Gulf Island Fabrication, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Cover
- Document and Entity Information
Financial Statements
Notes to Financial Statements
Accounting Policies
- ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
Notes Tables
Notes Details

Income Taxes (Tables)

v3.24.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax

A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit for 2023 and 2022, is as follows (in thousands):


	Years Ended December 31,
	2023			2022
U.S. statutory rate		21.0	%		21.0	%
Increase (decrease) resulting from:
Permanent differences		(1.0	)%		(5.1	)%
State income taxes		(0.3	)%		5.7	%
Discrete items
Vesting of common stock		(0.2	)%		(1.0	)%
Change in valuation allowance		(19.4	)%		(23.1	)%
Return to provision and other		0.1	%		1.8	%
Income tax (expense) benefit		0.2	%		(0.7	)%

Components of Income Tax Expense

Significant components of our income tax (expense) benefit for 2023 and 2022, were as follows (in thousands):


	Years Ended December 31,
	2023			2022
Current
Federal	$	—		$	—
State		—			—
Total current		—			—
Deferred
Federal		4,933			556
State		(24	)		166
Valuation allowance		(4,868	)		(745	)
Total deferred		41			(23	)
Income tax (expense) benefit	$	41		$	(23	)

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31, 2023 and 2022, were as follows (in thousands):


	December 31,
	2023			2022
Deferred tax assets
Leases	$	144		$	221
Employee benefits		1,499			1,465
Accrued losses on uncompleted contracts		77			2,076
Stock based compensation expense		373			351
Debt interest		516			-
Federal net operating losses		28,413			22,444
State net operating losses		3,407			3,493
R&D and other tax credits		1,037			1,013
Other		242			481
Total deferred tax assets		35,708			31,544
Deferred tax liabilities
Depreciation		(564	)		(1,051	)
Prepaid insurance		(280	)		(497	)
Total deferred tax liabilities		(844	)		(1,548	)
Net deferred tax assets		34,864			29,996
Valuation allowance		(34,927	)		(30,100	)
Net deferred taxes (1)	$	(63	)	$	(104	)

(1)

Amounts are included in other noncurrent liabilities on our Balance Sheet.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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