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INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

14. INCOME TAXES

The provision for income taxes included the following components for the years ended December 31, 2023 and 2022:

​

​	​	​	​	​	​	​
​		2023			2022
​	​	(Dollars in thousands)
Current:		​			​
Federal	​	$	5,859	​	$	6,263
State	​		1,839	​		1,934
Foreign	​		516	​		705
Total	​		8,214	​		8,902
Deferred	​		2,462	​		1,297
Total provision	​	$	10,676	​	$	10,199

​

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, 2023 and 2022:

​

​	​	​	​	​	​
​		2023		2022
U.S. federal statutory income tax rate		21.0	%	21.0	%
State income taxes, net of federal tax benefit		4.1		2.9	​
Foreign income tax rate differences		0.3		0.7	​
Other		0.7		1.1	​
Effective tax rate		26.1	%	25.7	%

​

The foreign component of pretax earnings was $2.8 million and $4.6 million in 2023 and 2022, respectively.

The components of deferred taxes at December 31, 2023 and 2022 were as follows:

​

​	​	​	​	​	​	​
​		2023			2022
​	​	(Dollars in thousands)
Deferred income tax assets:		​			​
Accounts receivable reserves	​	$	385	​	$	284
Pension liability	​		3,635	​		4,174
Accrued liabilities	​		1,724	​		1,874
Operating lease liabilities	​	​	4,024	​	​	3,871
Foreign currency losses on intercompany loans	​		58	​		54
​	​		9,826	​		10,257
Deferred income tax liabilities:	​		​	​		​
Inventory and related reserves	​		(5,024)	​		(2,998)
Cash value of life insurance	​		(682)	​		(615)
Property, plant and equipment	​		(1,297)	​		(1,162)
Intangible assets	​		(9,639)	​		(9,112)
Prepaid expenses and other assets	​		(352)	​		(367)
Operating lease right-of-use assets	​	​	(3,555)	​	​	(3,495)
​	​		(20,549)	​		(17,749)
Net deferred income tax liabilities	​	$	(10,723)	​	$	(7,492)

​

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

​

​	​	​	​	​	​	​
​		2023			2022
​	​	(Dollars in thousands)
Non-current deferred income tax benefits	​	$	1,096	​	$	1,038
Non-current deferred income tax liabilities	​		(11,819)	​		(8,530)
Net deferred income tax liabilities	​	$	(10,723)	​	$	(7,492)

​

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:

​

​	​	​	​	​	​	​
​		2023			2022
​	​	(Dollars in thousands)
Unrecognized tax benefits balance at January 1,	​	$	305	​	$	155
Increases related to current year tax positions	​		366	​		228
Decreases due to lapsing of statute of limitations	​		(63)	​		(78)
Unrecognized tax benefits balance at December 31,	​	$	608	​	$	305

​

The unrecognized tax benefits at December 31, 2023 and 2022, each include $30,000 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, 2023 and 2022.

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 2022 tax years remain subject to examination by those taxing authorities.

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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

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