XML 63 R37.htm IDEA: XBRL DOCUMENT
v3.20.4

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income From Continuing Operations Before Income Taxes | Income from operations before income taxes consisted of the following:
| (Dollars in thousands)
| Year Ended December 31,
| 2020 |  | 2019
United States | $ | 16,226 |  |  | $ | 5,418 |
Canada | 4,559 |  |  | 4,256 |
| $ | 20,785 |  |  | $ | 9,674 |
Components of Provision (Benefit) for Income Taxes | Provision (benefit) for income taxes from operations for the years ended December 31, consisted of the following:
| (Dollars in thousands)
| Year Ended December 31,
| 2020 |  | 2019
Current income tax expense: |  |  |
U.S. federal | $ | 3,858 |  |  | $ | — |
U.S. state | 710 |  |  | 136 |
Canada | 1,288 |  |  | 291 |
Total | $ | 5,856 |  |  | $ | 427 |
Deferred income tax expense (benefit): |  |  |
U.S. federal | $ | 236 |  |  | $ | 2,012 |
U.S. state | 52 |  |  | 303 |
Canada | (472) |  |  | (289) |
Total | $ | (184) |  |  | $ | 2,026 |
Total income tax expense (benefit): |  |  |
U.S. federal | $ | 4,094 |  |  | $ | 2,012 |
U.S. state | 762 |  |  | 439 |
Canada | 816 |  |  | 2 |
Total | $ | 5,672 |  |  | $ | 2,453 |
Reconciliation Between Effective Income Tax Rate and Statutory Federal Rate | The reconciliation between the effective income tax rates and the statutory federal rates for operations are as follows:
| Year Ended December 31,
| 2020 |  | 2019
Statutory Federal rate | 21.0 | % |  | 21.0 | %
Increase (decrease) resulting from: |  |  |
Change in valuation allowance - current period activity | (2.2) |  |  | (4.5) |
Change in valuation allowance - reversal | — |  |  | (13.6) |
Capital loss | — |  |  | 13.6 |
Stock compensation | (2.0) |  |  | (11.5) |
Compensation deduction limitation | 1.5 |  |  | 10.1 |
State and local taxes, net | 3.8 |  |  | 4.5 |
Foreign income inclusion | — |  |  | 3.1 |
Meals & entertainment | 0.6 |  |  | 1.8 |
Change in uncertain tax positions | 4.6 |  |  | (1.0) |
Provision to return differences | (0.1) |  |  | 0.2 |
Other items, net | 0.1 |  |  | 1.7 |
Provision for income taxes | 27.3 | % |  | 25.4 | %
Deferred Tax Assets and Liabilities | Deferred income tax assets and liabilities contain the following temporary differences:
| (Dollars in thousands)
| December 31,
| 2020 |  | 2019
Deferred tax assets: |  |  |
Net operating loss carryforward | $ | 5,431 |  |  | $ | 7,786 |
Compensation and benefits | 10,980 |  |  | 9,947 |
Inventory reserve | 1,772 |  |  | 1,589 |
Accounts receivable reserve | 167 |  |  | 152 |
Leased assets | 1,061 |  |  | 3,326 |
Other | 329 |  |  | 146 |
Total deferred tax assets | 19,740 |  |  | 22,946 |
Deferred tax liabilities: |  |  |
Intangible assets | 1,948 |  |  | 2,360 |
Lease liabilities | 1,366 |  |  | 2,850 |
Property, plant and equipment | (975) |  |  | 353 |
Other | 503 |  |  | 625 |
Total deferred liabilities | 2,842 |  |  | 6,188 |
Net deferred tax assets before valuation allowance | 16,898 |  |  | 16,758 |
Valuation allowance | (1,257) |  |  | (1,235) |
Net deferred tax assets | $ | 15,641 |  |  | $ | 15,523 |
Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| (Dollars in thousands)
| December 31,
| 2020 |  | 2019
Balance at beginning of year | $ | 3,242 |  |  | $ | 3,612 |
Additions for tax positions of current year | 15 |  |  | 13 |
Additions for tax positions of prior years | 1,413 |  |  | 121 |
Reductions for tax positions of prior year | — |  |  | (29) |
Lapse of statute of limitations | (984) |  |  | (475) |
Balance at end of year | $ | 3,686 |  |  | $ | 3,242 |

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 Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)(1)(i)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
Name: | us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration