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Note 9 - Income Taxes | 12 Months Ended
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Dec. 31, 2018
Notes |
Note 9 - Income Taxes | Note 9 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences:
|  | December 31,
|  | 2018 |  |  | 2017 |  |  | 2016
Inventory write-downs and differences due to UNICAP | $ | 60 |  | $ | 56 |  | $ | 98
Allowance for doubtful accounts |  | 18 |  |  | 16 |  |  | 25
Accrued liabilities and reserves |  | 62 |  |  | 89 |  |  | 147
Other - foreign |  | - |  |  | 4 |  |  | (23)
Depreciation and amortization |  | (3,216) |  |  | (3,789) |  |  | (4,277)
Unrealized investment gains |  | - |  |  | 66 |  |  | 105
Deferred income taxes, net | $ | (3,076) |  | $ | (3,558) |  | $ | (3,925)
The components of income tax expense are as follows:
|  | Years ended December 31,
|  | 2018 |  |  | 2017 |  |  | 2016
Current | $ | 1,386 |  | $ | 10,944 |  | $ | 5,467
Deferred |  | (482) |  |  | (367) |  |  | (1,173)
Total | $ | 904 |  | $ | 10,577 |  | $ | 4,294
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|  | Years ended December 31,
|  | 2018 |  |  | 2017 |  |  | 2016
Federal income tax expense at the statutory rate | $ | 2,127 |  | $ | 3,086 |  | $ | 2,998
State income taxes |  | 365 |  |  | 299 |  |  | 291
Foreign income taxes (blended rate) |  | 1,607 |  |  | 1,444 |  |  | 1,270
ETI, manufacturing deduction and tax credits |  | (146) |  |  | (303) |  |  | (287)
Deemed repatriation transition tax |  | (3,230) |  |  | 6,288 |  |  | -
Effective federal rate change |  | - |  |  | (230) |  |  | -
US Taxes on foreign income |  | 179 |  |  | - |  |  | -
Other |  | 2 |  |  | (7) |  |  | 22
Total | $ | 904 |  | $ | 10,577 |  | $ | 4,294
The domestic and foreign components of income before income tax expense were as follows:
|  | Years ended December 31,
|  | 2018 |  |  | 2017 |  |  | 2016
Domestic | $ | 10,130 |  | $ | 9,124 |  | $ | 8,688
Foreign |  | 9,329 |  |  | 9,958 |  |  | 7,734
Total | $ | 19,459 |  | $ | 19,082 |  | $ | 16,422

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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