Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)

 

Year Ended December 31,

 

 

2024

 

 

2023

 

 

2022

 

Current Provision:

 

 

 

 

 

 

 

 

 

Federal

 

$

1,228

 

 

$

823

 

 

$

1,997

 

State and local

 

 

1,321

 

 

 

1,301

 

 

 

1,642

 

Foreign

 

 

 

 

 

 

 

 

 

Total Current Provision

 

 

2,549

 

 

 

2,124

 

 

 

3,639

 

Deferred Provision:

 

 

 

 

 

 

 

 

 

Federal

 

 

1,466

 

 

 

1,671

 

 

 

2,653

 

State and local

 

 

548

 

 

 

515

 

 

 

1,314

 

Foreign

 

 

 

 

 

 

 

 

 

Total Deferred Provision

 

 

2,014

 

 

 

2,186

 

 

 

3,967

 

Total Provision for Income Taxes

 

$

4,563

 

 

$

4,310

 

 

$

7,606

 

 

Summary of Deferred Tax Assets and Liabilities

A summary of deferred tax assets and liabilities as follows:

 

 

As of December 31,

 

 

2024

 

 

2023

 

Deferred tax assets

 

 

 

 

 

 

Intangible assets

 

$

9,821

 

 

$

9,944

 

Net operating losses, foreign subsidiary

 

$

308

 

 

$

141

 

Deferred leases

 

 

287

 

 

 

331

 

Other

 

 

63

 

 

 

176

 

Total deferred tax assets

 

$

10,479

 

 

$

10,592

 

Deferred tax liabilities

 

 

 

 

 

 

Intangible assets

 

$

4,797

 

 

$

4,204

 

Fixed assets

 

$

1,190

 

 

$

1,170

 

Right of use assets

 

 

206

 

 

 

247

 

Other

 

 

54

 

 

 

53

 

Total deferred tax liabilities

 

 

6,247

 

 

 

5,674

 

Net deferred tax assets (liabilities)

 

 

4,232

 

 

 

4,918

 

Less: Valuation allowance

 

 

(308

)

 

 

(141

)

Net deferred tax assets (liabilities)

 

$

3,924

 

 

$

4,777

 

 

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,

 

 

2024

 

 

2023

 

 

2022

 

Statutory U.S. federal income tax rate

 

 

21.00

%

 

 

21.00

%

 

 

21.00

%

Income attributable to non-controlling interests

 

 

(6.88

)%

 

 

(7.07

)%

 

 

(6.84

)%

State and local income taxes

 

 

7.58

%

 

 

7.74

%

 

 

6.30

%

Permanent items

 

 

0.09

%

 

 

0.21

%

 

 

(0.77

)%

Foreign rate differential

 

 

0.20

%

 

 

0.09

%

 

 

(0.18

)%

Other

 

 

(0.34

)%

 

 

(0.22

)%

 

 

0.12

%

Change in valuation allowance

 

 

0.85

%

 

 

0.37

%

 

 

0.18

%

Effective income tax rate

 

 

22.50

%

 

 

22.12

%

 

 

19.81

%