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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Schedule of provision for income tax

​

​	​	​	​	​	​	​
​		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

Schedule of effective tax rate

​

​	​	​	​	​	​
​		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	%

Schedule of components of deferred taxes

​

​	​	​	​	​	​	​
​		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)

Schedule of net deferred tax liabilities

​

​	​	​	​	​	​	​
​		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)

Summary of 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

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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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