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Income Taxes

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Income Taxes

Note 7 – Income taxes:

The provision for income taxes and the difference between such provision for income taxes and the amount that would be expected using the U.S. federal statutory income tax rate of 21% are presented below. All of our pre-tax income relates to operations in the United States.

​

​	​	​	​	​	​	​	​	​	​
​	​	Years ended December 31,
​	​	2019			2020			2021
​	​	(In thousands)
Provision for income taxes:	​	​			​			​
Currently payable	​	$	4,849	​	$	3,222	​	$	5,476
Deferred income tax expense (benefit)	​		89	​		(48)	​		(321)
Total	​	$	4,938	​	$	3,174	​	$	5,155
​	​	​	​	​	​	​	​	​	​
Expected tax expense, at the U.S. federal statutory income tax rate of 21%	​	$	4,397	​	$	2,835	​	$	4,562
State income taxes	​		742	​		378	​		692
FDII benefit	​		(201)	​		(55)	​		(120)
Other, net	​		—	​		16	​		21
Total provision for income taxes	​	$	4,938	​	$	3,174	​	$	5,155

​

Under the “Tax Cuts and Jobs Act,” domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income provisions. We qualify for this deduction and recognized a current cash tax benefit of $0.2 million in 2019 ($0.1 million of such current cash tax benefit is related to 2018) and $0.1 million in each of 2020 and 2021. See also Note 10 to our Consolidated Financial Statements.

The components of the net deferred tax liability are summarized below.

​

​	​	​	​	​	​	​
​	​	December 31,
​		2020			2021
​	​	(In thousands)
Tax effect of temporary differences related to:		​			​
Inventories	​	$	356	​	$	531
Property and equipment	​		(2,887)	​		(2,951)
Accrued liabilities and other deductible differences	​		18	​		39
Accrued employee benefits	​		982	​		1,182
Goodwill	​		(1,693)	​		(1,693)
Other taxable differences	​		(15)	​		(26)
Total deferred tax liability	​	$	(3,239)	​	$	(2,918)

​

We and Contran file income tax returns in U.S. federal and various state and local jurisdictions. Our income tax returns prior to 2018 are generally considered closed to examination by applicable tax authorities.

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- References

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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

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-Publisher FASB
-Name Accounting Standards Codification
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