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INCOME TAXES | 12 Months Ended
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Dec. 31, 2023
INCOME TAXES |
INCOME TAXES | NOTE 4—INCOME TAXES: ​ The domestic and foreign components of pretax income are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Domestic | ​ | $ | 105,018 | ​ | $ | 84,286 | ​ | $ | 77,434 | ​
Foreign | ​ |  | 14,876 | ​ |  | 13,855 | ​ |  | 8,295 | ​
​ | ​ | $ | 119,894 | ​ | $ | 98,141 | ​ | $ | 85,729 | ​
​ The provision for income taxes is comprised of the following: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 21,710 | ​ | $ | 13,070 | ​ | $ | 16,886 | ​
Foreign | ​ |  | 3,775 | ​ |  | 4,110 | ​ |  | 1,983 | ​
State | ​ |  | 3,738 | ​ |  | 2,605 | ​ |  | 2,822 | ​
​ | ​ |  | 29,223 | ​ |  | 19,785 | ​ |  | 21,691 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (1,209) | ​ |  | 2,364 | ​ |  | (2,069) | ​
Foreign | ​ |  | 658 | ​ |  | 81 | ​ |  | 39 | ​
State | ​ |  | (664) | ​ |  | 19 | ​ |  | 760 | ​
​ | ​ |  | (1,215) | ​ |  | 2,464 | ​ |  | (1,270) | ​
​ | ​ | $ | 28,008 | ​ | $ | 22,249 | ​ | $ | 20,421 | ​
​ Deferred taxes reflect temporary differences between the tax basis and financial statement carrying value of assets and liabilities. The significant temporary differences that comprised the deferred tax assets and liabilities are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, | ​
​ |  | 2023 |  | 2022 |
Deferred tax assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accrued customer promotions | ​ | $ | 1,223 | ​ | $ | 1,269 | ​
Deferred compensation | ​ |  | 21,617 | ​ |  | 17,533 | ​
Postretirement benefits | ​ |  | 2,572 | ​ |  | 2,466 | ​
Other accrued expenses | ​ |  | 4,214 | ​ |  | 7,744 | ​
Foreign subsidiary tax loss carry forward | ​ |  | 5,012 | ​ |  | 4,650 | ​
Outside basis difference in foreign subsidiary | ​ | ​ | 361 | ​ | ​ | 359 | ​
Capitalized research and development costs | ​ | ​ | 6,594 | ​ | ​ | 2,049 | ​
Deductible state tax depreciation | ​ | ​ | 1,386 | ​ | ​ | 893 | ​
Tax credit carry forward | ​ |  | 2,368 | ​ |  | 2,047 | ​
​ | ​ |  | 45,347 | ​ |  | 39,010 | ​
Valuation allowances | ​ |  | (6,361) | ​ |  | (5,703) | ​
Total deferred tax assets | ​ | $ | 38,986 | ​ | $ | 33,307 | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Depreciation | ​ | $ | 27,604 | ​ | $ | 27,153 | ​
Deductible goodwill and trademarks | ​ |  | 38,512 | ​ |  | 37,608 | ​
Accrued export company commissions | ​ |  | 4,735 | ​ |  | 4,580 | ​
Employee benefit plans | ​ |  | 4,000 | ​ |  | 395 | ​
Inventory reserves | ​ |  | (688) | ​ |  | 934 | ​
Prepaid insurance | ​ |  | 721 | ​ |  | 1,016 | ​
Unrealized capital gains | ​ | ​ | 2,633 | ​ | ​ | (160) | ​
Deferred foreign exchange gain | ​ | ​ | — | ​ | ​ | 119 | ​
Deferred gain on sale of real estate | ​ |  | 5,240 | ​ |  | 5,213 | ​
Total deferred tax liabilities | ​ | $ | 82,757 | ​ | $ | 76,858 | ​
Net deferred tax liability | ​ | $ | 43,771 | ​ | $ | 43,551 | ​
​ The valuation allowances as of December 31, 2023 and 2022 were primarily related to foreign jurisdictions’ net operating loss carryforwards and state credits that we do not expect to realize. ​ At December 31, 2023, the amounts of the Company’s foreign subsidiary valuation allowances for net operating loss carryforwards were $5,012 and $4,650 at December 31, 2023 and 2022, respectively. ​ At December 31, 2023, the Company has benefits related to state tax credit carryforwards valuation allowances were $1,349 and $1,053 at December 31, 2023 and 2022, respectively. ​ The effective income tax rate differs from the statutory rate as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
U.S. statutory rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State income taxes, net |  | 3.7 | ​ | 2.3 | ​ | 2.4 | ​
Foreign income tax rates |  | 0.3 | ​ | 1.0 | ​ | 0.2 | ​
Income tax credits and adjustments |  | (0.6) | ​ | (0.8) | ​ | (0.6) | ​
Adjustment of deferred tax balances |  | (0.2) | ​ | (0.7) | ​ | 0.6 | ​
Reserve for uncertain tax benefits |  | (0.2) | ​ | 0.3 | ​ | — | ​
Other, net |  | (0.6) | ​ | (0.4) | ​ | 0.2 | ​
Effective income tax rate |  | 23.4 | % | 22.7 | % | 23.8 | %
​ ​ As a result of the 2017 Tax Cuts and Jobs Act, the Company asserts it is permanently reinvested in its foreign subsidiaries earnings outside of United States. ​ At December 31, 2023 and 2022, the Company had unrecognized tax benefits of $2,313 and $3,392, respectively. Included in this balance is $1,736 and $1,734, respectively, of unrecognized tax benefits that, if recognized, would favorably affect the annual effective income tax rate. 2023 includes a change for temporary items that also results in offsetting adjustment to deferred tax. As of December 31, 2023 and 2022, $463 and $355, 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: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021 |
Unrecognized tax benefits at January 1 | ​ | $ | 3,392 | ​ | $ | 3,133 | ​ | $ | 3,011 | ​
Increases in tax positions for the current year | ​ |  | 510 | ​ |  | 393 | ​ |  | 700 | ​
Reductions in tax positions for lapse of statute of limitations | ​ |  | (1,589) | ​ |  | (134) | ​ |  | (578) | ​
Unrecognized tax benefits at December 31 | ​ | $ | 2,313 | ​ | $ | 3,392 | ​ | $ | 3,133 | ​
​ 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 2020 through 2022. With few exceptions, the Company is no longer subject to examinations by tax authorities for the years 2019 and prior.

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