtful accounts		33		18		16
Accrued liabilities and reserves		55		62		89
Other - foreign		-		-		4
Depreciation and amortization		(2,933)		(3,216)		(3,789)
Unrealized investment gains		-		-		66
Deferred income taxes, net	$	(2,761)	$	(3,076)	$	(3,558)

The components of income tax expense are as follows:

		Years ended December 31,
		2019		2018		2017
Current	$	3,467	$	1,386	$	10,944
Deferred		(310)		(482)		(367)
Total	$	3,157	$	904	$	10,577

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

		Years ended December 31,
		2019		2018		2017
Federal income tax expense at the statutory rate	$	2,512	$	2,127	$	3,086
State income taxes		(124)		365		299
Foreign income taxes (blended rate)		985		1,607		1,444
ETI, manufacturing deduction and tax credits		(9)		(146)		(303)
Deemed repatriation transition tax		(266)		(3,230)		6,288
Effective federal rate change		-		-		(230)
US Taxes on foreign income		59		179		-
Other		-		2		(7)
Total	$	3,157	$	904	$	10,577

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

		Years ended December 31,
		2019		2018		2017
Domestic	$	11,549	$	10,130	$	9,124
Foreign		6,335		9,329		9,958
Total	$	17,884	$	19,459	$	19,082