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INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

The provision for income taxes included the following components for the years ended December 31, 2022 and 2021:

​

​	​	​	​	​	​	​
​		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

​

The differences between the U.S. federal statutory income tax rate and our effective tax rate were as follows for the years ended December 31, 2022 and 2021:

​

​	​	​	​	​	​
​		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	%

​

The foreign component of pretax earnings was $4.6 million and $3.5 million in 2022 and 2021, respectively.

The components of deferred taxes at December 31, 2022 and 2021 were as follows:

​

​	​	​	​	​	​	​
​		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)

​

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

​

​	​	​	​	​	​	​
​		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)

​

Uncertain Tax Positions

We account for our uncertain tax positions in accordance with ASC 740, Income Taxes (“ASC 740”). ASC 740 provides that the tax effects from an uncertain tax position can be recognized in our consolidated financial statements only if the position is more likely than not of being sustained on audit, based on the technical merits of the position.

The following table summarizes the activity related to our 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

​

The unrecognized tax benefits at December 31, 2022 and 2021, include $30,000 and $26,000, respectively, of interest related to such positions. The unrecognized tax benefits, if ultimately recognized, would reduce our annual effective tax rate. The liabilities for potential interest are included in the Consolidated Balance Sheets at December 31, 2022 and 2021.

We file a U.S. federal income tax return, various U.S. state income tax returns and several foreign returns. In general, the 2019 through 2021 tax years remain subject to examination by those taxing authorities.

X

- References

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 21
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 11.C)
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-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319

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-URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/topic&trid=2144680

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
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