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Note 7 - Income Taxes | 12 Months Ended
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Dec. 31, 2023
Notes |
Note 7 - Income Taxes | Note 7 – Income Taxes Deferred tax assets (liabilities) consist of the following temporary differences:
|  | December 31,
|  | 2023 |  |  | 2022 |  |  | 2021
Inventory write-downs and differences due to UNICAP | $ | 110 |  | $ | 103 |  | $ | 88
Allowance for doubtful accounts |  | 31 |  |  | 39 |  |  | 31
Accrued liabilities and reserves |  | 90 |  |  | 90 |  |  | 58
Depreciation and amortization |  | (1,673) |  |  | (2,295) |  |  | (2,859)
Deferred income taxes, net | $ | (1,442) |  | $ | (2,063) |  | $ | (2,682)
The components of income tax expense are as follows:
|  | Years ended December 31,
|  | 2023 |  |  | 2022 |  |  | 2021
Current | $ | 4,075 |  | $ | 4,632 |  | $ | 3,983
Deferred |  | (621) |  |  | (446) |  |  | 290
Total | $ | 3,454 |  | $ | 4,186 |  | $ | 4,273
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|  | Years ended December 31,
|  | 2023 |  |  | 2022 |  |  | 2021
Federal income tax expense at the statutory rate | $ | 2,346 |  | $ | 2,620 |  | $ | 2,520
State income taxes |  | 439 |  |  | 490 |  |  | 448
Foreign income taxes (blended rate) |  | 951 |  |  | 1,129 |  |  | 1,010
R&D tax credits and manufacturing profit deduction |  | (3) |  |  | (3) |  |  | (6)
Tax-exempt income |  | (195) |  |  | - |  |  | -
Change in Rate |  | - |  |  | - |  |  | 391
Other |  | (84) |  |  | (50) |  |  | (90)
Total | $ | 3,454 |  | $ | 4,186 |  | $ | 4,273
The domestic and foreign components of income before income tax expense were as follows:
|  | Years ended December 31,
|  | 2023 |  |  | 2022 |  |  | 2021
Domestic | $ | 11,170 |  | $ | 12,475 |  | $ | 12,004
Foreign |  | 8,919 |  |  | 8,184 |  |  | 7,057
Total | $ | 20,089 |  | $ | 20,659 |  | $ | 19,061

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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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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