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Note 15 - Income Taxes | 12 Months Ended
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Dec. 31, 2023
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
15. | 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) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 11,574 |  |  | $ | 27,865 |  |  | $ | 36,592 |
International |  |  | 1,047 |  |  |  | 102 |  |  |  | 85 |
State and local |  |  | 2,529 |  |  |  | 5,691 |  |  |  | 7,739 |
|  |  | 15,150 |  |  |  | 33,658 |  |  |  | 44,416 |
Deferred |  |  | 1,908 |  |  |  | (967 | ) |  |  | (668 | )
Income tax provision |  | $ | 17,058 |  |  | $ | 32,691 |  |  | $ | 43,748 |
The components of the Company’s deferred income taxes at December 31 are as follows:
(in thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |  |  |
Inventory (excluding LIFO reserve) |  | $ | 3,340 |  |  | $ | 2,176 |
Net operating loss and tax credit carryforwards |  |  | 803 |  |  |  | 1,029 |
Allowance for credit losses |  |  | 657 |  |  |  | 833 |
Accrued expenses |  |  | 7,543 |  |  |  | 6,114 |
Lease liabilities |  |  | 9,567 |  |  |  | 7,916 |
Other |  |  | 379 |  |  |  | 214 |
Deferred tax assets before valuation allowance |  |  | 22,289 |  |  |  | 18,282 |
Valuation allowance |  |  | (489 | ) |  |  | (919 | )
Total deferred tax assets |  |  | 21,800 |  |  |  | 17,363 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
LIFO reserve |  |  | (3,820 | ) |  |  | (3,451 | )
Property and equipment |  |  | (16,223 | ) |  |  | (12,194 | )
Lease right of use assets |  |  | (9,363 | ) |  |  | (7,769 | )
Interest rate hedge |  |  | (14 | ) |  |  | (437 | )
Intangibles |  |  | (3,890 | ) |  |  | (3,537 | )
Total deferred tax liabilities |  |  | (33,310 | ) |  |  | (27,388 | )
Deferred tax liabilities, net |  | $ | (11,510 | ) |  | $ | (10,025 | )
The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Balance as of January 1 |  | $ | 220 |  |  | $ | 228 |  |  | $ | 28 |
Increases related to current year tax positions |  |  | - |  |  |  | - |  |  |  | 8 |
Increase (Decrease) related to prior year tax positions |  |  | 8 |  |  |  | (8 | ) |  |  | 200 |
Decreases related to lapsing of statute of limitations |  |  | (8 | ) |  |  | - |  |  |  | (8 | )
Settlements |  |  | (46 | ) |  |  | - |  |  |  | - |
Balance as of December 31 |  | $ | 174 |  |  | $ | 220 |  |  | $ | 228 |
It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2020 through 2022 remain open to examination by major taxing jurisdictions to which the Company is subject. The Company recognized interest related to uncertain tax positions in the income tax provision. The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:
|  | 2023 |  |  | 2022 |  |  | 2021 |
U.S. federal statutory rate in effect |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of federal benefit |  |  | 4.4 | % |  |  | 4.5 | % |  |  | 4.5 | %
Foreign |  |  | 1.7 | % |  |  | 0.1 | % |  |  | 0.1 | %
Meals and entertainment |  |  | 0.7 | % |  |  | 0.2 | % |  |  | 0.1 | %
Tax credits |  |  | (0.4 | )% |  |  | (0.1 | )% |  |  | (0.1 | )%
All other, net |  |  | 0.3 | % |  |  | 0.7 | % |  |  | 0.9 | %
Effective income tax rate |  |  | 27.7 | % |  |  | 26.4 | % |  |  | 26.5 | %
Income taxes paid in 2023, 2022 and 2021 totaled $13.6 million, $33.4 million and $46.5 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 15 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. The valuation allowances recorded as of December 31, 2023 and 2022 were related to certain state net operating losses and totaled $0.5 million and $0.9 million, respectively.

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