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INCOME TAX | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAX | INCOME TAX The following table summarizes our U.S. and foreign components of income from continuing operations before income taxes (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
United States | $ | 80.5 |  |  | $ | 91.6 |  |  | $ | 104.0 |
Foreign | (0.7) |  |  | 3.6 |  |  | (0.2) |
Total | $ | 79.8 |  |  | $ | 95.2 |  |  | $ | 103.8 |
The following table summarizes the (benefit) provision for income taxes from continuing operations (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 15.9 |  |  | $ | 18.1 |  |  | $ | 21.2 |
State | 3.4 |  |  | 4.2 |  |  | 4.3 |
Foreign | 0.3 |  |  | 0.2 |  |  | 0.2 |
Total current | $ | 19.6 |  |  | $ | 22.5 |  |  | $ | 25.7 |
Deferred: |  |  |  |  |
Federal | $ | (0.3) |  |  | $ | 0.9 |  |  | $ | 0.0 |
State | 0.2 |  |  | 0.2 |  |  | 0.1 |
Foreign | (0.4) |  |  | 0.9 |  |  | (0.1) |
Total deferred | $ | (0.5) |  |  | $ | 2.0 |  |  | $ | 0.0 |
Total tax provision | $ | 19.1 |  |  | $ | 24.5 |  |  | $ | 25.7 |
Tax expense from discontinued operations was $0.1 million, $0.0 million and $0.2 million for the years ended December 31, 2024, 2023 and 2022, respectively. Income taxes are accrued and paid by each foreign entity in accordance with applicable local regulations. A reconciliation of the difference between the income tax expense and the computed income tax expense from continuing operations based on the Federal statutory corporate rate is as follows (in millions):
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
Income tax at Federal statutory rate | $ | 16.8 |  |  | 21.0 | % |  | $ | 20.0 |  |  | 21.0 | % |  | $ | 21.8 |  |  | 21.0 | %
State and local income taxes, net of federal tax benefit | 2.8 |  |  | 3.5 | % |  | 3.5 |  |  | 3.7 | % |  | 3.7 |  |  | 3.7 | %
Stock based compensation | (0.2) |  |  | (0.2) | % |  | (0.1) |  |  | (0.1) | % |  | 0.0 |  |  | 0.0 | %
Non-deductible items | 0.0 |  |  | 0.0 | % |  | 0.5 |  |  | 0.5 | % |  | 0.7 |  |  | 0.6 | %
Other items, net | (0.3) |  |  | (0.4) | % |  | 0.6 |  |  | 0.6 | % |  | (0.5) |  |  | (0.5) | %
Income tax | $ | 19.1 |  |  | 23.9 | % |  | $ | 24.5 |  |  | 25.7 | % |  | $ | 25.7 |  |  | 24.8 | %
The deferred tax assets and liabilities are comprised of the following (in millions):
| December 31,
| 2024 |  | 2023
Assets: |  |  |
Accrued expenses and other liabilities | $ | 1.9 |  |  | $ | 1.9 |
Inventory | 2.2 |  |  | 2.2 |
Operating lease obligations | 20.3 |  |  | 23.6 |
Intangible & other | 2.0 |  |  | 1.9 |
Net operating loss and credit carryforwards | 6.2 |  |  | 6.3 |
Valuation allowances | (4.9) |  |  | (5.2) |
Total deferred tax assets | $ | 27.7 |  |  | $ | 30.7 |
Liabilities: |  |  |
Operating lease right-of-use assets | $ | 17.8 |  |  | $ | 21.0 |
Other | 1.8 |  |  | 1.9 |
Total deferred tax liabilities | $ | 19.6 |  |  | $ | 22.9 |
The following table summarizes the changes in valuation allowance (in millions):
|  | Balance at Beginning of Period |  | Benefit Recognized in Expense |  | Write-offs |  | Other |  | Balance at End of Period
2024 |  | $ | (5.2) |  |  | $ | 0.0 |  |  | $ | 0.2 |  |  | $ | 0.1 |  |  | $ | (4.9) |
2023 |  | $ | (5.8) |  |  | $ | 0.0 |  |  | $ | 0.5 |  |  | $ | 0.1 |  |  | $ | (5.2) |
During 2024 the Company utilized approximately $0.6 million in state NOL carryforwards to reduce the current year tax expense. As of December 31, 2024, the Company has foreign NOLs of $5.4 million which expire through 2037 and foreign tax credit carryforwards of $0.3 million expiring in years through 2029. The Company has recorded valuation allowances of approximately $4.9 million, consisting of valuations against foreign NOLs of $4.7 million and $0.2 million against foreign tax carryforwards. Valuation allowances have been recorded against these assets as the Company believes it is more likely than not that these NOLs, temporary differences and foreign tax credits will not be utilized in the near future. The Company has not provided for federal income taxes applicable to the undistributed earnings of its foreign subsidiaries of approximately $0.4 million as of December 31, 2024. If the Company ceases to be permanently reinvested in its foreign subsidiaries, the Company may be subject to foreign withholding and other taxes on undistributed earnings and may need to record a deferred tax liability for any outside basis difference in its investments in its foreign subsidiaries. Under the TCJA each U.S. shareholder of a controlled foreign corporation ("CFC") must include in its gross taxable income in any tax year the aggregate net GILTI, or net income, of its CFCs. In 2024 the Company has included in taxable income the net income of its subsidiaries in Canada and India. The Company has elected to treat GILTI expense as a period cost when incurred. The Company is routinely audited by federal, state and foreign tax authorities with respect to its income taxes. The Company regularly reviews and evaluates the likelihood of audit assessments. The Company’s federal income tax returns have been audited through 2016. The Company has not signed any consent to extend the statute of limitations for any subsequent years. The Company’s significant state tax returns have been audited through 2016. The Company considers its significant tax jurisdictions in foreign locations to be Canada and India. As of December 31, 2024, the Company had no uncertain tax positions. Interest and penalties, if any, are recorded in income tax expense. There were no accrued interest or penalty charges related to unrecognized tax benefits recorded in income tax expense in 2024, 2023 or 2022.

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