XML 32 R16.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes |
| 8. | Income Taxes.
The Provision for income tax expense included in the financial statements (in thousands):
|  | Years Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Included in Net income: |  |  |  |  |  |  |  |  |  |  |  |
Continuing operations |  | $ | 1,516 |  |  |  | 1,530 |  |  |  | 10,281 |
Comprehensive income |  |  | 551 |  |  |  | (515 | ) |  |  | (209 | )
Total tax expense |  | $ | 2,067 |  |  |  | 1,015 |  |  |  | 10,072 |
The Provision for income taxes (income tax benefit) consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 2 |  |  |  | (214 | ) |  |  | 305 |
State |  |  | 570 |  |  |  | (571 | ) |  |  | 1,826 |
Current income tax expense |  |  | 572 |  |  |  | (785 | ) |  |  | 2,131 |
Deferred |  |  | 1,495 |  |  |  | 1,800 |  |  |  | 7,941 |
Total |  | $ | 2,067 |  |  |  | 1,015 |  |  |  | 10,072 |
The deferred taxes are primarily related to the bonus depreciation on property placed in service. As of December 31, 2023 the company has deferred taxes of approximately $35 million associated with $143 million of gains on sales reinvested through Opportunity Zone investments. These taxes are deferred until the earlier of the sale of the related investments or April 15, 2027 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years. A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands):Income tax reconciliation
|  | Year Ended December 31
|  | 2023 |  | 2022 |  | 2021
Amount computed at statutory |  |  |  |  |  |  |  |  |  |  |  |
Federal rate |  | $ | 1,812 |  |  |  | 924 |  |  |  | 7,941 |
State income taxes (net of Federal income tax benefit) |  |  | 178 |  |  |  | (30 | ) |  |  | 2,634 |
Other, net |  |  | 77 |  |  |  | 121 |  |  |  | (503 | )
Provision for income taxes |  | $ | 2,067 |  |  |  | 1,015 |  |  |  | 10,072 |
In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The effective state income tax rate in 2022 and 2023 was favorably impacted both by apportioned interest income in Florida and taxable losses in states with higher income tax rates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands):Temporary tax differences
|  | December 31,
|  | 2023 |  | 2022 |  | 2021
Deferred tax liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Property and equipment |  | $ | 42,317 |  |  |  | 41,866 |  |  |  | 38,143 |
Investment in opportunity zone |  |  | 34,966 |  |  |  | 34,871 |  |  |  | 30,846 |
Depletion |  |  | 706 |  |  |  | 697 |  |  |  | 704 |
Unrealized rents |  |  | 385 |  |  |  | 150 |  |  |  | 58 |
Prepaid expenses and other |  |  | 256 |  |  |  | 31 |  |  |  | 36 |
Gross deferred tax liabilities |  |  | 78,630 |  |  |  | 77,615 |  |  |  | 69,787 |
Deferred tax assets: |  |  |  |  |  |  |  |  |  |  |  |
Federal tax loss carryforwards |  |  | 3,153 |  |  |  | 6,375 |  |  |  | 3,235 |
State tax loss carryforwards |  |  | 6,012 |  |  |  | 2,359 |  |  |  | 1,388 |
Employee benefits and other |  |  | 9 |  |  |  | 921 |  |  |  | 1,117 |
Gross deferred tax assets |  |  | 9,174 |  |  |  | 9,655 |  |  |  | 5,740 |
Net deferred tax liability |  | $ | 69,456 |  |  |  | 67,960 |  |  |  | 64,047 |
NOL Carryovers
|  | Years Ended
Other Items - All Gross |  |  | 12/31/2023 |  |  |  | 12/31/2022 |
State NOL Carryovers |  |  | 49,278,000 |  |  |  | 38,169,000 |
Federal NOL Carryovers |  |  | 28,637,000 |  |  |  | 30,358,000 |
The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2023, the earliest tax year that remains open for audit is 2018. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates.

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