| Note 7 - Income Taxes |
Note 7 – Income Taxes
Deferred tax assets (liabilities) consist of the following temporary differences:
|
| December 31,
|
|
| 2025
| 2024
| 2023
|
Inventory write-downs and differences due to UNICAP
|
| $254
| $270
| $110
|
Allowance for doubtful accounts
|
| 76
| 29
| 31
|
Accrued liabilities and reserves
|
| 43
| 50
| 90
|
Depreciation and amortization
|
| (861)
| (1,451)
| (1,673)
|
Deferred income taxes, net
|
| $(488)
| $(1,102)
| $(1,442)
|
The components of income tax expense are as follows:
|
| Years ended December 31,
|
|
| 2025
| 2024
| 2023
|
Current
|
|
|
|
|
Federal
|
| $2,645
| $2,250
| $2,298
|
State
|
| 474
| 504
| 439
|
Foreign
|
| 319
| 515
| 1,338
|
Total Current
|
| 3,438
| 3,268
| 4,075
|
Deferred
|
|
|
|
|
Federal
|
| (44)
| 110
| (190)
|
State
|
| (10)
| 65
| (45)
|
Foreign
|
| (559)
| (516)
| (387)
|
Total Deferred
|
| (614)
| (340)
| (621)
|
Total Income Tax Expense
|
| $2,824
| $2,928
| $3,454
|
Income tax expense differed from amounts computed by applying the statutory federal rate to pretax income as follows:
|
|
|
| Years ended December 31,
|
|
|
| 2025
| Percent
| 2024
| Percent
| 2023
| Percent
|
Federal income tax expense at the statutory rate
|
| $2,477
| 21.00%
| $2,794
| 21.00%
| $2,346
| 21.00%
|
State income taxes
|
| 428
| 3.63%
| 504
| 3.79%
| 439
| 3.93%
|
Foreign income taxes (blended rate)
|
|
|
|
|
|
|
|
Ireland
|
| 602
| 5.10%
| 802
| 6.03%
| 1,070
| 9.58%
|
United Kingdom
|
| (839)
| (7.11)%
| (922)
| (6.93)%
| (353)
| (3.16)%
|
Other Foreign Jurisdictions
|
| (3)
| (0.03)%
| 119
| 0.89%
| 233
| 2.09%
|
Tax Credits
|
| | | | | | |
Research and development tax credits
|
| (15)
| (0.13)%
| (18)
| (0.13)%
| (3)
| (0.03)%
|
Non-taxable or Non-deductible items
|
|
|
|
|
|
|
|
Tax-exempt income
|
| (165)
| (1.40)%
| (201)
| (1.51)%
| (195)
| (1.75)%
|
Other
|
| 30
| 0.25%
| 31
| 0.23%
| 33
| 0.29%
|
Other Adjustments
|
|
|
|
|
|
|
|
Section 965 Tax
|
| 353
| 2.99%
|
|
|
|
|
Other Adjustments
|
| (43)
| (0.37)%
| (182)
| (1.36)%
| (117)
| (1.04)%
|
Total
|
| $2,824
| 23.94%
| $2,928
| 22.01%
| $3,454
| 30.92%
|
The domestic and foreign components of income before income tax expense were as follows:
|
| Years ended December 31,
|
|
| 2025
| 2024
| 2023
|
Domestic
|
| $11,798
| $13,306
| $11,170
|
Foreign
|
| 2,312
| 3,496
| 8,919
|
Total
|
| $14,110
| $16,802
| $20,089
|
Income Taxes Paid (Net of refunds received):
|
| Years ended December 31,
|
|
| 2025
| 2024
| 2023
|
Federal
|
| $2,904
| $2,937
| $2,040
|
State
|
|
|
|
|
Utah
|
| 670
| 701
| 556
|
Other
|
| 11
| 11
| 12
|
Foreign
|
|
|
|
|
Ireland
|
| 517
| 781
| 1,110
|
Other
|
| 201
| 248
| 365
|
Total
|
| $4,302
| $4,678
| $4,083
|
|