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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

INCOME TAXES

Schedule of provision for Income Tax

The provision for income taxes included the following components for the years ended December 31, 2021 and 2020:

​	​	​	​	​	​	​
​		2021			2020
​	​	(Dollars in thousands)
Current:		​			​
Federal	​	$	3,656	​	$	(1,954)
State	​		1,235	​		(154)
Foreign	​		989	​		784
Total	​		5,880	​		(1,324)
Deferred	​		910	​		2,755
Total provision	​	$	6,790	​	$	1,431

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, 2021 and 2020:

​	​	​	​	​	​
​		2021		2020
U.S. federal statutory income tax rate		21.0	%	21.0	%
State income taxes, net of federal tax benefit		3.3		1.8	​
Non-taxable municipal bond interest		(0.3)		1.3	​
Net Operating Loss Carryback Under the CARES Act	​	—	​	10.4	​
Foreign income tax rate differences		1.6		(24.3)	​
Reversal of deferred tax assets on foreign net operating losses	​	—	​	(28.4)	​
Share-based compensation		0.5		(1.0)	​
Other		(1.3)		(1.1)	​
Effective tax rate		24.8	%	(20.3)	%

Schedule of components of deferred taxes

The components of deferred taxes at December 31, 2021, and 2020 were as follows:

​	​	​	​	​	​	​
​		2021			2020
​	​	(Dollars in thousands)
Deferred income tax assets:		​			​
Accounts receivable reserves	​	$	269	​	$	269
Pension liability	​		7,350	​		8,842
Accrued liabilities	​		1,578	​		1,720
Operating lease liabilities	​	​	2,848	​	​	2,716
Foreign currency losses on intercompany loans	​		57	​		58
​	​		12,102	​		13,605
Deferred income tax liabilities:	​		​	​		​
Inventory and related reserves	​		(3,011)	​		(3,149)
Cash value of life insurance	​		(545)	​		(485)
Property, plant and equipment	​		(1,199)	​		(1,285)
Intangible assets	​		(8,539)	​		(7,913)
Operating lease right-of-use assets	​	​	(356)	​	​	(2,087)
Prepaid expenses and other assets	​		(2,415)	​		(365)
​	​		(16,065)	​		(15,284)
Net deferred income tax liabilities	​	$	(3,963)	​	$	(1,679)

​

Schedule of net deferred tax liabilities

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

​	​	​	​	​	​	​
​		2021			2020
​	​	(Dollars in thousands)
Non-current deferred income tax benefits	​	$	1,063	​	$	1,235
Non-current deferred income tax liabilities	​		(5,026)	​		(2,914)
Net deferred income tax liabilities	​	$	(3,963)	​	$	(1,679)

Schedule of unrecognized tax benefits

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

​	​	​	​	​	​	​
​		2021			2020
​	​	(Dollars in thousands)
Unrecognized tax benefits balance at January 1,	​	$	833	​	$	636
Increases related to current year tax positions	​		8	​		257
Decreases due to settlements of tax positions	​		(250)	​		—
Decreases due to lapsing of statute of limitations	​		(436)	​		(60)
Unrecognized tax benefits balance at December 31,	​	$	155	​	$	833

​

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