Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2022

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

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

		December 31,
		2022		2021		2020
Inventory write-downs and differences due to UNICAP	$	103	$	88	$	86
Allowance for doubtful accounts		39		31		32
Accrued liabilities and reserves		90		58		68
Depreciation and amortization		(2,295)		(2,859)		(3,034)
Deferred income taxes, net	$	(2,063)	$	(2,682)	$	(2,848)

The components of income tax expense are as follows:

		Years ended December 31,
		2022		2021		2020
Current	$	4,632	$	3,983	$	3,253
Deferred		(446)		290		(211)
Total	$	4,186	$	4,273	$	3,042

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

		Years ended December 31,
		2022		2021		2020
Federal income tax expense at the statutory rate	$	2,620	$	2,520	$	1,915
State income taxes		490		448		369
Foreign income taxes (blended rate)		1,129		1,010		550
R&D tax credits and manufacturing profit deduction		(3)		(6)		(7)
Deemed repatriation transition tax		-		-		263
US Taxes on foreign income		(90)		(99)		(35)
Change in Rate		-		391		-
Other		40		9		(13)
Total	$	4,186	$	4,273	$	3,042

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

		Years ended December 31,
		2022		2021		2020
Domestic	$	12,475	$	12,004	$	9,031
Foreign		8,184		7,057		4,809
Total	$	20,659	$	19,061	$	13,840