SEC Info - Park Aerospace Corp - ‘10-Q’ for 12/1/19

Park Aerospace Corp – ‘10-Q’ for 12/1/19 – ‘R17’

On: Friday, 1/10/20, at 10:13am ET · For: 12/1/19 · Accession #: 1437749-20-431 · File #: 1-04415

As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 1/10/20 Park Aerospace Corp 10-Q 12/01/19 62:4.4M RDG Filings/FA

Document/Exhibit Description Pages Size 1: 10-Q Quarterly Report HTML 612K 2: EX-31.1 Certification -- §302 - SOA'02 HTML 25K 3: EX-31.2 Certification -- §302 - SOA'02 HTML 25K 4: EX-32.1 Certification -- §906 - SOA'02 HTML 19K 5: EX-32.2 Certification -- §906 - SOA'02 HTML 19K 27: R1 Document And Entity Information HTML 49K 55: R2 Condensed Consolidated Balance Sheets (Current HTML 114K Period Unaudited) 37: R3 Condensed Consolidated Balance Sheets (Current HTML 21K Period Unaudited) (Parentheticals) 21: R4 Consolidated Statements of Operations (Unaudited) HTML 98K 28: R5 Consolidated Statements of Comprehensive Earnings HTML 47K (Unaudited) 56: R6 Consolidated Statements of Shareholders' Equity HTML 84K (Unaudited) 38: R7 Consolidated Statements of Shareholders' Equity HTML 22K (Unaudited) (Parentheticals) 20: R8 Condensed Consolidated Statements of Cash Flows HTML 108K (Unaudited) 29: R9 Note 1 - Consolidated Financial Statements HTML 30K 36: R10 Note 2 - Fair Value Measurements HTML 31K 16: R11 Note 3 - Marketable Securities HTML 74K 45: R12 Note 4 - Inventories HTML 33K 51: R13 Note 5 - Leases HTML 44K 35: R14 Note 6 - Stock-based Compensation HTML 46K 15: R15 Note 7 - Earnings Per Share HTML 67K 44: R16 Note 8 - Shareholders' Equity HTML 28K 49: R17 Note 9 - Income Taxes HTML 29K 34: R18 Note 10 - Geographic Regions HTML 52K 17: R19 Note 11 - Discontinued Operations HTML 93K 40: R20 Note 12 - Contingencies HTML 31K 59: R21 Note 13 - Accounting Pronouncements HTML 35K 25: R22 Note 3 - Marketable Securities (Tables) HTML 73K 19: R23 Note 4 - Inventories (Tables) HTML 33K 39: R24 Note 5 - Leases (Tables) HTML 36K 58: R25 Note 6 - Stock-based Compensation (Tables) HTML 36K 24: R26 Note 7 - Earnings Per Share (Tables) HTML 64K 18: R27 Note 10 - Geographic Regions (Tables) HTML 51K 41: R28 Note 11 - Discontinued Operations (Tables) HTML 96K 57: R29 Note 1 - Consolidated Financial Statements HTML 22K (Details Textual) 52: R30 Note 3 - Marketable Securities - Summary of HTML 34K Available-for-sale Securities (Details) 47: R31 Note 3 - Marketable Securities - Summary of HTML 30K Unrealized Gains and Losses on Available-for-sale Securities (Details) 13: R32 Note 3 - Marketable Securities - Estimated Fair HTML 25K Value of Securities by Contractual Maturity (Details) 32: R33 Note 4 - Inventories - Summary of Inventories HTML 30K (Details) 53: R34 Note 5 - Leases (Details Textual) HTML 48K 48: R35 Note 5 - Leases - Future Minimum Lease Payments HTML 36K (Details) 14: R36 Note 5 - Leases - Schedule of Right-of-use Assets HTML 26K and Operating Lease Liabilities (Details) 33: R37 Note 6 - Stock-based Compensation (Details HTML 55K Textual) 54: R38 Note 6 - Stock-based Compensation - Option HTML 56K Activity (Details) 46: R39 Note 7 - Earnings Per Share (Details Textual) HTML 22K 60: R40 Note 7 - Earnings Per Share - Basic and Diluted HTML 75K Earnings Per Share (Details) 42: R41 Note 8 - Shareholders' Equity (Details Textual) HTML 50K 22: R42 Note 9 - Income Taxes (Details Textual) HTML 41K 30: R43 Note 10 - Geographic Regions - Financial HTML 30K Information by Geographic Region (Details) 61: R44 Note 11 - Discontinued Operations (Details HTML 31K Textual) 43: R45 Note 11 - Discontinued Operations - Summary of HTML 55K Discontinued Operations (Details) 23: R46 Note 11 - Discontinued Operations - Restructuring HTML 51K Charges (Details) 31: R47 Note 12 - Contingencies (Details Textual) HTML 28K 62: R48 Note 13 - Accounting Pronouncements (Details HTML 26K Textual) 12: XML IDEA XML File -- Filing Summary XML 110K 50: EXCEL IDEA Workbook of Financial Reports XLSX 50K 6: EX-101.INS XBRL Instance -- pke-20191201 XML 1.29M 8: EX-101.CAL XBRL Calculations -- pke-20191201_cal XML 137K 9: EX-101.DEF XBRL Definitions -- pke-20191201_def XML 809K 10: EX-101.LAB XBRL Labels -- pke-20191201_lab XML 683K 11: EX-101.PRE XBRL Presentations -- pke-20191201_pre XML 839K 7: EX-101.SCH XBRL Schema -- pke-20191201 XSD 119K 26: ZIP XBRL Zipped Folder -- 0001437749-20-000431-xbrl Zip 103K

