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)

v3.23.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliation of Income Tax

A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit from continuing operations for 2022 and 2021, is as follows (in thousands):


	Years Ended December 31,
	2022			2021
U.S. statutory rate		21.0	%		21.0	%
Increase (decrease) resulting from:
Permanent differences		(5.1	)%		(3.1	)%
State income taxes		5.7	%		0.5	%
Other		—			(0.1	)%
Discrete items
Vesting of common stock		(1.0	)%		(1.4	)%
Change in valuation allowance		(23.1	)%		(44.3	)%
PPP Loan forgiveness		—			39.5	%
Return to provision and other		1.8	%		(11.6	)%
Income tax (expense) benefit		(0.7	)%		0.5	%

Components of Income Tax Expense

Significant components of our income tax (expense) benefit from continuing operations for 2022 and 2021, were as follows (in thousands):


	Years Ended December 31,
	2022			2021
Current
Federal	$	—		$	—
State		—			—
Total current		—			—
Deferred
Federal		556			2,185
State		166			(20	)
Valuation allowance		(745	)		(2,141	)
Total deferred		(23	)		24
Income tax (expense) benefit	$	(23	)	$	24

Components of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31, 2022 and 2021, were as follows (in thousands):


	December 31,
	2022			2021
Deferred tax assets
Leases	$	221		$	233
Employee benefits		1,465			1,208
Accrued losses on uncompleted contracts		2,076			2,572
Stock based compensation expense		351			247
Federal net operating losses		22,444			21,724
State net operating losses		3,493			3,299
R&D and other tax credits		1,013			938
Other		481			545
Total deferred tax assets		31,544			30,766
Deferred tax liabilities
Property, plant and equipment		(1,051	)		(1,285	)
Prepaid insurance		(497	)		(231	)
Total deferred tax liabilities		(1,548	)		(1,516	)
Net deferred tax assets		29,996			29,250
Valuation allowance		(30,100	)		(29,331	)
Net deferred taxes (1)	$	(104	)	$	(81	)

(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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

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-Topic 740
-SubTopic 10
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
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-SubTopic 10
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