Note 7 - Income Taxes

12 Months Ended

Dec. 31, 2024

Notes

Note 7 - Income Taxes

Note 7 – Income Taxes  

Deferred tax assets (liabilities) consist of the following temporary differences:

	December 31,
	2024	2023	2022
Inventory write-downs and differences due to UNICAP	$ 270	$ 110	$ 103
Allowance for doubtful accounts	29	31	39
Accrued liabilities and reserves	50	90	90
Depreciation and amortization	(1,451)	(1,673)	(2,295)
Deferred income taxes, net	$ (1,102)	$ (1,442)	$ (2,063)

The components of income tax expense are as follows:

	Years ended December 31,
	2024	2023	2022
Current	$ 3,268	$ 4,075	$ 4,632
Deferred	(340)	(621)	(446)
Total	$ 2,928	$ 3,454	$ 4,186

Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:

	Years ended December 31,
	2024	2023	2022
Federal income tax expense at the statutory rate	$ 2,794	$ 2,346	$ 2,620
State income taxes	504	439	490
Foreign income taxes (blended rate)	(1)	951	1,129
R&D tax credits and manufacturing profit deduction	(18)	(3)	(3)
Tax-exempt income	(201)	(195)	-
Change in Rate	-	-	-
Other	(150)	(84)	(50)
Total	$ 2,928	$ 3,454	$ 4,186

The domestic and foreign components of income before income tax expense were as follows:  

	Years ended December 31,
	2024	2023	2022
Domestic	$ 13,306	$ 11,170	$ 12,475
Foreign	3,496	8,919	8,184
Total	$ 16,802	$ 20,089	$ 20,659