Note 9 - Income Taxes

9 Months Ended

Dec. 01, 2019

Notes to Financial Statements

Income Tax Disclosure [Text Block]

INCOME TAXES

For the

weeks and

weeks ended

December 1, 2019,

the Company recorded an income tax provision from continuing operations of

$1,069

and

$2,895,

respectively. The income taxes for the

weeks ended

December 1, 2019

were impacted by a

one

-time tax charge of

$144,000

for the write down of deferred tax assets for expirations of stock options held by employees who transferred to AGC Inc. in connection with the sale of the Electronics Business. For the

and

weeks ended

November 25, 2018,

the Company recorded an income tax provision from continuing operations of

$616

and

$453,

respectively. The income taxes for the

weeks ended

November 25, 2018

were impacted by a

one

-time benefit of

$788

related to clarifying regulations pertaining to the Tax Cuts and Jobs Act enacted in

December 2017.

The Company’s effective tax rates for the

weeks and

weeks ended

December 1, 2019

were income tax provisions of

27.6%

and

27.7%,

respectively, compared to income tax provisions of

22.9%

and

8.8%,

respectively, in the comparable prior periods. The effective tax rates for the

weeks and

weeks ended

December 1, 2019

were higher than the U.S. statutory rate of

21%

primarily due to state and local taxes, a discrete income tax provision for stock compensation and the accrual of interest related to unrecognized tax benefits. The effective rate for the

weeks ended

November 25, 2018

was lower than the U.S. statutory rate of

21%

primarily due to the

one

-time benefit noted above.

Notwithstanding the U.S. taxation of the deemed repatriated earnings as a result of the mandatory

one

-time transition tax on the accumulated untaxed earnings of foreign subsidiaries of U.S. shareholders included in the

2017

Tax Cuts and Jobs Act, the Company intends to indefinitely invest approximately

$25

million of undistributed earnings outside of the U.S. If these future earnings are repatriated to the U.S., or if the Company determines such earnings will be remitted in the foreseeable future, the Company

may

be required to accrue U.S. deferred taxes. The Company repatriated

$1,500,

$113,600,

and

$135,300

in cash from the Company’s subsidiary in Singapore in the

2020,

2019

and

2018

fiscal years, respectively.

This ‘10-Q’ Filing

Date

Other Filings

Filed on:

1/10/20

For Period end:

12/1/19

11/25/18

10-Q

List all Filings

Park Aerospace Corp – ‘10-Q’ for 12/1/19 – ‘R17’

On: Friday, 1/10/20, at 10:13am ET · For: 12/1/19 · Accession #: 1437749-20-431 · File #: 1-04415

Previous ‘10-Q’: ‘10-Q’ on 10/11/19 for 9/1/19 · Next: ‘10-Q’ on 7/9/20 for 5/31/20 · Latest: ‘10-Q’ on 1/10/24 for 11/26/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

‘R17’ — Note 9 – Income Taxes

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Park Aerospace Corp – ‘10-Q’ for 12/1/19 – ‘R17’

On: Friday, 1/10/20, at 10:13am ET · For: 12/1/19 · Accession #: 1437749-20-431 · File #: 1-04415

Previous ‘10-Q’: ‘10-Q’ on 10/11/19 for 9/1/19 · Next: ‘10-Q’ on 7/9/20 for 5/31/20 · Latest: ‘10-Q’ on 1/10/24 for 11/26/23

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34Filing Table of Contents

‘R17’ — Note 9 – Income Taxes

This is an IDEA Financial Report. [ Alternative Formats ]

Dates Referenced Herein and Documents Incorporated by Reference

Quarterly Report — Form 10-Q — Sect. 13 / 15(d) – SEA’34
Filing Table of Contents