XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
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. With few exceptions, the statute of limitations for these jurisdictions is no longer open for audit or examinations for the years before 2018 for federal and state income taxes in the U.S. 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, 2023, 2022 and 2021 were as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 11,556 |  |  | $ | 9,483 |  |  | $ | (8) |
State | 2,205 |  |  | 1,485 |  |  | (193) |
Foreign | 1,138 |  |  | 35 |  |  | 1,066 |
| 14,899 |  |  | 11,003 |  |  | 865 |
Deferred: |  |  |  |  |
Federal | (1,148) |  |  | (1,890) |  |  | (3,600) |
State | 3 |  |  | (61) |  |  | (1,033) |
Foreign | 7 |  |  | — |  |  | — |
| (1,138) |  |  | (1,951) |  |  | (4,633) |
Provision for income taxes | $ | 13,761 |  |  | $ | 9,052 |  |  | $ | (3,768) |
The differences between the amount of tax computed at the federal statutory rate of 21% in 2023, 2022 and 2021, and the provision for income taxes from continuing operations for the years ended December 31, 2023, 2022 and 2021 were as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Tax at statutory federal income tax rate | $ | 11,952 |  |  | $ | 7,499 |  |  | $ | (3,102) |
Increases (decreases) in tax resulting from: |  |  |  |  |
State taxes, net of federal tax benefit | 2,019 |  |  | 1,459 |  |  | (482) |
Permanent differences, net | (193) |  |  | 287 |  |  | (350) |
Tax credits | (461) |  |  | (418) |  |  | (160) |
Prior year true-up adjustment | 269 |  |  | (45) |  |  | 19 |
Valuation allowance | 77 |  |  | 324 |  |  | 331 |
Other provision adjustments | 98 |  |  | (54) |  |  | (24) |
Provision for income taxes | $ | 13,761 |  |  | $ | 9,052 |  |  | $ | (3,768) |
The tax effect of temporary differences representing deferred tax assets and liabilities as of December 31, 2023 and 2022 was as follows (in thousands):
| 2023 |  | 2022
Deferred compensation and accrued paid leave | $ | 3,003 |  |  | $ | 3,881 |
Accrued expense | 1,429 |  |  | 1,053 |
Inventory reserve | 13,980 |  |  | 12,934 |
Operating lease liabilities | 6,249 |  |  | 5,544 |
Stock-based compensation | 1,697 |  |  | 869 |
Capitalized inventory | 1,335 |  |  | 1,128 |
US operating and capital loss carryforward | 7,637 |  |  | 6,040 |
Disallowed interest expense | 1,663 |  |  | 236 |
Tax credit carryforward | 1,492 |  |  | 1,640 |
Foreign country operating loss carryforward | 806 |  |  | 749 |
| 39,291 |  |  | 34,074 |
Valuation allowance (a) | (9,906) |  |  | (8,337) |
Total gross deferred tax assets | 29,385 |  |  | 25,737 |
Interest rate swaps | (708) |  |  | (1,651) |
Depreciation | (2,925) |  |  | (3,091) |
Goodwill and intangible assets | (26,666) |  |  | (20,355) |
Operating lease right-of-use assets | (5,939) |  |  | (5,313) |
Other | (132) |  |  | (86) |
Total gross deferred tax liabilities | (36,370) |  |  | (30,496) |
Net deferred tax liabilities | $ | (6,985) |  |  | $ | (4,759) |
(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 2019. As of December 31, 2023, we had 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. The Organization for Economic Co-operation and Development has issued Pillar Two model rules introducing a new global minimum tax of 15% intended to be effective on January 1, 2024. While the US has not yet adopted the Pillar Two rules, many countries took steps to incorporate Pillar Two model rule concepts into their domestic laws in 2023. Considering that we do not have material operations in jurisdictions with tax rates lower than the Pillar Two minimum, we do not expect these rules will significantly increase our global tax costs. We will continue to monitor US and global legislative action related to Pillar Two for future potential impacts.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration