Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2023 |
|---|
| Income Taxes [Abstract] |
|
| Schedule of Provision for Income Taxes |
The
Company recorded a provision for income taxes as follows (in thousands):
| |
|
Years
Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Current provision |
|
$ |
97 |
|
|
$ |
1,925 |
|
|
$ |
1,469 |
|
| Deferred provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
$ |
97 |
|
|
$ |
1,925 |
|
|
$ |
1,469 |
|
|
| Schedule of Reconciliation of Effective Tax Rate |
A
reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate as provided
in the consolidated statements of operations is as follows:
| |
|
Years Ended December 31, |
|
| |
|
2023 |
|
|
2022 |
|
|
2021 |
|
| Statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State income taxes, net of federal benefit |
|
|
4.6 |
|
|
|
5.8 |
|
|
|
6.0 |
|
| Change in valuation allowance |
|
|
(23.4 |
) |
|
|
(33.9 |
) |
|
|
(18.8 |
) |
| Stock-based compensation |
|
|
(2.3 |
) |
|
|
3.1 |
|
|
|
— |
|
| Non-deductible items |
|
|
0.8 |
|
|
|
(1.6 |
) |
|
|
0.4 |
|
| Income from loan forgiveness |
|
|
— |
|
|
|
— |
|
|
|
(5.5 |
) |
| Other |
|
|
(1.0 |
) |
|
|
0.6 |
|
|
|
(0.1 |
) |
| Effective rate |
|
|
(0.3 |
)% |
|
|
(5.0 |
)% |
|
|
3.0 |
% |
|
| Schedule of Components of Deferred Income Taxes |
Deferred
income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement carrying
amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred income taxes
included in the consolidated balance sheets were as follows (in thousands):
| |
|
December
31, |
|
| |
|
2023 |
|
|
2022 |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Net operating
loss carryforwards |
|
$ |
57,870 |
|
|
$ |
58,131 |
|
| Capital loss |
|
|
26,518 |
|
|
|
26,043 |
|
| Disallowed interest |
|
|
3,457 |
|
|
|
2,395 |
|
| R&D, Energy and
AMT credits |
|
|
3,742 |
|
|
|
3,742 |
|
| Derivatives |
|
|
3,051 |
|
|
|
460 |
|
| Intangibles |
|
|
1,201 |
|
|
|
89 |
|
| Pension liability |
|
|
1,173 |
|
|
|
1,354 |
|
| Railcar contracts |
|
|
818 |
|
|
|
786 |
|
| Stock-based compensation |
|
|
696 |
|
|
|
634 |
|
| Allowance for credit losses
and other assets |
|
|
296 |
|
|
|
311 |
|
| Other |
|
|
3,340 |
|
|
|
3,208 |
|
| Total gross deferred tax assets |
|
|
102,162 |
|
|
|
97,153 |
|
| Less: valuation allowance |
|
|
(93,506 |
) |
|
|
(87,949 |
) |
| Total deferred tax assets, net of valuation
allowance |
|
|
8,656 |
|
|
|
9,204 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
(7,720 |
) |
|
|
(9,125 |
) |
| Other |
|
|
(1,172 |
) |
|
|
(315 |
) |
| Total deferred tax liabilities |
|
|
(8,892 |
) |
|
|
(9,440 |
) |
| |
|
|
|
|
|
|
|
|
| Net deferred tax liabilities,
included in other liabilities |
|
$ |
(236 |
) |
|
$ |
(236 |
) |
|
| Schedule of Net Operating Loss Carryforwards |
These net operating loss carryforwards
expire as follows (in thousands):
| Tax Years |
|
Federal |
|
|
State |
|
| 2024–2028 |
|
$ |
— |
|
|
$ |
94,913 |
|
| 2029–2033 |
|
|
15,245 |
|
|
|
5,637 |
|
| 2034–2038 |
|
|
83,771 |
|
|
|
93,390 |
|
| 2039 and after* |
|
|
108,465 |
|
|
|
33,832 |
|
| Total
NOLs |
|
$ |
207,481 |
|
|
$ |
227,772 |
|
| * |
Includes indefinite life federal net operating losses of $108.5 million generated after 2017.
|
|
| Schedule of Balance of Gross Unrecognized Tax Benefits, Before Interest and Penalties |
A
reconciliation of the beginning balance and the ending balance of gross unrecognized tax benefits, before interest and penalties, for
the period presented is as follows (in thousands):
| |
|
December
31, |
|
| |
|
2023 |
|
|
2022 |
|
| Unrecognized tax benefits at beginning
of year |
|
$ |
739 |
|
|
$ |
— |
|
| Increases related to current year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to current year tax positions |
|
|
— |
|
|
|
— |
|
| Increases related to prior year tax positions |
|
|
— |
|
|
|
739 |
|
| Decreases related to prior year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to expiration of prior year
tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to
settlements of prior year tax positions |
|
|
— |
|
|
|
— |
|
| Unrecognized tax benefits
at end of year |
|
$ |
739 |
|
|
$ |
739 |
|
|
| Schedule of Income Tax in the United States Jurisdiction and Various State Jurisdictions |
The
Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified its federal
tax return and tax returns in state jurisdictions below as “major” tax filings. These jurisdictions, along with the years
still open to audit under the applicable statutes of limitation, are as follows:
| Jurisdiction |
|
Tax
Years |
| |
|
|
| Federal |
|
2020 – 2022 |
| Alabama |
|
2020 – 2022 |
| Arizona |
|
2019 – 2022 |
| Arkansas |
|
2020 – 2022 |
| California |
|
2019 – 2022 |
| Colorado |
|
2019 – 2022 |
| Connecticut |
|
2020 – 2022 |
| Georgia |
|
2020 – 2022 |
| Idaho |
|
2020 – 2022 |
| Illinois |
|
2020 – 2022 |
| Indiana |
|
2020 – 2022 |
| Iowa |
|
2020 – 2022 |
| Kansas |
|
2020 – 2022 |
| Louisiana |
|
2020 – 2022 |
| Michigan |
|
2020 – 2022 |
| Minnesota |
|
2020 – 2022 |
| Mississippi |
|
2020 – 2022 |
| Missouri |
|
2020 – 2022 |
| Nebraska |
|
2020 – 2022 |
| New Mexico |
|
2020 – 2022 |
| Oklahoma |
|
2020 – 2022 |
| Oregon |
|
2020 – 2022 |
| Pennsylvania |
|
2020 – 2022 |
| Rhode Island |
|
2020 – 2022 |
| South Carolina |
|
2020 – 2022 |
| Tennessee |
|
2020 – 2022 |
| Texas |
|
2019 – 2022 |
|