Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2021 |
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| Income Taxes |
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| Schedule of components of provision for income tax expense (benefit) |
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Year ended December 31 |
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2021 |
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2020 |
|
2019 |
Current: |
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Federal |
|
$ |
4,246 |
|
$ |
5,509 |
|
$ |
12,492 |
State |
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(1,967) |
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1,621 |
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3,067 |
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2,279 |
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7,130 |
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15,559 |
Deferred: |
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Federal |
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1,874 |
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(17,135) |
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(1,442) |
State |
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(256) |
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(2,271) |
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(666) |
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1,618 |
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(19,406) |
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(2,108) |
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|
$ |
3,897 |
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$ |
(12,276) |
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$ |
13,451 |
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| Schedule of reconciliation of income tax expense computed at the federal statutory rate to the provision for income taxes |
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2021 |
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2020 |
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2019 |
Federal income tax expense at statutory rate |
$ |
7,264 |
|
$ |
(20,752) |
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$ |
13,150 |
State taxes, net of federal benefit |
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(1,329) |
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(2,820) |
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2,239 |
Valuation allowance |
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(101) |
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1,762 |
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139 |
Change in uncertain tax positions, net |
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(705) |
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|
679 |
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(601) |
Research and development credit |
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(859) |
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(536) |
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(404) |
State rate change |
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(652) |
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157 |
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(426) |
Goodwill impairment |
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- |
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10,038 |
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- |
Other |
|
279 |
|
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(804) |
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(646) |
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$ |
3,897 |
|
$ |
(12,276) |
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$ |
13,451 |
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| Schedule of significant components of deferred tax liabilities and assets |
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December 31, |
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2021 |
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2020 |
Deferred tax assets: |
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Allowance for doubtful accounts |
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$ |
756 |
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$ |
754 |
Inventory reserves |
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1,505 |
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1,529 |
Warranty liability |
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1,551 |
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1,465 |
Deferred compensation |
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1,659 |
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|
1,437 |
Earnout liabilities |
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|
297 |
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|
354 |
Pension and retiree health benefit obligations |
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1,573 |
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1,738 |
Interest rate swap |
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1,615 |
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3,373 |
Accrued vacation |
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1,440 |
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1,241 |
Medical claims reserve |
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|
48 |
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|
84 |
Operating lease liabilities |
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5,011 |
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5,583 |
Net operating losses |
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3,182 |
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3,744 |
Other accrued liabilities |
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5,106 |
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4,949 |
Other |
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|
663 |
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- |
Valuation allowance |
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(3,273) |
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(3,374) |
Total deferred tax assets |
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21,133 |
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22,877 |
Deferred tax liabilities: |
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Tax deductible goodwill and other intangibles |
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(35,609) |
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(35,953) |
Accelerated depreciation |
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(9,918) |
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(8,105) |
Operating leases - right of use assets |
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(4,626) |
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(5,583) |
Other |
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(769) |
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|
83 |
Total deferred tax liabilities |
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(50,922) |
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(49,558) |
Net deferred tax liabilities |
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$ |
(29,789) |
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$ |
(26,681) |
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| Schedule of reconciliation of the beginning and ending liability for uncertain tax positions |
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2021 |
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2020 |
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2019 |
Balance at beginning of year |
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$ |
1,954 |
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$ |
1,219 |
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$ |
1,795 |
Increases for tax positions taken in the current year |
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|
311 |
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|
238 |
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|
131 |
Increases for tax positions taken in the prior years |
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0 |
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|
846 |
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15 |
Decreases due to settlements with taxing authorities |
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(991) |
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(83) |
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- |
Decreases due to lapses in the statute of limitations |
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(60) |
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(266) |
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(722) |
Balance at the end of year |
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$ |
1,214 |
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$ |
1,954 |
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$ |
1,219 |
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