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INCOME TAXES | 12 Months Ended
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Dec. 31, 2021
INCOME TAXES |
INCOME TAXES | 6.INCOME TAXES Deferred tax assets and liabilities are determined based on the differences between the financial and tax basis of existing assets and liabilities using the currently enacted tax rates in effect for the year in which the differences are expected to reverse. Income before income taxes includes the following components: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
United States | ​ | $ | 10,947 | ​ | $ | 31,183 | ​ | $ | 41,220
Foreign | ​ |  | 10,819 | ​ |  | 6,914 | ​ |  | 9,165
Total | ​ | $ | 21,766 | ​ | $ | 38,097 | ​ | $ | 50,385
​ The provision for income taxes on income consisted of the following for the years ended December 31, 2021, 2020 and 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 1,126 | ​ | $ | 5,099 | ​ | $ | 6,422
State | ​ |  | 343 | ​ |  | 96 | ​ |  | 53
Foreign | ​ |  | 3,016 | ​ |  | 2,344 | ​ |  | 3,083
​ | ​ |  | 4,485 | ​ |  | 7,539 | ​ |  | 9,558
Deferred: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | 981 | ​ |  | 734 | ​ |  | 1,599
State | ​ |  | 13 | ​ |  | 9 | ​ |  | 17
Foreign | ​ |  | 32 | ​ |  | (15) | ​ |  | 100
​ | ​ |  | 1,026 | ​ |  | 728 | ​ |  | 1,716
​ | ​ | $ | 5,511 | ​ | $ | 8,267 | ​ | $ | 11,274
​ The principal differences between the federal statutory tax rate and the income tax expense during the years ended December 31, 2021, 2020 and 2019 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
Federal statutory tax rate |  | 21.0 | % | 21.0 | % | 21.0 | %
State taxes, net of federal tax benefit |  | 1.3 | % | 0.2 | % | 0.1 | %
Excess of foreign tax over US tax on foreign income |  | 3.6 | % | 2.3 | % | 2.5 | %
Domestic tax deductions and credits |  | (1.6) | % | (1.0) | % | (0.4) | %
Foreign Derived Intangible Income deduction |  | — | % | (0.8) | % | (1.1) | %
Other |  | 1.0 | % | — | % | 0.3 | %
Effective tax rate |  | 25.3 | % | 21.7 | % | 22.4 | %
​ Deferred tax assets and liabilities are determined based on the differences between the financial and tax basis of existing assets and liabilities using the currently enacted tax rates in effect for the year in which the differences are expected to reverse. Deferred income tax assets and liabilities reflect the impact of temporary differences between the amounts of assets and liabilities for financial reporting and income tax reporting purposes. Temporary differences and carry forwards which give rise to deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020
Deferred tax assets: |  | ​ |  |  | ​ |
Allowance for credit losses | ​ | $ | 229 | ​ | $ | 250
Accruals and reserves | ​ |  | 1,917 | ​ |  | 1,768
Other | ​ |  | 503 | ​ |  | 218
Total deferred tax assets | ​ |  | 2,649 | ​ |  | 2,236
Deferred tax liabilities: | ​ |  |  | ​ | ​ |
Property, plant, and equipment | ​ |  | 7,811 | ​ |  | 6,375
Other | ​ |  | 8 | ​ |  | 5
Total deferred tax liabilities | ​ |  | 7,819 | ​ |  | 6,380
Valuation Allowance | ​ |  | — | ​ |  | —
Net deferred tax asset/(liability) | ​ | $ | (5,170) | ​ | $ | (4,144)
​ Deferred tax assets represent the future tax benefit of future deductible differences and, if it is more likely than not that a tax asset will not be realized, a valuation allowance is required to reduce the recorded deferred tax assets to net realizable value. The Company has evaluated positive and negative evidence to assess the realizability of its deferred taxes. Based on the evidence, the Company believes it is more likely than not that its deferred tax assets will be realizable. Accordingly, the Company has not included a valuation allowance against its deferred tax assets at this time. We do not currently have plans to repatriate undistributed foreign earnings to the United States and have not determined any timeline or amount for any such future distributions. As of December 31, 2021 and 2020, the Company had no federal net operating loss carryforwards, and a state net operating loss carryforward of approximately $124. Tax positions are evaluated in a two-step process. The Company first determines whether it is more likely than not that a position will be sustained upon examination. If a tax position meets the more-likely-than-not recognition threshold, it is then measured to determine the amount of benefit to recognize in the financial statements. The tax position is measured as the largest amount of benefit that is greater than 50% likely of being recognized. At December 31, 2021 and 2020, the Company reported no unrecognized tax benefits in the consolidated balance sheets and no activity relating to unrecognized tax positions were recognized in the consolidated statements of income. The Company is subject to United States federal income taxes, as well as income taxes in various states and foreign jurisdictions. The Company’s 2017 and later tax years remain open to examination by the tax authorities. With few exceptions, as of December 31, 2021, the Company is no longer subject to U.S. federal, state or non-U.S. income tax examinations prior to 2018.

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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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