Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2023

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

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

		December 31,
		2023		2022		2021
Inventory write-downs and differences due to UNICAP	$	110	$	103	$	88
Allowance for doubtful accounts		31		39		31
Accrued liabilities and reserves		90		90		58
Depreciation and amortization		(1,673)		(2,295)		(2,859)
Deferred income taxes, net	$	(1,442)	$	(2,063)	$	(2,682)

The components of income tax expense are as follows:

		Years ended December 31,
		2023		2022		2021
Current	$	4,075	$	4,632	$	3,983
Deferred		(621)		(446)		290
Total	$	3,454	$	4,186	$	4,273

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

		Years ended December 31,
		2023		2022		2021
Federal income tax expense at the statutory rate	$	2,346	$	2,620	$	2,520
State income taxes		439		490		448
Foreign income taxes (blended rate)		951		1,129		1,010
R&D tax credits and manufacturing profit deduction		(3)		(3)		(6)
Tax-exempt income		(195)		-		-
Change in Rate		-		-		391
Other		(84)		(50)		(90)
Total	$	3,454	$	4,186	$	4,273

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

		Years ended December 31,
		2023		2022		2021
Domestic	$	11,170	$	12,475	$	12,004
Foreign		8,919		8,184		7,057
Total	$	20,089	$	20,659	$	19,061