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Note 7 - Income Taxes | 12 Months Ended
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Dec. 31, 2019
Notes |
Note 7 - Income Taxes | Note 7 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences:
|  | December 31,
|  | 2019 |  |  | 2018 |  |  | 2017
Inventory write-downs and differences due to UNICAP | $ | 84 |  | $ | 60 |  | $ | 56
Allowance for doubtful accounts |  | 33 |  |  | 18 |  |  | 16
Accrued liabilities and reserves |  | 55 |  |  | 62 |  |  | 89
Other - foreign |  | - |  |  | - |  |  | 4
Depreciation and amortization |  | (2,933) |  |  | (3,216) |  |  | (3,789)
Unrealized investment gains |  | - |  |  | - |  |  | 66
Deferred income taxes, net | $ | (2,761) |  | $ | (3,076) |  | $ | (3,558)
The components of income tax expense are as follows:
|  | Years ended December 31,
|  | 2019 |  |  | 2018 |  |  | 2017
Current | $ | 3,467 |  | $ | 1,386 |  | $ | 10,944
Deferred |  | (310) |  |  | (482) |  |  | (367)
Total | $ | 3,157 |  | $ | 904 |  | $ | 10,577
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|  | Years ended December 31,
|  | 2019 |  |  | 2018 |  |  | 2017
Federal income tax expense at the statutory rate | $ | 2,512 |  | $ | 2,127 |  | $ | 3,086
State income taxes |  | (124) |  |  | 365 |  |  | 299
Foreign income taxes (blended rate) |  | 985 |  |  | 1,607 |  |  | 1,444
ETI, manufacturing deduction and tax credits |  | (9) |  |  | (146) |  |  | (303)
Deemed repatriation transition tax |  | (266) |  |  | (3,230) |  |  | 6,288
Effective federal rate change |  | - |  |  | - |  |  | (230)
US Taxes on foreign income |  | 59 |  |  | 179 |  |  | -
Other |  | - |  |  | 2 |  |  | (7)
Total | $ | 3,157 |  | $ | 904 |  | $ | 10,577
The domestic and foreign components of income before income tax expense were as follows:
|  | Years ended December 31,
|  | 2019 |  |  | 2018 |  |  | 2017
Domestic | $ | 11,549 |  | $ | 10,130 |  | $ | 9,124
Foreign |  | 6,335 |  |  | 9,329 |  |  | 9,958
Total | $ | 17,884 |  | $ | 19,459 |  | $ | 19,082

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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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