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Note 7 - Income Taxes | 12 Months Ended
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Dec. 31, 2021
Notes |
Note 7 - Income Taxes | Note 7 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences:
|  | December 31,
|  | 2021 |  |  | 2020 |  |  | 2019
Inventory write-downs and differences due to UNICAP | $ | 88 |  | $ | 86 |  | $ | 84
Allowance for doubtful accounts |  | 31 |  |  | 32 |  |  | 33
Accrued liabilities and reserves |  | 58 |  |  | 68 |  |  | 55
Depreciation and amortization |  | (2,925) |  |  | (3,034) |  |  | (2,933)
Deferred income taxes, net | $ | (2,748) |  | $ | (2,848) |  | $ | (2,761)
The components of income tax expense are as follows:
|  | Years ended December 31,
|  | 2021 |  |  | 2020 |  |  | 2019
Current | $ | 3,983 |  | $ | 3,253 |  | $ | 3,467
Deferred |  | 290 |  |  | (211) |  |  | (310)
Total | $ | 4,273 |  | $ | 3,042 |  | $ | 3,157
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|  | Years ended December 31,
|  | 2021 |  |  | 2020 |  |  | 2019
Federal income tax expense at the statutory rate | $ | 2,520 |  | $ | 1,915 |  | $ | 2,512
State income taxes |  | 448 |  |  | 369 |  |  | (124)
Foreign income taxes (blended rate) |  | 1,010 |  |  | 550 |  |  | 985
ETI, manufacturing deduction and tax credits |  | (6) |  |  | (7) |  |  | (9)
Deemed repatriation transition tax |  | - |  |  | 263 |  |  | (266)
US Taxes on foreign income |  | (99) |  |  | (35) |  |  | 59
Change in Rate |  | 391 |  |  | - |  |  | -
Other |  | 9 |  |  | (13) |  |  | -
Total | $ | 4,273 |  | $ | 3,042 |  | $ | 3,157
The domestic and foreign components of income before income tax expense were as follows:
|  | Years ended December 31,
|  | 2021 |  |  | 2020 |  |  | 2019
Domestic | $ | 12,004 |  | $ | 9,031 |  | $ | 11,549
Foreign |  | 7,057 |  |  | 4,809 |  |  | 6,335
Total | $ | 19,061 |  | $ | 13,840 |  | $ | 17,884

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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