XML 63 R19.htm IDEA: XBRL DOCUMENT v3.22.1
Income Taxes
 3 Months Ended
Mar. 31, 2022
Income Tax Disclosure [Abstract]  
Income Taxes
12. INCOME TAXES
INCOME TAX EXPENSE
Income Tax Rate Reconciliation
Three Months Ended March 31,
20222021
Tax provision at U.S. federal statutory rate$114 $63 
Tax-exempt interest(9)(11)
Executive compensation7 5 
Stock-based compensation(10)(1)
Other (4)(2)
Provision for income taxes$98 $54 
UNCERTAIN TAX POSITIONS
Rollforward of Unrecognized Tax Benefits
 
Three Months Ended March 31,
 20222021
Balance, beginning of period$16 $15 
Gross increases - tax positions in prior period— — 
Gross decreases - tax positions in prior period— — 
Gross increases - tax positions in current period1 — 
Balance, end of period$17 $15 
The entire amount of unrecognized tax benefits, if recognized, would affect the effective tax rate in the period of the release.
OTHER TAX MATTERS
As of March 31, 2022, the Company has foreign net operating losses of $32 for which a valuation allowance of $10 has been established. While the foreign net operating losses ("NOLs") do not expire, this assessment reflects uncertainty in the Company's ability to generate sufficient taxable income in the near term in those specific jurisdictions.
Management has assessed the need for a valuation allowance against its deferred tax assets based on tax character and jurisdiction. In making the assessment, management considered future taxable temporary difference reversals, future taxable income exclusive of reversing temporary differences and carryovers, taxable income in open carry back years and other tax planning strategies which management views as prudent and feasible.
The federal income tax audits for the Company have been completed through 2013, and the Company is not currently under federal income tax examination for any open years. The statute of limitations is closed through the 2017 tax year with the exception of NOL carryforwards utilized in open tax years. Management believes that adequate provision has been made in the Company's Condensed Consolidated Financial Statements for any potential adjustments that may result from tax examinations and other tax-related matters for all open tax years.