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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

The components of income tax expense from operations for the years ended December 31, 2023, 2022 and 2021 are as follows:

			2023						2022						2021
Current:
Federal			$	904					$	1,179					$	455
State			828						1,004						493
			1,732						2,183						948
Deferred:
Federal			3,051						4,815						2,142
State			1,135						929						290
			4,186						5,744						2,432
Total income tax expense			$	5,918					$	7,927					$	3,380

Income Tax Reconciliation

The income tax expense from the Taxable Subsidiary operations for the years ended December 31, 2023, 2022, and 2021 differs from the "expected" tax expense (computed by applying the federal corporate rate of 21% to income before income taxes of the Taxable Subsidiary) as follows:

			2023						2022						2021
"Expected" tax expense			$	3,880					$	6,702					$	2,223
Increase in income taxes resulting from:
State income taxes, net of federal income tax expense			1,357						1,135						382
Other non-deductible (non-taxable) items			306						(86)						384
Other, net			(65)						(320)						91
Actual tax expense			$	5,478					$	7,431					$	3,080

Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows:

			2023						2022
Deferred tax assets:
Bad debt reserves			$	49					$	49
Goodwill and intangibles			10,532						11,711
Employee benefits			4						6
Operating leases			—						14
Interest expense			334						—
Tax loss carryforwards			861						5,432
Other			178						130
Subtotal			11,958						17,342
Less: Valuation allowance			—						—
Total net deferred tax assets			11,958						17,342
Deferred tax liabilities:
Property and equipment			(1,747)						(2,956)
Operating leases			(11)						—
Total deferred tax liabilities			(1,758)						(2,956)
Net deferred tax assets			$	10,200					$	14,386

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- 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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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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.

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- 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.

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