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Note 8 - Income Taxes | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 8 – Income Taxes The components of Income before income taxes are:
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States |  | $ | 30,973 |  |  | $ | 28,493 |  |  | $ | 41,234 |
Foreign countries |  |  | 6,275 |  |  |  | 2,753 |  |  |  | 3,932 |
Total |  | $ | 37,248 |  |  | $ | 31,246 |  |  | $ | 45,166 |
The components of income tax expense are:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 5,174 |  |  | $ | 4,058 |  |  | $ | 8,204 |
Foreign |  |  | 1,087 |  |  |  | 353 |  |  |  | 1,140 |
State and local |  |  | 1,086 |  |  |  | 1,103 |  |  |  | 1,205 |
|  | $ | 7,347 |  |  | $ | 5,514 |  |  | $ | 10,549 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 60 |  |  | $ | 728 |  |  | $ | (720 | )
Foreign |  |  | 48 |  |  |  | (349 | ) |  |  | (379 | )
State and local |  |  | (58 | ) |  |  | 165 |  |  |  | (99 | )
|  |  | 50 |  |  |  | 544 |  |  |  | (1,198 | )
Income tax expense |  | $ | 7,397 |  |  | $ | 6,058 |  |  | $ | 9,351 |
The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes at statutory rate |  | $ | 7,822 |  |  | $ | 6,562 |  |  | $ | 9,485 |
State and local income taxes, net of federal tax benefit |  |  | 898 |  |  |  | 711 |  |  |  | 803 |
Tax credits |  |  | (1,052 | ) |  |  | (808 | ) |  |  | (898 | )
Uncertain tax positions |  |  | (26 | ) |  |  | 42 |  |  |  | 164 |
Valuation allowance |  |  | (86 | ) |  |  | - |  |  |  | 71 |
Other |  |  | (159 | ) |  |  | (449 | ) |  |  | (274 | )
Income tax expense |  | $ | 7,397 |  |  | $ | 6,058 |  |  | $ | 9,351 |
The Company made income tax payments of $7.9 million, $6.2 million, and $9.1 million in 2021, 2020, and 2019, respectively. Deferred income tax assets and liabilities consist of:
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventories |  | $ | - |  |  | $ | 646 |
Accrued liabilities |  |  | 1,900 |  |  |  | 1,484 |
Postretirement health benefits obligation |  |  | 6,724 |  |  |  | 6,815 |
Pension |  |  | 1,745 |  |  |  | 1,688 |
Lease liabilities |  |  | 272 |  |  |  | 390 |
Other |  |  | 1,531 |  |  |  | 1,434 |
Total deferred tax assets |  |  | 12,172 |  |  |  | 12,457 |
Valuation allowance |  |  | (481 | ) |  |  | (567 | )
Net deferred tax assets |  |  | 11,691 |  |  |  | 11,890 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (9,817 | ) |  |  | (9,536 | )
Leases – right of use assets |  |  | (269 | ) |  |  | (388 | )
Foreign withholding tax |  |  | - |  |  |  | (100 | )
Inventories |  |  | (628 | ) |  |  | - |
Total deferred tax liabilities |  |  | (10,714 | ) |  |  | (10,024 | )
Net deferred tax assets |  | $ | 977 |  |  | $ | 1,866 |
The Company had state tax credit carryforwards of $0.6 million and $0.7 million as of December 31, 2021 and 2020, respectively, which will expire incrementally between 2022 and 2035. The Company had valuation allowances of $0.5 million and $0.6 million as of December 31, 2021 and 2020, respectively, against certain of its deferred tax assets. ASC 740, “Income Taxes,” requires that a valuation allowance be recorded against deferred tax assets when it is more likely than not that some or all of a Company’s deferred tax assets will not be realized based on available positive and negative evidence. Total unrecognized tax benefits were $0.8 million and $0.9 million at December 31, 2021 and 2020, respectively. The total amount of unrecognized tax benefits that, if ultimately recognized, would reduce the Company’s annual effective tax rate were $0.7 million at both December 31, 2021 and 2020. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 878 |  |  | $ | 1,130 |  |  | $ | 951 |
Additions based on tax positions related to the current year |  |  | 153 |  |  |  | 177 |  |  |  | 372 |
Reductions due to lapse of applicable statute of limitations |  |  | (96 | ) |  |  | (139 | ) |  |  | (193 | )
Settlements |  |  | (127 | ) |  |  | (290 | ) |  |  | - |
Balance at end of year |  | $ | 808 |  |  | $ | 878 |  |  | $ | 1,130 |
The Company is subject to income taxes in the U.S. federal and various state, local and foreign jurisdictions. Income tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. With few exceptions, the Company is no longer subject to U.S. federal, state and local, or non-U.S. income tax examinations by tax authorities for the years before 2017. The Company recognizes interest and penalties related to unrecognized tax benefits in income tax expense for all periods presented. The Company accrued approximately $0.2 million, $0.2 million and $0.3 million for the payment of interest and penalties at December 31, 2021, 2020 and 2019, respectively.

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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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://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 http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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