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Income Taxes

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Income Taxes

Note 8 – 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,
​	​	2020			2021			2022
​	​	(In thousands)
Provision for income taxes:	​	​			​			​
Currently payable	​	$	3,222	​	$	5,476	​	$	7,130
Deferred income tax benefit	​		(48)	​		(321)	​		(688)
Total	​	$	3,174	​	$	5,155	​	$	6,442
​	​	​	​	​	​	​	​	​	​
Expected tax expense, at the U.S. federal statutory   income tax rate of 21%	​	$	2,835	​	$	4,562	​	$	5,736
State income taxes	​		378	​		692	​		827
FDII benefit	​		(55)	​		(120)	​		(144)
Other, net	​		16	​		21	​		23
Total provision for income taxes	​	$	3,174	​	$	5,155	​	$	6,442

​

On August 16, 2022, the Inflation Reduction Act was signed into law. Among other things, this legislation provides for a 15% corporate alternative minimum tax on certain large corporations, imposes a 1% excise tax on qualifying

stock buybacks for transactions occurring after December 31, 2022, and provides for certain energy-related tax credits. We have evaluated the relevant provisions of the Act and do not expect them to have a material impact on our tax provision.

​

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 (FDII) provisions. We qualify for this deduction and recognized a current cash tax benefit of $.1 million in each of 2020, 2021 and 2022. See also Note 11 to our Consolidated Financial Statements.

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

​

​	​	​	​	​	​	​
​	​	December 31,
​		2021			2022
​	​	(In thousands)
Tax effect of temporary differences related to:		​			​
Inventories	​	$	531	​	$	369
Property and equipment	​		(2,951)	​		(2,188)
Accrued liabilities and other deductible differences	​		39	​		51
Accrued employee benefits	​		1,182	​		1,262
Goodwill	​		(1,693)	​		(1,693)
Other taxable differences	​		(26)	​		(31)
Total deferred tax liability	​	$	(2,918)	​	$	(2,230)

​

We and Contran file income tax returns in U.S. federal and various state and local jurisdictions. Our income tax returns prior to 2019 are generally considered closed to examination by applicable tax authorities.

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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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