XML 30 R17.htm IDEA: XBRL DOCUMENT
v3.25.4

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2025
Income Taxes [Abstract] |
Income Taxes | Note 10: Income Taxes In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which enhances the transparency and decision usefulness of income tax disclosures, primarily related to the effective tax rate reconciliation and income taxes paid. The Company adopted ASU 2023-09 prospectively for the year ended December 31, 2025. The standard did not have a material impact on the Company’s consolidated financial statements. Prior-period disclosures have not been retrospectively adjusted. Income before income taxes consisted of the following: Current Year - ASU 2023-09 (Prospective Adoption)
| Years Ended December 31,
| 2025 |  | 2024 |  | 2023
| (in thousands)
Domestic | $ | (5,855) |  | $ | 3,605 |  | $ | 14,116
Foreign |  | - |  |  | (363) |  |  | (122)
Total (loss) income before income taxes | $ | (5,855) |  | $ | 3,242 |  | $ | 13,994
The components of the provision for income taxes consisted of the following:
|  | Years Ended December 31,
|  | 2025 |  | 2024 |  | 2023
|  | (in thousands)
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | (112) |  | $ | (428) |  | $ | (2,087)
State |  |  | (191) |  |  | (127) |  |  | (556)
Total Current |  |  | (303) |  |  | (555) |  |  | (2,643)
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | 1,269 |  |  | (222) |  |  | (794)
State |  |  | 395 |  |  | (144) |  |  | (486)
Total Deferred |  |  | 1,664 |  |  | (366) |  |  | (1,280)
Total Benefit (Provision) for Income Taxes |  | $ | 1,361 |  | $ | (921) |  | $ | (3,923)
The following table reflects the effective income tax rate reconciliation for the year ended December 31, 2025 (ASU 2023-09 (Prospective Adoption)):
|  | 2025
|  | Amounts (in thousands) | % of Statutory Tax
Tax at US federal statutory rate | $ | 1,230 | 21.0 | %
State and local income taxes, net of federal benefit* |  | 163 | 2.8 | %
Other |  | (32) | (0.5) | %
Benefit (Provision) for Income Taxes | $ | 1,361 | 23.2 | %
*State taxes in Texas, Illinois, Minnesota, Michigan, Virginia, Maryland, and Pennsylvania made up the majority (greater than 50 percent) of the tax effect in this category. The following table reflects the effective income tax rate reconciliation for the years ended December 31, 2024 and 2023 (ASU 2023-09 (Prospective Adoption)):
| 2024 |  | 2023
Federal statutory rate | 21.0 | % |  | 21.0 | %
State income taxes, net of the federal tax benefit | 8.0 |  |  | 5.9 |
Stock based compensation | (3.9) |  |  | 1.6 |
Non-deductible meals and entertainment | 1.3 |  |  | 0.3 |
Tax credits | (1.1) |  |  | (0.6) |
Foreign rate differential | 2.3 |  |  | 0.2 |
Other | 0.8 |  |  | (0.4) |
Effective tax rate | 28.4 | % |  | 28.0 | %
The Company’s effective tax rate was 23.2%, 28.4%, and 28.0% for the years ended December 31, 2025, 2024, and 2023, respectively. Year-over-year changes in the effective tax rate were primarily driven by fluctuations in pretax income, including a pretax loss in 2025, and the resulting disproportionate impact of certain permanent items. Income taxes paid, net of refunds received, were as follows for the year ended December 31, 2025 (ASU 2023-09 (Prospective Adoption)):
| 2025
| (in thousands)
Federal | $ | 469
State and local: |  |
Illinois |  | 50
Texas |  | 59
Other state and local jurisdictions |  | 19
Foreign |  | -
Total Income taxes paid | $ | 597
Components of net deferred income taxes were as follows at December 31:
|  | 2025 |  | 2024
|  | (in thousands)
Deferred income tax assets: |  |  |  |  |  |
Section 743 carryforward |  | $ | 2,688 |  | $ | 4,388
Inventory |  |  | 2,338 |  |  | 1,666
Operating lease liabilities |  |  | 34,721 |  |  | 36,851
Other |  |  | 4,628 |  |  | 2,598
Total deferred income tax assets |  | $ | 44,375 |  | $ | 45,503
Deferred income tax liabilities |  |  |  |  |  |
Depreciation |  | $ | 2,491 |  | $ | 3,635
Operating lease right-of-use assets |  |  | 34,582 |  |  | 36,418
Other |  |  | 748 |  |  | 560
Total deferred income tax liabilities |  |  | 37,821 |  |  | 40,613
Net deferred income tax assets |  | $ | 6,554 |  | $ | 4,890
As of December 31, 2025, the Company had tax effected net operating loss carryforwards of approximately $1.4 million and $0.6 million for federal and state tax purposes, respectively. The federal attributes have an indefinite carryforward period and the state attributes have a carryforward period ranging from five years to indefinitely. The Company closed its foreign operations in 2024 and, as such, there are no foreign unremitted earnings as of December 31, 2025 or 2024. The Company records interest and penalties through income tax expense relating to uncertain tax positions. As of December 31, 2025, 2024 and 2023, the Company has not recognized any liabilities for uncertain tax positions nor has the Company accrued interest and penalties related to uncertain tax positions. The Company's federal, state, and foreign income tax returns are subject to audit. The Company is not currently under audit by federal or foreign taxing authorities. During 2024, the Minnesota Department of Revenue commenced an audit of the 2020, 2021, and 2022 tax years; the audit remains open. The years open to examination include years ending 2022 to 2024 for federal income tax purposes, years ending 2020 to 2024 for state income tax purposes, and years ending 2021 to 2024 for foreign income tax purposes.

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 tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147477617/942-740-50-1 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 740 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478822/944-740-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -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 Reference 5: 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 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 8: 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/1943274/2147477891/740-270-50-1 Reference 9: 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 10: 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 11: 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 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 13: 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 14: 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 15: 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 16: 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 17: 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