Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.22.4
INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2022
INCOME TAXES  
Summary of income tax expense (benefit)

Income tax expense consists of (in thousands):

    

Current

    

Deferred

    

Total

Year Ended December 31, 2022:

U.S. federal

$

10,537

$

(862)

$

9,675

U.S. state

 

3,015

 

(405)

 

2,610

Foreign

 

2,856

 

(1,120)

 

1,736

Total income tax expense

$

16,408

$

(2,387)

$

14,021

    

Current

    

Deferred

    

Total

Year Ended December 31, 2021:

U.S. federal

$

11,003

$

(1,899)

$

9,104

U.S. state

 

1,780

 

(402)

 

1,378

Foreign

 

2,068

 

(891)

 

1,177

Total income tax expense

$

14,851

$

(3,192)

$

11,659

    

Current

    

Deferred

    

Total

Year Ended December 31, 2020:

U.S. federal

$

(451)

$

271

$

(180)

U.S. state

 

86

 

301

 

387

Foreign

 

1,993

 

(550)

 

1,443

Total income tax expense

$

1,628

$

22

$

1,650

Summary of tax rate reconciliation

The provision for income taxes on pre-tax income differs from the amount computed by applying the U.S. federal statutory income tax rate of 21.0% for the years ended December 31, 2022, 2021 and 2020 due to the following (in thousands):

    

2022

    

2021

    

2020

Provision for income tax at the federal statutory rate

$

12,155

$

10,033

$

2,128

State taxes

 

1,959

 

1,357

 

204

Permanent differences

 

218

 

755

 

(748)

Change in valuation allowance 

 

17

 

1,012

 

284

Executive compensation

2,562

1,934

-

Return to provision

591

659

-

FDII deduction

(3,014)

(4,093)

-

Other

 

(467)

 

2

 

(218)

Total income tax expense

$

14,021

$

11,659

$

1,650

Summary of significant components of deferred taxes

    

2022

    

2021

Deferred tax assets:

 

  

Net operating losses

$

94

$

102

Foreign tax credit carryforwards

 

67

 

1,212

Inventory basis differences

 

10,511

 

11,536

Maintenance deposit payments

 

154

 

625

Deferred revenue

 

328

 

684

Allowance for doubtful accounts

 

285

 

404

Start up costs

688

731

Intangible assets

 

-

 

149

Stock compensation

1,408

1,260

Outside basis difference

1,313

1,296

Accrued expenses

 

908

 

774

Section 174 capitalization

1,722

-

Lease obligations

7,922

-

Other

 

190

 

343

Total deferred tax assets

$

25,590

 

19,116

Deferred tax liabilities:

 

 

Fixed assets

 

(5,167)

 

(7,471)

Section 481(a) adjustments

 

-

 

(851)

Right of use

(7,659)

-

Intangible assets

(164)

-

Deferred insurance proceeds

 

-

 

(598)

Total deferred tax liabilities

 

(12,990)

 

(8,920)

Valuation Allowances

(1,313)

(1,296)

Deferred income taxes, net

$

11,287

$

8,900