XML 56 R37.htm IDEA: XBRL DOCUMENT v3.25.0.1

INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of Income before Income Tax

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		​		​	​		​	​
Years ended December 31,		2024			2023			2022
Income before income taxes - Domestic	​	$	21,142	​	$	52,062	​	$	52,134

Schedule of components of the provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		​			​			​
Years ended December 31,		2024			2023			2022
Current provision:		​			​			​
Federal	​	$	3,986	​	$	12,384	​	$	12,225
State	​		442	​		1,109	​		1,360
Deferred (benefit):	​		​	​		​	​		​
Federal	​		(1,101)	​		(3,047)	​		(1,687)
State	​		(38)	​		(79)	​		(111)
Total income tax provision	​	$	3,289	​	$	10,367	​	$	11,787

Schedule of reconciliation between the federal statutory rate and effective tax rate

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

(in thousands)

​

​

​

​

​

​

​

​

​

Years ended December 31,

​

2024

​

​

2023

​

​

2022

Federal statutory rate

$

4,440

​

21.0

%

​

$

10,933

​

21.0

%

​

$

10,948

​

21.0

%

State income taxes, net of federal benefit (a)

275

​

1.3

​

647

​

1.2

​

652

​

1.3

Tax credits

​

​

​

​

​

​

​

​

​

​

​

​

​

Research and Development Credit

​

​

(110)

​

(0.5)

​

​

​

(652)

​

(1.3)

​

​

​

(353)

​

(0.7)

​

Investment Tax Credit

​

​

(1,003)

​

(4.7)

​

​

​

—

​

—

​

​

​

—

​

—

​

Change in unrecognized tax benefits

​

49

​

0.2

​

​

241

​

0.5

​

​

434

​

0.8

​

Non-deductible expenses

​

(162)

​

(0.8)

​

​

(137)

​

(0.2)

​

​

391

​

0.7

​

Cross-border tax laws

(71)

​

(0.3)

​

(243)

​

(0.5)

​

(232)

​

(0.4)

Other

(129)

​

(0.6)

​

(422)

​

(0.8)

​

(53)

​

(0.1)

Income tax provision and effective tax rate

$

3,289

​

15.6

%

​

$

10,367

​

19.9

%

​

$

11,787

​

22.6

%

​

(a) State taxes in Florida and Georgia made up the majority (greater than 50 percent) of the tax effect in this category.

Schedule of components of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
(in thousands)		​			​
December 31,		2024			2023
Deferred tax assets:		​			​
Warranty costs	​	$	1,370	​	$	1,557
Sales incentives and discounts	​		436	​		570
Self-insurance	​	​	524	​	​	215
Stock-based compensation	​		908	​		824
Long-term retirement plan	​		4,767	​		3,960
Capitalized research and development	​	​	3,226	​	​	2,900
All others, net	​		331	​		250
Total deferred tax assets	​		11,562	​		10,276
Deferred tax liabilities:	​			​
Depreciation and amortization expense	​		(1,833)	​		(1,686)
Net deferred tax assets	​	$	9,729	​	$	8,590

Schedule of Income Taxes paid

​

​	​	​	​	​	​	​	​	​	​
(in thousands)		​		​	​		​	​
Years ended December 31,		2024			2023			2022
Federal	​	$	4,000	​	$	12,999	​	$	12,100
State	​		​	​		​	​		​
Florida	​	​	160	​	​	450	​	​	375
North Carolina	​	​	94	​	​	175	​	​	90
Other	​		222	​		287	​		457
Total net payments	​	$	4,476	​	$	13,911	​	$	13,022

Schedule of unrecognized tax benefits

​

​	​	​	​	​	​	​
(in thousands)	​	2024			2023
Balance at January 1	​	$	1,349	​	$	1,058
Additions based on tax positions related to the current year	​		21	​		236
Additions for tax positions of prior years	​		41	​		55
Balance at December 31	​	$	1,411	​	$	1,349

X

- Definition

Schedule of disclosure of information pertaining to income taxes paid.

+ References

No definition available.

+ Details

Name:	mpx_ScheduleOfIncomeTaxesPaidTableTextBlock
Namespace Prefix:	mpx_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types: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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration