The following table sets forth certain consolidated income statement data for the years ended December 31, 2022 and 2021 (dollars shown in thousands):

Income before income taxes totaled $123.6 million, or 4.8% of net sales, in 2022, compared to income before taxes of $164.8 million, or 7.1% of net sales, in 2021. Hex Mesh And Anchors

An income tax provision of 26.4% was recorded in 2022, compared to an income tax provision of 26.5% in 2021.

The following table sets forth certain income statement data for the specialty metals flat products segment for the years ended December 31, 2022 and 2021 (dollars shown in thousands, except per ton data):

Operating income for 2022 totaled $93.7 million, or 12.1% of net sales, compared to $70.5 million, or 12.0% of net sales, in 2021.

Operating income totaled $25.0 million, or 1.8% of net sales, in 2022 compared to operating income of $110.1 million, or 8.1% of net sales, in 2021.

Operating income for 2022 totaled $34.9 million, or 8.2% of net sales, compared to $7.4 million, or 1.9% of net sales, in 2021.

Liquidity, Capital Resources and Cash Flows

There were no shares repurchased during 2022. During 2021 we repurchased 15,000 shares for an aggregate cost of $0.1 million.

As of December 31, 2022, we were in compliance with our covenants and had approximately $305.6 million of availability under the ABL Credit Facility.

based on expected settlement dates and the expiration of certain statutes of

(e) Consists of retirement liabilities, long-term cash incentives and deferred

An off-balance sheet arrangement is any contractual arrangement involving an unconsolidated entity under which a company has (a) made guarantees, (b) a retained or a contingent interest in transferred assets, (c) any obligation under certain derivative instruments or (d) any obligation under a material variable interest in an unconsolidated entity that provides financing, liquidity, market risk or credit risk support to a company, or engages in leasing, hedging, or research and development services within a company.

Other than derivative instruments discussed in Note 11 to the Consolidated Financial Statements, as of December 31, 2022, we had no material off-balance sheet arrangements.

On the Consolidated Statements of Comprehensive Income (Loss), "Costs of materials sold" consists of the cost of purchased metals, inbound and internal transfer freight, external processing costs, and LIFO income or expense.

Valuation of Deferred Tax Assets

Impact of Recently Issued Accounting Pronouncements

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