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INCOME TAXES | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
INCOME TAXES | NOTE 4—INCOME TAXES: ​ The domestic and foreign components of pretax income are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Domestic | ​ | $ | 84,286 | ​ | $ | 77,434 | ​ | $ | 69,211 | ​
Foreign | ​ |  | 13,855 | ​ |  | 8,295 | ​ |  | 7,051 | ​
​ | ​ | $ | 98,141 | ​ | $ | 85,729 | ​ | $ | 76,262 | ​
​ The provision for income taxes is comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 13,070 | ​ | $ | 16,886 | ​ | $ | 14,831 | ​
Foreign | ​ |  | 4,110 | ​ |  | 1,983 | ​ |  | 1,029 | ​
State | ​ |  | 2,605 | ​ |  | 2,822 | ​ |  | 1,763 | ​
​ | ​ |  | 19,785 | ​ |  | 21,691 | ​ |  | 17,623 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 2,364 | ​ |  | (2,069) | ​ |  | (1,006) | ​
Foreign | ​ |  | 81 | ​ |  | 39 | ​ |  | 1,316 | ​
State | ​ |  | 19 | ​ |  | 760 | ​ |  | (645) | ​
​ | ​ |  | 2,464 | ​ |  | (1,270) | ​ |  | (335) | ​
​ | ​ | $ | 22,249 | ​ | $ | 20,421 | ​ | $ | 17,288 | ​
​ Significant components of the Company’s net deferred tax liability at year end were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2022 |  | 2021 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued customer promotions | ​ | $ | 1,269 | ​ | $ | 2,107 | ​
Deferred compensation | ​ |  | 17,533 | ​ |  | 22,311 | ​
Postretirement benefits | ​ |  | 2,466 | ​ |  | 3,324 | ​
Other accrued expenses | ​ |  | 7,744 | ​ |  | 5,158 | ​
Foreign subsidiary tax loss carry forward | ​ |  | 4,650 | ​ |  | 4,497 | ​
Outside basis difference in foreign subsidiary | ​ | ​ | 359 | ​ | ​ | 365 | ​
Capitalized research and development costs | ​ | ​ | 2,049 | ​ | ​ | — | ​
Deductible state tax depreciation | ​ | ​ | 893 | ​ | ​ | 736 | ​
Tax credit carry forward | ​ |  | 2,047 | ​ |  | 2,517 | ​
​ | ​ |  | 39,010 | ​ |  | 41,015 | ​
Valuation allowances | ​ |  | (5,703) | ​ |  | (5,555) | ​
Total deferred tax assets | ​ | $ | 33,307 | ​ | $ | 35,460 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 27,153 | ​ | $ | 23,342 | ​
Deductible goodwill and trademarks | ​ |  | 37,608 | ​ |  | 38,255 | ​
Accrued export company commissions | ​ |  | 4,580 | ​ |  | 4,615 | ​
Employee benefit plans | ​ |  | 395 | ​ |  | 525 | ​
Inventory reserves | ​ |  | 934 | ​ |  | 2,532 | ​
Prepaid insurance | ​ |  | 1,016 | ​ |  | 965 | ​
Unrealized capital gains | ​ | ​ | (160) | ​ | ​ | 3,874 | ​
Deferred foreign exchange gain | ​ | ​ | 119 | ​ | ​ | 132 | ​
Deferred gain on sale of real estate | ​ |  | 5,213 | ​ |  | 5,309 | ​
Total deferred tax liabilities | ​ | $ | 76,858 | ​ | $ | 79,549 | ​
Net deferred tax liability | ​ | $ | 43,551 | ​ | $ | 44,089 | ​
​ At December 31, 2022, the Company has benefits related to state tax credit carry-forwards expiring by year as follows: $50 in 2028, $130 in 2029, $212 in 2030, $225 in 2031, $238 in 2032, $211 in 2033, $235 in 2034, $274 in 2035, $235 in 2036 and $237 in 2037. The Company expects that not all the credits will be utilized before their expiration and has provided a valuation allowance for the estimated amounts that will expire. Such valuation allowances were $1,053 and $924 at December 31, 2022 and 2021, respectively. ​ At December 31, 2022, the amounts of the Company’s Spanish subsidiary loss carry-forwards expiring by year are as follows: $270 in 2026, $57 in 2027, $171 in 2028, $98 in 2029, $296 in 2030, $394 in 2031, $297 in 2032, $120 in 2033, $415 in 2034, $524 in 2035, $761 in 2036, $388 in 2037, $186 in 2038, $151 in 2039 and $369 in 2040. A full valuation allowance has been provided for all of these Spanish loss carry-forwards as the Company expects that the losses will not be utilized before their expiration. ​ The effective income tax rate differs from the statutory rate as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
U.S. statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net |  | 2.3 | ​ | 2.4 | ​ | 2.1 | ​
Foreign income tax rates |  | 1.0 | ​ | 0.2 | ​ | 1.0 | ​
Income tax credits and adjustments |  | (0.8) | ​ | (0.6) | ​ | (1.4) | ​
Adjustment of deferred tax balances |  | (0.7) | ​ | 0.6 | ​ | (0.2) | ​
Reserve for uncertain tax benefits |  | 0.3 | ​ | — | ​ | (0.8) | ​
Other, net |  | (0.4) | ​ | 0.2 | ​ | 1.0 | ​
Effective income tax rate |  | 22.7 | % | 23.8 | % | 22.7 | %
​ ​ As a result of the 2017 Tax Cuts and Jobs Act, the Company does not assert permanent reinvestment of its foreign subsidiaries earnings. ​ At December 31, 2022 and 2021, the Company had unrecognized tax benefits of $3,392 and $3,133, respectively. Included in this balance is $1,734 and $1,547, respectively, of unrecognized tax benefits that, if recognized, would favorably affect the annual effective income tax rate. As of December 31, 2022 and 2021, $355 and $282, respectively, of interest and penalties were included in the liability for uncertain tax positions. ​ A reconciliation of the beginning and ending balances of the total amounts of unrecognized tax benefits is as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |  | 2020 |
Unrecognized tax benefits at January 1 | ​ | $ | 3,133 | ​ | $ | 3,011 | ​ | $ | 3,678 | ​
Increases in tax positions for the current year | ​ |  | 393 | ​ |  | 700 | ​ |  | 377 | ​
Reductions in tax positions for lapse of statute of limitations | ​ |  | (134) | ​ |  | (578) | ​ |  | (501) | ​
Reductions in tax positions for settlements and payments | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (308) | ​
Increases (decreases) in prior period unrecognized tax benefits due to change in judgment | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (235) | ​
Unrecognized tax benefits at December 31 | ​ | $ | 3,392 | ​ | $ | 3,133 | ​ | $ | 3,011 | ​
​ The Company recognizes interest and penalties related to unrecognized tax benefits in the provision for income taxes on the Consolidated Statements of Earnings and Retained Earnings. ​ The Company is subject to taxation in the U.S. and various state and foreign jurisdictions, primarily Canada and Mexico. The Company generally remains subject to examination by U.S. federal, state and foreign tax authorities for the years 2019 through 2021. With few exceptions, the Company is no longer subject to examinations by tax authorities for the years 2018 and prior.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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