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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
INCOME TAXES |
Schedule of provision for income tax | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Current: |  | ​ |  |  | ​ |
Federal | ​ | $ | 6,263 | ​ | $ | 3,656
State | ​ |  | 1,934 | ​ |  | 1,235
Foreign | ​ |  | 705 | ​ |  | 989
Total | ​ |  | 8,902 | ​ |  | 5,880
Deferred | ​ |  | 1,297 | ​ |  | 910
Total provision | ​ | $ | 10,199 | ​ | $ | 6,790
​
Schedule of effective tax rate | ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021 |
U.S. federal statutory income tax rate |  | 21.0 | % | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.9 |  | 3.3 | ​
Foreign income tax rate differences |  | 0.7 |  | 1.6 | ​
Other |  | 1.1 |  | (1.1) | ​
Effective tax rate |  | 25.7 | % | 24.8 | %
​
Schedule of components of deferred taxes | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Deferred income tax assets: |  | ​ |  |  | ​ |
Accounts receivable reserves | ​ | $ | 284 | ​ | $ | 269
Pension liability | ​ |  | 4,174 | ​ |  | 7,350
Accrued liabilities | ​ |  | 1,874 | ​ |  | 1,578
Operating lease liabilities | ​ | ​ | 3,871 | ​ | ​ | 2,848
Foreign currency losses on intercompany loans | ​ |  | 54 | ​ |  | 57
​ | ​ |  | 10,257 | ​ |  | 12,102
Deferred income tax liabilities: | ​ |  | ​ | ​ |  | ​
Inventory and related reserves | ​ |  | (2,998) | ​ |  | (3,011)
Cash value of life insurance | ​ |  | (615) | ​ |  | (545)
Property, plant and equipment | ​ |  | (1,162) | ​ |  | (1,199)
Intangible assets | ​ |  | (9,112) | ​ |  | (8,539)
Prepaid expenses and other assets | ​ |  | (367) | ​ |  | (356)
Operating lease right-of-use assets | ​ | ​ | (3,495) | ​ | ​ | (2,415)
​ | ​ |  | (17,749) | ​ |  | (16,065)
Net deferred income tax liabilities | ​ | $ | (7,492) | ​ | $ | (3,963)
​
Schedule of net deferred tax liabilities | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Non-current deferred income tax benefits | ​ | $ | 1,038 | ​ | $ | 1,063
Non-current deferred income tax liabilities | ​ |  | (8,530) | ​ |  | (5,026)
Net deferred income tax liabilities | ​ | $ | (7,492) | ​ | $ | (3,963)
​
Summary of unrecognized tax benefits | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2022 |  | 2021
​ | ​ | (Dollars in thousands)
Unrecognized tax benefits balance at January 1, | ​ | $ | 155 | ​ | $ | 833
Increases related to current year tax positions | ​ |  | 228 | ​ |  | 8
Decreases due to settlements of tax positions | ​ |  | — | ​ |  | (250)
Decreases due to lapsing of statute of limitations | ​ |  | (78) | ​ |  | (436)
Unrecognized tax benefits balance at December 31, | ​ | $ | 305 | ​ | $ | 155
​

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