Company: SFB
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0000950170-25-027702
Chunk: 634

Company: STIFEL FINANCIAL CORP
Filing Date: 2025-02-26
Form: 10-K
Item: Item 3
Chunk 634
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 for tax years before 2024 and to carry forward net operating losses indefinitely after 2024, and expectations of future taxable income, which is supported by a history of cumulative income.The current tax payable, included in accounts payable and accrued expenses, is $5.8 million and $6.1 million as of December 31, 2024 and 2023, respectively. The current tax receivable, included in other assets, is $30.1 million and $38.9 million as of December 31, 2024 and 2023, respectively.As of December 31, 2024, we considered all undistributed earnings of non-U.S. subsidiaries to be permanently reinvested. Therefore, we have not provided for any U.S. deferred income taxes. Because the time or manner of repatriation is uncertain, we cannot determine the impact of local taxes, withholding taxes and foreign tax credits associated with the future repatriation of such earnings, and therefore cannot quantify the tax liability that would be payable in the event all such foreign earnings are repatriated.Uncertain Tax PositionsAs of December 31, 2024 and 2023, we had $5.5 million and $5.4 million, respectively, of gross unrecognized tax benefits, all of which, if recognized, would impact the effective tax rate. We recognize interest and penalties related to uncertain tax positions in provision for income taxes in the consolidated statements of operations. As of December 31, 2024 and 2023, we had accrued interest and penalties of $0.3 million and $0.4 million, respectively, before benefit of federal tax deduction, included in accounts payable and accrued expenses in our consolidated statements of financial condition. The amount of interest and penalties recognized in our consolidated statements of operations for the years ended December 31, 2024, 2023, and 2022, was not significant.

121

The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2022 to December 31, 2024 (in thousands): 

        Year Ended December 31,

        2024

        2023

        2022

        Beginning balance
         
        $
        5,430

        $
        5,271

        $
        4,924

        Increase related to prior year tax positions

        428

        112

        195

        Decrease related to prior year tax positions