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 |
|