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Note 12 - Taxes
 3 Months Ended
Mar. 31, 2023
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

12. TAXES

 

We are subject to tax examinations in various taxing jurisdictions. The earliest years open for examination are as follows:

 

 

Earliest Exam Year

Taxing Authority Jurisdiction:

 

U.S. Federal

2019

Various U.S. States

2018

Puerto Rico (U.S. Territory)

2018

Canada

2018

China2019
Mexico2021
United Kingdom2021
Australia2021

 

Our policy is to accrue interest and penalties on any uncertain tax position as a component of income tax expense. No such expenses were recognized during the three months ended March 31, 2023 and 2022. We do not believe there will be any material changes in our uncertain tax positions over the next 12 months.

 

Accounting for uncertainty in income taxes requires financial statement recognition, measurement and disclosure of uncertain tax positions recognized in an enterprise’s financial statements.  Under this guidance, income tax positions must meet a more-likely-than-not recognition threshold at the effective date to be recognized upon the adoption of the standard.  We did not have any unrecognized tax benefits and there was no effect on our financial condition or results of operations.

 

Our estimated effective tax rates for the three months ended March 31, 2023 and 2022 are as follows:

 

  

Three Months Ended

 
  

March 31,

 
  

2023

  

2022

 

Effective Tax Rate

  21.8

%

  21.0

%