Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2021

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

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

		December 31,
		2021		2020		2019
Inventory write-downs and differences due to UNICAP	$	88	$	86	$	84
Allowance for doubtful accounts		31		32		33
Accrued liabilities and reserves		58		68		55
Depreciation and amortization		(2,925)		(3,034)		(2,933)
Deferred income taxes, net	$	(2,748)	$	(2,848)	$	(2,761)

The components of income tax expense are as follows:

		Years ended December 31,
		2021		2020		2019
Current	$	3,983	$	3,253	$	3,467
Deferred		290		(211)		(310)
Total	$	4,273	$	3,042	$	3,157

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

		Years ended December 31,
		2021		2020		2019
Federal income tax expense at the statutory rate	$	2,520	$	1,915	$	2,512
State income taxes		448		369		(124)
Foreign income taxes (blended rate)		1,010		550		985
ETI, manufacturing deduction and tax credits		(6)		(7)		(9)
Deemed repatriation transition tax		-		263		(266)
US Taxes on foreign income		(99)		(35)		59
Change in Rate		391		-		-
Other		9		(13)		-
Total	$	4,273	$	3,042	$	3,157

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

		Years ended December 31,
		2021		2020		2019
Domestic	$	12,004	$	9,031	$	11,549
Foreign		7,057		4,809		6,335
Total	$	19,061	$	13,840	$	17,884