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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Significant Components Deferred Tax Liabilities

Significant components of the Company's deferred tax assets and liabilities from continuing operations are as follows at the respective year ends: 

(in thousands)			2023						2022
Deferred income tax assets:
Inventory valuation reserves			$	1,829					$	963
Inventory capitalization			360						907
Accrued bonus			127						150
State net operating loss carryforwards			2,239						1,572
Federal net operating loss carryforwards			2,209						1,088
Lease liabilities			7,415						7,744
Interest Limitation Carryforwards			1,396						555
Intangible asset basis differences			2,564						3,262
Other			1,932						1,192
Total deferred income tax assets			20,071						17,433
State valuation allowance			(1,641)						(1,371)
Total net deferred income tax assets			18,430						16,062
Deferred income tax liabilities:
Fixed asset basis differences			5,478						7,184
Prepaid expenses			445						418
Lease assets			6,699						7,107
Total deferred income tax liabilities			12,622						14,709
Deferred income taxes, net			$	5,808					$	1,353

Schedule of Components of Provision for Income Taxes

Significant components of the provision for income taxes are as follows:

(in thousands)			2023						2022
Current:
Federal			$	(561)					$	(189)
State			191						137
Total current			(370)						(52)
Deferred:
Federal			(5,965)						(4,903)
State			(589)						(613)
Total deferred			(6,554)						(5,516)
Total			$	(6,924)					$	(5,568)

Schedule of Reconciliation of Income Taxes Computed at U.S. Rate to Income Tax Expense

The reconciliation of income tax computed at the U. S. federal statutory tax rates to income tax expense is:

(in thousands)			2023												2022
			Amount						%						Amount						%
Tax at U.S. statutory rates			$	(8,616)					21.0		%				$	2,522					21.0		%
State income taxes, net of federal tax benefit			(585)						1.4		%				184						1.5		%
Federal and State valuation allowance			270						(0.7)		%				(2,366)						(19.7)		%
Stock option compensation			87						(0.2)		%				(173)						(1.4)		%
Tax Benefits Associated with Palmer Closure			—						—		%				(5,707)						(47.5)		%
Other nondeductible expenses			33						(0.1)		%				51						0.4		%
Goodwill impairment			2,049						(5.0)		%				—						—		%
Other, net			(162)						0.5		%				(79)						(0.7)		%
Total			$	(6,924)					16.9		%				$	(5,568)					(46.4)		%

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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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- 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.

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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

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