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INCOME TAXES (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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