Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Taxes  
Schedule of components of provision for income tax expense (benefit)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31

​

​

2021

​

2020

​

2019

Current:

​

​

​

​

​

​

​

​

​

Federal

​

$

4,246

​

$

5,509

​

$

12,492

State

​

​

(1,967)

​

​

1,621

​

​

3,067

​

​

​

2,279

​

​

7,130

​

​

15,559

Deferred:

​

​

​

​

​

​

​

​

​

Federal

​

​

1,874

​

​

(17,135)

​

​

(1,442)

State

​

​

(256)

​

​

(2,271)

​

​

(666)

​

​

​

1,618

​

​

(19,406)

​

​

(2,108)

​

​

$

3,897

​

$

(12,276)

​

$

13,451

Schedule of reconciliation of income tax expense computed at the federal statutory rate to the provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2021

​

2020

​

2019

Federal income tax expense at statutory rate

$

7,264

​

$

(20,752)

​

$

13,150

State taxes, net of federal benefit

​

(1,329)

​

​

(2,820)

​

​

2,239

Valuation allowance

​

(101)

​

​

1,762

​

​

139

Change in uncertain tax positions, net

​

(705)

​

​

679

​

​

(601)

Research and development credit

​

(859)

​

​

(536)

​

​

(404)

State rate change

​

(652)

​

​

157

​

​

(426)

Goodwill impairment

​

-

​

​

10,038

​

​

-

Other

​

279

​

​

(804)

​

​

(646)

​

$

3,897

​

$

(12,276)

​

$

13,451

Schedule of significant components of deferred tax liabilities and assets

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2021

​

2020

Deferred tax assets:

​

​

​

​

​

​

Allowance for doubtful accounts

​

$

756

​

$

754

Inventory reserves

​

​

1,505

​

​

1,529

Warranty liability

​

​

1,551

​

​

1,465

Deferred compensation

​

​

1,659

​

​

1,437

Earnout liabilities

​

​

297

​

​

354

Pension and retiree health benefit obligations

​

​

1,573

​

​

1,738

Interest rate swap

​

​

1,615

​

​

3,373

Accrued vacation

​

​

1,440

​

​

1,241

Medical claims reserve

​

​

48

​

​

84

Operating lease liabilities

​

​

5,011

​

​

5,583

Net operating losses

​

​

3,182

​

​

3,744

Other accrued liabilities

​

​

5,106

​

​

4,949

Other

​

​

663

​

​

-

Valuation allowance

​

​

(3,273)

​

​

(3,374)

Total deferred tax assets

​

​

21,133

​

​

22,877

Deferred tax liabilities:

​

​

​

​

​

​

Tax deductible goodwill and other intangibles

​

​

(35,609)

​

​

(35,953)

Accelerated depreciation

​

​

(9,918)

​

​

(8,105)

Operating leases - right of use assets

​

​

(4,626)

​

​

(5,583)

Other

​

​

(769)

​

​

83

Total deferred tax liabilities

​

​

(50,922)

​

​

(49,558)

Net deferred tax liabilities

​

$

(29,789)

​

$

(26,681)

Schedule of reconciliation of the beginning and ending liability for uncertain tax positions

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

2021

​

2020

​

2019

Balance at beginning of year

​

$

1,954

​

$

1,219

​

$

1,795

Increases for tax positions taken in the current year

​

​

311

​

​

238

​

​

131

Increases for tax positions taken in the prior years

​

​

0

​

​

846

​

​

15

Decreases due to settlements with taxing authorities

​

​

(991)

​

​

(83)

​

​

-

Decreases due to lapses in the statute of limitations

​

​

(60)

​

​

(266)

​

​

(722)

Balance at the end of year

​

$

1,214

​

$

1,954

​

$

1,219