Company: ZEUS
Filing Date: 2025-02-21
Form Type: 10-K
Source: 0001437749-25-004742
Chunk: 494

Company: OLYMPIC STEEL INC
Filing Date: 2025-02-21
Form: 10-K
Item: Item 2
Chunk 494
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 Inventory (excluding LIFO reserve)  $2,980  $3,340 
 Net operating loss and tax credit carryforwards   896   803 
 Allowance for credit losses   452   657 
 Accrued expenses   8,865   7,543 
 Lease liabilities   10,090   9,567 
 Other   312   379 
 Deferred tax assets before valuation allowance   23,595   22,289 
 Valuation allowance   (446)  (489)
 Total deferred tax assets   23,149   21,800 
         
 Deferred tax liabilities:         
 LIFO reserve   (3,429)  (3,820)
 Property and equipment   (16,058)  (16,223)
 Lease right of use assets   (9,848)  (9,363)
 Interest rate hedge   (63)  (14)
 Intangibles   (4,800)  (3,890)
 Total deferred tax liabilities   (34,198)  (33,310)
 Deferred tax liabilities, net  $(11,049) $(11,510)

   The following table summarizes the activity related to the Company’s gross unrecognized tax benefits:

     (in thousands)   2024    2023    2022  
 Balance as of January 1  $174  $220  $228 
 Increases related to current year tax positions   -   -   - 
 Increase (Decrease) related to prior year tax positions   173   8   (8)
 Decreases related to lapsing of statute of limitations   (55)  (8)  - 
 Settlements   -   (46)  - 
 Balance as of December 31  $292  $174  $220 

   It is expected that the amount of unrecognized tax benefits will not materially change in the next twelve months. The tax years 2021 through 2023 remain open to examination by major taxing jurisdictions to which the Company is subject.
    
   The Company recognized interest related to uncertain tax positions in the income tax provision.

     70

   The following table reconciles the U.S. federal statutory rate to the Company’s effective tax rate:

       2024