What was the total deferred income tax benefit for Precision Door Service in 2023?
Precision_Door_Service Franchise · 2025 FDDAnswer from 2025 FDD Document
ear ended December 31, 2023. Total lease cost was $13,926 for the year ended December 31, 2023, including finance lease costs and variable lease costs. Rent expense for operating leases was $7,406 for the year ended December 31, 2022. Total lease cost was $10,696 for the year ended December 31, 2022, including finance lease costs and variable lease costs.
Notes to Consolidated Financial Statements ($000's)
9. Income Taxes
The provision for income ta
Source: Item 21 — Financial Statements (FDD page 91)
What This Means (2025 FDD)
According to Precision Door Service's 2025 Franchise Disclosure Document, the total deferred income tax benefit for 2023 was $(44,359). This figure is part of a larger table detailing the components of the income tax benefit for both 2023 and 2022. The table breaks down the income taxes into current and deferred portions, further categorizing them by federal, state, and foreign taxes.
For a prospective franchisee, understanding these figures is crucial for assessing the financial health and tax strategies of Precision Door Service. Deferred tax benefits can arise from temporary differences between accounting for tax purposes and financial reporting purposes. A negative value, as seen here, indicates a deferred tax liability, meaning the company expects to pay more in taxes in the future due to these temporary differences.
It is important to note that these deferred tax figures are components of the overall total tax benefit, which also includes current tax benefits. Reviewing these figures in the context of Precision Door Service's complete financial statements will provide a more comprehensive understanding of the company's tax position and its potential impact on a franchisee's investment.