XML 36 R16.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Note 8 - Income Taxes Concept | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] | Note 8 – Income Taxes The components of Income before income taxes are:
|  | 2024 |  |  | 2023 |  |  | 2022 |
United States |  | $ | 38,548 |  |  | $ | 34,763 |  |  | $ | 6,270 |
Foreign countries |  |  | 11,945 |  |  |  | 9,198 |  |  |  | 7,602 |
Total |  | $ | 50,493 |  |  | $ | 43,961 |  |  | $ | 13,872 |
The components of income tax expense are:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current expense: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 8,223 |  |  | $ | 6,735 |  |  | $ | 1,581 |
Foreign |  |  | 2,121 |  |  |  | 1,591 |  |  |  | 1,264 |
State and local |  |  | 1,451 |  |  |  | 1,098 |  |  |  | 918 |
|  | $ | 11,795 |  |  | $ | 9,424 |  |  | $ | 3,763 |
Deferred expense (benefit): |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (1,476 | ) |  | $ | (206 | ) |  | $ | (565 | )
Foreign |  |  | 87 |  |  |  | 196 |  |  |  | 147 |
State and local |  |  | (28 | ) |  |  | (404 | ) |  |  | (668 | )
|  |  | (1,417 | ) |  |  | (414 | ) |  |  | (1,086 | )
Income tax expense |  | $ | 10,378 |  |  | $ | 9,010 |  |  | $ | 2,677 |
The reconciliation between income tax expense and the amount computed by applying the statutory federal income tax rate to income before income taxes is:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income taxes at statutory rate |  | $ | 10,603 |  |  | $ | 9,232 |  |  | $ | 2,913 |
State and local income taxes, net of federal tax benefit |  |  | 1,094 |  |  |  | 620 |  |  |  | 282 |
Tax credits |  |  | (1,608 | ) |  |  | (1,208 | ) |  |  | (627 | )
Uncertain tax positions |  |  | 19 |  |  |  | (34 | ) |  |  | (99 | )
Valuation allowance |  |  | 30 |  |  |  | (72 | ) |  |  | (85 | )
GILTI/FDII |  |  | 512 |  |  |  | 368 |  |  |  | 608 |
Foreign rate differential |  |  | (300 | ) |  |  | (145 | ) |  |  | (186 | )
Other |  |  | 28 |  |  |  | 249 |  |  |  | (129 | )
Income tax expense |  | $ | 10,378 |  |  | $ | 9,010 |  |  | $ | 2,677 |
The Company made income tax payments of $10.2 million, $7.9 million, and $4.5 million in 2024, 2023, and 2022, respectively. Deferred income tax assets and liabilities consist of:
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventories |  | $ | 1,392 |  |  | $ | 520 |
Accrued liabilities |  |  | 3,390 |  |  |  | 3,011 |
Postretirement health benefits obligation |  |  | 5,526 |  |  |  | 5,600 |
Pension obligation |  |  | 1,351 |  |  |  | 2,386 |
Lease liabilities |  |  | 4,861 |  |  |  | 4,916 |
Capitalized R&D |  |  | 3,124 |  |  |  | 2,041 |
Interest |  |  | 12,884 |  |  |  | 8,703 |
Other |  |  | 1,190 |  |  |  | 1,155 |
Total deferred tax assets |  |  | 33,718 |  |  |  | 28,332 |
Valuation allowance |  |  | (420 | ) |  |  | (390 | )
Net deferred tax assets |  |  | 33,298 |  |  |  | 27,942 |
Deferred tax liabilities |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (27,935 | ) |  |  | (22,923 | )
Leases - right of use assets |  |  | (4,627 | ) |  |  | (4,922 | )
Total deferred tax liabilities |  |  | (32,562 | ) |  |  | (27,845 | )
Net deferred tax assets (liabilities) |  | $ | 736 |  |  | $ | 97 |
The Company had state tax credit carryforwards of $0.4 million and $0.3 million as of December 31, 2024 and 2023, respectively, which will expire incrementally between 2025 and 2036. The Company had valuation allowances of $0.4 million at each of December 31, 2024 and 2023, 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 $0.7 million at each of December 31, 2024 and 2023. The total amount of unrecognized tax benefits that, if ultimately recognized, would reduce the Company’s annual effective tax rate were $0.6 million at each of December 31, 2024 and 2023. 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 for the payment of interest and penalties at each of December 31, 2024, 2023 and 2022. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Balance at beginning of year |  | $ | 704 |  |  | $ | 754 |  |  | $ | 808 |
Additions based on tax positions related to the current year |  |  | 217 |  |  |  | 180 |  |  |  | 117 |
Reductions due to lapse of applicable statute of limitations |  |  | (192 | ) |  |  | (230 | ) |  |  | (171 | )
Balance at end of year |  | $ | 729 |  |  | $ | 704 |  |  | $ | 754 |
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 2019.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration