Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.4
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Current Provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,997

 

 

$

3,417

 

 

$

1,309

 

State and local

 

 

1,642

 

 

 

2,605

 

 

 

1,856

 

Foreign

 

 

 

 

 

 

 

 

 

Total Current Provision

 

 

3,639

 

 

 

6,022

 

 

 

3,165

 

Deferred Provision:

 

 

 

 

 

 

 

 

 

Federal

 

 

2,653

 

 

 

611

 

 

 

1,513

 

State and local

 

 

1,314

 

 

 

290

 

 

 

716

 

Foreign

 

 

 

 

 

 

 

 

 

Total Deferred Provision

 

 

3,967

 

 

 

901

 

 

 

2,229

 

Total Provision for Income Taxes

 

$

7,606

 

 

$

6,923

 

 

$

5,394

 

 

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

 

As of December 31,

 

 

 

2022

 

 

2021

 

Deferred tax assets

 

 

 

 

 

 

Intangible assets

 

$

10,933

 

 

$

12,660

 

Deferred leases

 

 

440

 

 

 

443

 

Net operating losses, foreign subsidiary

 

 

68

 

 

 

 

Total deferred tax assets

 

$

11,441

 

 

$

13,103

 

Deferred tax liabilities

 

 

 

 

 

 

Intangible assets

 

$

317

 

 

$

142

 

Right of use assets

 

 

352

 

 

 

357

 

Investment on underlying SLP partnership

 

 

4,018

 

 

 

1,863

 

Other

 

 

52

 

 

 

39

 

Total deferred tax liabilities

 

 

4,739

 

 

 

2,401

 

Net deferred tax assets (liabilities)

 

 

6,702

 

 

 

10,702

 

Less: Valuation allowance

 

 

(68

)

 

 

 

Net deferred tax assets (liabilities)

 

$

6,634

 

 

$

10,702

 

 

Summary of Reconciles Provision for Income Taxes

The following table reconciles the provision for income taxes to the U.S. Federal statutory tax rate:

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Statutory U.S. federal income tax rate

 

 

21.00

%

 

 

21.00

%

 

 

21.00

%

Income passed through to Partners

 

 

(6.84

)%

 

 

(7.05

)%

 

 

(7.10

)%

State and local income taxes

 

 

6.30

%

 

 

7.56

%

 

 

9.32

%

Permanent items

 

 

(0.77

)%

 

 

(0.03

)%

 

 

(0.13

)%

Foreign rate differential

 

 

(0.18

)%

 

 

 

 

 

 

Other

 

 

0.12

%

 

 

0.24

%

 

 

0.49

%

Change in valuation allowance

 

 

0.18

%

 

 

 

 

 

 

Effective income tax rate

 

 

19.81

%

 

 

21.72

%

 

 

23.58

%