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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

INCOME TAXES

Schedule of provision for Income Tax

The provision for income taxes included the following components for the years ended December 31, 2019 and 2018:

		2019			2018
		(Dollars in thousands)
Current:
Federal		$	4,784		$	3,358
State			1,510			1,048
Foreign			777			749
Total			7,071			5,155
Deferred			(869)			643
Total provision		$	6,202		$	5,798

Schedule of effective tax rate

The differences between the U.S. federal statutory income tax rate and the Company’s effective tax rate were as follows for the years ended December 31, 2019 and 2018:

		2019		2018
U.S. federal statutory income tax rate		21.0	%	21.0	%
State income taxes, net of federal tax benefit		4.3		3.6
Non-taxable municipal bond interest		(0.4)		(0.5)
Foreign income tax rate differences		—		0.8
Tax settlements		(1.2)		—
Share-based compensation		0.2		(2.5)
Other		(1.0)		0.1
Effective tax rate		22.9	%	22.5	%

Schedule of components of deferred taxes

The components of deferred taxes at December 31, 2019, and 2018 were as follows:

		2019			2018
		(Dollars in thousands)
Deferred income tax assets:
Accounts receivable reserves		$	197		$	192
Pension liability			7,274			6,122
Accrued liabilities			1,794			1,779
Operating lease liabilities			4,475			—
Carryfoward losses			1,727			637
Foreign currency losses on intercompany loans			39			81
			15,506			8,811
Deferred income tax liabilities:
Inventory and related reserves			(2,795)			(2,832)
Cash value of life insurance			(431)			(382)
Property, plant and equipment			(1,195)			(1,145)
Intangible assets			(7,482)			(6,702)
Operating lease right-of-use assets			(3,960)			—
Prepaid expenses and other assets			(241)			(197)
			(16,104)			(11,258)
Net deferred income tax liabilities		$	(598)		$	(2,447)

Schedule of net deferred tax liabilities

The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows:

		2019			2018
		(Dollars in thousands)
Non-current deferred income tax benefits		$	2,487		$	1,277
Non-current deferred income tax liabilities			(3,085)			(3,724)
Net deferred income tax liabilities		$	(598)		$	(2,447)

Schedule of unrecognized tax benefits

The following table summarizes the activity related to the Company’s unrecognized tax benefits:

		2019			2018
		(Dollars in thousands)
Unrecognized tax benefits balance at January 1,		$	772		$	412
Increases related to current year tax positions			190			399
Decreases due to settlements of tax positions			(275)			—
Decreases due to lapsing of statute of limitations			(51)			(39)
Unrecognized tax benefits balance at December 31,		$	636		$	772

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