Company: DXPE
Filing Date: 2025-03-10
Form Type: 10-K
Source: 0001020710-25-000036
Chunk: 79

Company: DXP ENTERPRISES INC
Filing Date: 2025-03-10
Form: 10-K
Item: Item 8
Chunk 79
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 2,620 4,501 Foreign2,190 2,044 2,248 Total current29,473 27,178 25,340 Deferred -   Federal(13,597)(7,679)(5,875)State(1,347)(1,133)(1,083)Foreign(46)(247)(583)Total deferred(14,990)(9,059)(7,541)Total current and deferred taxes$14,483 $18,119 $17,799 

66

The difference between income taxes computed at the statutory income tax rate and the provision for income taxes is as follows  (in thousands): Years Ended December 31, 202420232022Income taxes computed at federal statutory rate$17,844 $18,255 $13,839 State income taxes, net of federal benefit1,935 1,669 2,701 Foreign taxes352 144 122 Nondeductible expenses1,048 2,670 1,158 Return to Provision Adjustment(1,105)— — Blended state rate change1,122 (58)240 General business credit(6,399)(4,811)(250)Valuation allowance(57)274 (1)Restricted Stock(2,056)— — Uncertain tax positions1,732 (33)271 Other67 9 (281)Total income tax expense$14,483 $18,119 $17,799 Deferred tax liabilities and assets were comprised of the following (in thousands):December 31, 20242023Deferred tax assets: Allowance for doubtful accounts$954 $879 Inventory3,585 3,371 Texas research and development tax credit carryforward2,232 2,239    Louisiana research and development tax credit carryforward10 10 Foreign tax credit carryforward64 64 Net operating loss carryforward1,258 1,328 Capital loss carryforward4 4 Accruals9,814 8,190 ROU asset304 220 Research expenses40,650 23,822 Total deferred tax assets58,875 40,127 Less valuation allowance(221)(278)Total deferred tax asset, net of valuation allowance58,654 39,849 Deferred tax liabilities:Goodwill(24,847)(18,476)Intangibles(