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INCOME TAXES (Tables)

12 Months Ended

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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