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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes We are subject to U.S. federal income tax as well as income tax in multiple state and local jurisdictions. We have concluded all U.S. federal income tax matters as well as material state and local tax matters for years through 2016. We file consolidated federal income tax returns that include all of our U.S. subsidiaries. The components of the provision for income taxes from continuing operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 3,919 |  |  | $ | 4,086 |  |  | $ | 7,739 |
State | 856 |  |  | 1,262 |  |  | 1,344 |
Foreign | 1,066 |  |  | 144 |  |  | 825 |
| 5,841 |  |  | 5,492 |  |  | 9,908 |
Deferred: |  |  |  |  |
Federal | (3,318) |  |  | (78) |  |  | (66) |
State | (1,038) |  |  | 163 |  |  | (490) |
Foreign | — |  |  | 21 |  |  | 51 |
| (4,356) |  |  | 106 |  |  | (505) |
Provision for income taxes | $ | 1,485 |  |  | $ | 5,598 |  |  | $ | 9,403 |
The differences between the amount of tax computed at the federal statutory rate of 21% in 2021, 2020 and 2019, and the provision for income taxes from continuing operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Tax at statutory federal income tax rate | $ | 1,985 |  |  | $ | 89 |  |  | $ | 9,749 |
Increases (decreases) in tax resulting from: |  |  |  |  |
State taxes, net of federal tax benefit | 383 |  |  | (52) |  |  | 1,805 |
Permanent differences, net | (839) |  |  | (1,406) |  |  | (195) |
Tax credits | (434) |  |  | (195) |  |  | (612) |
Prior year true-up adjustment | 83 |  |  | 397 |  |  | (1,274) |
Valuation allowance | 331 |  |  | 6,716 |  |  | (137) |
Other provision adjustments | (24) |  |  | 49 |  |  | 67 |
Provision for income taxes | $ | 1,485 |  |  | $ | 5,598 |  |  | $ | 9,403 |
Certain amounts from prior years have been reclassified to conform to the current year presentation. The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows (in thousands):
| 2021 |  | 2020
Gross deferred tax assets |  |  |
Deferred compensation and accrued paid leave | $ | 5,422 |  |  | $ | 6,302 |
Inventory reserve | 12,465 |  |  | 432 |
Operating lease liabilities | 7,805 |  |  | 6,984 |
Stock-based compensation | 775 |  |  | 605 |
Interest rate swaps | 58 |  |  | 400 |
Reserve for contract disallowance | 114 |  |  | 195 |
Capitalized inventory | 900 |  |  | 573 |
US operating and capital loss carryforward | 6,045 |  |  | 5,989 |
Tax credit carryforward | 1,411 |  |  | 1,412 |
Foreign country operating loss carryforward | 892 |  |  | 583 |
| 35,887 |  |  | 23,475 |
Valuation allowance(a) | (8,257) |  |  | (7,926) |
Total gross deferred tax assets | 27,630 |  |  | 15,549 |
Gross deferred tax liabilities |  |  |
Depreciation | (3,895) |  |  | (3,061) |
Deferred revenues | (1,358) |  |  | (1,816) |
Goodwill and intangible assets | (24,836) |  |  | (19,470) |
Operating lease right-of-use assets | (6,375) |  |  | (5,384) |
Other | (274) |  |  | (715) |
Total gross deferred tax liabilities | (36,738) |  |  | (30,446) |
Net deferred tax liabilities | $ | (9,108) |  |  | $ | (14,897) |
(a) A valuation allowance was provided against US capital loss in connection with the stock sale of Prime Turbines, certain state net operating loss, tax credit, and foreign tax loss deferred tax assets arising from carryforwards of unused tax benefits. (b) Certain amounts from prior year have been reclassified to conform with current year presentation. We file income tax returns in the U.S. federal jurisdiction and in various state and foreign jurisdictions. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examinations for the years before 2017. As of December 31, 2021, we have various tax losses and tax credits that may be applied against future taxable income. The majority of such tax attributes will expire in 2026 through 2034; however, some may be carried forward indefinitely.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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