Annual report pursuant to Section 13 and 15(d)

Note 13 - Income Taxes (Tables)

v3.22.4
Note 13 - Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Notes Tables  
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block]
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

U.S.

  $ 51,437       66,575       (59,187 )

Foreign

    (8,646 )     (2,334 )     849  

Total

  $ 42,791       64,241       (58,338 )
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Current:

                       

Federal

  $ 12,117       10,672       (5,912 )

State

    3,630       2,855       (599 )
      15,747       13,527       (6,511 )

Deferred:

                       

Federal

    (251 )     3,234       (3,800 )

State

    (347 )     414       (937 )
      (598 )     3,648       (4,737 )

Provision (benefit) for income taxes

  $ 15,149       17,175       (11,248 )
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]
   

For the Years Ended December 31,

 
   

2022

   

2021

   

2020

 

Income tax provision (benefit) at expected federal income tax rate (1)

  $ 8,986       13,491       (12,251 )

Increase (decrease) resulting from:

                       

Provision (benefit) for state taxes, net of federal effect

    2,521       2,670       (1,219 )

Taxes related to noncontrolling interests in subsidiaries not consolidated for income tax purposes

    72       31       854  

Nondeductible IT'SUGAR's bankruptcy costs

    460       248        

Nondeductible goodwill

                437  

Nondeductible executive compensation

    1,451             773  

Increase (decrease) in valuation allowance

    2,048       427       (142 )

Other – net

    (389 )     308       300  

Provision (benefit) for income taxes

  $ 15,149       17,175       (11,248 )
Schedule of Deferred Tax Assets and Liabilities [Table Text Block]
   

As of December 31,

 
   

2022

   

2021

   

2020

 

Deferred federal and state tax assets:

                       

Net operating loss carryforwards

  $ 10,570       7,943       7,275  

Book reserves for credit losses, inventory, real estate and property and equipment

    1,257       1,450       1,324  

Expenses recognized for books and deferred for tax

    3,439       1,288       1,860  

Operating lease liabilities

    8,156       2,407       317  

Investment in IT'SUGAR, LLC

    458       2,060       3,510  

Intangible assets

          180       226  

Other assets

    334       332       835  

Total gross federal and state deferred tax assets

    24,214       15,660       15,347  

Less deferred tax asset valuation allowance

    (9,248 )     (7,199 )     (6,772 )

Total deferred tax assets

    14,966       8,461       8,575  

Deferred federal and state tax liabilities:

                       

Tax over book depreciation

    (1,735 )     (1,727 )     (456 )

Operating lease assets

    (7,965 )     (2,610 )     (288 )

Intangible assets

    (231 )            

Other liabilities

    (776 )     (348 )     (407 )

Total gross deferred federal and state tax liabilities

    (10,707 )     (4,685 )     (1,151 )

Net federal and state deferred tax assets

  $ 4,259       3,776       7,424