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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
Schedule of provision for Income Tax | The provision for income taxes included the following components for the years ended December 31, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | (1,954) | ​ | $ | 4,784
State | ​ |  | (154) | ​ |  | 1,510
Foreign | ​ |  | 784 | ​ |  | 777
Total | ​ |  | (1,324) | ​ |  | 7,071
Deferred | ​ |  | 2,755 | ​ |  | (869)
Total provision | ​ | $ | 1,431 | ​ | $ | 6,202
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, 2020 and 2019:
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019 |
U.S. federal statutory income tax rate |  | 21.0 | % | 21.0 | %
State income taxes, net of federal tax benefit |  | 1.8 |  | 4.3 | ​
Non-taxable municipal bond interest |  | 1.3 |  | (0.4) | ​
Net Operating Loss Carryback Under the CARES Act | ​ | 10.4 | ​ | — | ​
Foreign income tax rate differences |  | (24.3) |  | — | ​
Reversal of deferred tax assets on foreign net operating losses | ​ | (28.4) | ​ | — | ​
Tax settlements |  | — |  | (1.2) | ​
Share-based compensation |  | (1.0) |  | 0.2 | ​
Other |  | (1.1) |  | (1.0) | ​
Effective tax rate |  | (20.3) | % | 22.9 | %
Schedule of components of deferred taxes | The components of deferred taxes at December 31, 2020, and 2019 were as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Deferred income tax assets: |  | ​ |  |  | ​ |
Accounts receivable reserves | ​ | $ | 269 | ​ | $ | 197
Pension liability | ​ |  | 8,842 | ​ |  | 7,274
Accrued liabilities | ​ |  | 1,720 | ​ |  | 1,794
Operating lease liabilities | ​ | ​ | 2,716 | ​ | ​ | 4,475
Carryfoward losses | ​ |  | — | ​ |  | 1,727
Foreign currency losses on intercompany loans | ​ |  | 58 | ​ |  | 39
​ | ​ |  | 13,605 | ​ |  | 15,506
Deferred income tax liabilities: | ​ |  | ​ | ​ |  |
Inventory and related reserves | ​ |  | (3,149) | ​ |  | (2,795)
Cash value of life insurance | ​ |  | (485) | ​ |  | (431)
Property, plant and equipment | ​ |  | (1,285) | ​ |  | (1,195)
Intangible assets | ​ |  | (7,913) | ​ |  | (7,482)
Operating lease right-of-use assets | ​ | ​ | (2,087) | ​ | ​ | (3,960)
Prepaid expenses and other assets | ​ |  | (365) | ​ |  | (241)
​ | ​ |  | (15,284) | ​ |  | (16,104)
Net deferred income tax liabilities | ​ | $ | (1,679) | ​ | $ | (598)
​
Schedule of net deferred tax liabilities | The net deferred tax liabilities are classified in the Consolidated Balance Sheets as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Non-current deferred income tax benefits | ​ | $ | 1,235 | ​ | $ | 2,487
Non-current deferred income tax liabilities | ​ |  | (2,914) | ​ |  | (3,085)
Net deferred income tax liabilities | ​ | $ | (1,679) | ​ | $ | (598)
Schedule of unrecognized tax benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits:
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2020 |  | 2019
​ | ​ | (Dollars in thousands)
Unrecognized tax benefits balance at January 1, | ​ | $ | 636 | ​ | $ | 772
Increases related to current year tax positions | ​ |  | 257 | ​ |  | 190
Decreases due to settlements of tax positions | ​ |  | — | ​ |  | (275)
Decreases due to lapsing of statute of limitations | ​ |  | (60) | ​ |  | (51)
Unrecognized tax benefits balance at December 31, | ​ | $ | 833 | ​ | $ | 636
​

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