XML 33 R19.htm IDEA: XBRL DOCUMENT
v3.3.1.900

Note 12 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2015
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
12. | Income Taxes:
The components of the Company’s provision (benefit) for income taxes from continuing operations were as follows:
|  | As of December 31, |
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | (149 | ) |  | $ | 4,859 |  |  | $ | 6,207 |
State and local |  |  | (752 | ) |  |  | 657 |  |  |  | 1,265 |
|  |  | (901 | ) |  |  | 5,516 |  |  |  | 7,472 |
Deferred |  |  | (5,916 | ) |  |  | (2,566 | ) |  |  | (2,195 | )
Income tax provision |  | $ | (6,817 | ) |  | $ | 2,950 |  |  | $ | 5,277 |
The components of the Company’s short and long-term deferred income taxes at December 31 are as follows:
(in thousands) |  | 2015 |  |  | 2014 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory (excluding LIFO reserve) |  | $ | 2,986 |  |  | $ | 2,881 |
Net operating loss and tax credit carryforwards |  |  | 2,926 |  |  |  | 2,971 |
Allowance for doubtful accounts |  |  | 500 |  |  |  | 519 |
Accrued expenses |  |  | 7,311 |  |  |  | 7,642 |
Other |  |  | 143 |  |  |  | 83 |
|  |  | 13,866 |  |  |  | 14,096 |
Valuation reserve |  |  | (1,030 | ) |  |  | (1,381 | )
Total deferred tax assets |  |  | 12,836 |  |  |  | 12,715 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
LIFO reserve |  |  | (6,018 | ) |  |  | (6,049 | )
Property and equipment |  |  | (20,601 | ) |  |  | (22,684 | )
Intangibles |  |  | (11,329 | ) |  |  | (14,930 | )
Other |  |  | (1 | ) |  |  | 24 |
Total deferred tax liabilities |  |  | (37,949 | ) |  |  | (43,639 | )
Deferred tax liabilities, net |  | $ | (25,113 | ) |  | $ | (30,924 | )
The deferred tax liability decreased by $105 thousand related to the interest rate swap and by $3.1 million related to the partial impairment of the indefinite lived intangible asset, Tradename. Refer to footnote 5, Goodwill and Intangible Assets, for a detailed analysis of the partial impairment. The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:
(in thousands) |  | 2015 |  |  | 2014 |  |  | 2013 |
Balance as of January 1 |  | $ | 58 |  |  | $ | 75 |  |  | $ | 112 |
Decreases related to prior year tax positions |  |  | (20 | ) |  |  | (17 | ) |  |  | (37 | )
Increases related to current year tax positions |  |  | 13 |  |  |  | 13 |  |  |  | 23 |
Decreases related to lapsing of statute of limitations |  |  | (13 | ) |  |  | (13 | ) |  |  | (23 | )
Balance as of December 31 |  | $ | 38 |  |  | $ | 58 |  |  | $ | 75 |
It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2012 through 2014 remain open to examination by major taxing jurisdictions to which the Company is subject. The Company recognized interest related to uncertain tax positions in income tax expense. As of December 31, 2015 and December 31, 2014, the Company had approximately $2 thousand and $4 thousand of gross accrued interest related to uncertain tax positions, respectively. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:
|  | 2015 |  |  | 2014 |  |  | 2013 |
U.S. federal statutory rate |  |  | 35.0 | % |  |  | 35.0 | % |  |  | 35.0 | %
State and local taxes, net of federal benefit |  |  | 1.4 | % |  |  | (1.6 | %) |  |  | 3.0 | %
Goodwill impairment |  |  | (17.1 | %) |  |  | (52.0 | %) |  |  | - |
Change in unrecognized tax benefits |  |  | 0.1 | % |  |  | (0.1 | %) |  |  | (0.2 | %)
All other, net |  |  | 0.9 | % |  |  | 0.4 | % |  |  | 3.0 | %
Effective income tax rate |  |  | 20.3 | % |  |  | (18.3 | %) |  |  | 40.8 | %
Income taxes paid in 2015, 2014 and 2013 totaled $0.5 million, $4.7 million and $7.6 million, respectively. Some subsidiaries of the Company’s consolidated group file state tax returns on a separate company basis and have state net operating loss carryforwards expiring over the next seven to 20 years. A valuation allowance is recorded to reduce certain deferred tax assets to the amount that is more likely than not to be realized.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
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/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration