Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2020

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

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

		December 31,
		2020		2019		2018
Inventory write-downs and differences due to UNICAP	$	86	$	84	$	60
Allowance for doubtful accounts		32		33		18
Accrued liabilities and reserves		68		55		62
Depreciation and amortization		(3,034)		(2,933)		(3,216)
Deferred income taxes, net	$	(2,848)	$	(2,761)	$	(3,076)

The components of income tax expense are as follows:

		Years ended December 31,
		2020		2019		2018
Current	$	3,253	$	3,467	$	1,386
Deferred		(211)		(310)		(482)
Total	$	3,042	$	3,157	$	904

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

		Years ended December 31,
		2020		2019		2018
Federal income tax expense at the statutory rate	$	1,915	$	2,512	$	2,127
State income taxes		369		(124)		365
Foreign income taxes (blended rate)		550		985		1,607
ETI, manufacturing deduction and tax credits		(7)		(9)		(146)
Deemed repatriation transition tax		263		(266)		(3,230)
US Taxes on foreign income		(35)		59		179
Other		(13)		-		2
Total	$	3,042	$	3,157	$	904

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

		Years ended December 31,
		2020		2019		2018
Domestic	$	9,031	$	11,549	$	10,130
Foreign		4,809		6,335		9,329
Total	$	13,840	$	17,884	$	19,459