Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2024 |
|---|
| 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, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Current provision |
|
$ |
173 |
|
|
$ |
97 |
|
|
$ |
1,925 |
|
| Deferred provision |
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Total |
|
$ |
173 |
|
|
$ |
97 |
|
|
$ |
1,925 |
|
|
| 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, |
|
| |
|
2024 |
|
|
2023 |
|
|
2022 |
|
| Statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State income taxes, net of federal benefit |
|
|
5.5 |
|
|
|
4.6 |
|
|
|
5.8 |
|
| Change in valuation allowance |
|
|
(29.3 |
) |
|
|
(23.4 |
) |
|
|
(33.9 |
) |
| Stock-based compensation |
|
|
(0.4 |
) |
|
|
(2.3 |
) |
|
|
3.1 |
|
| Non-deductible items |
|
|
(0.1 |
) |
|
|
0.8 |
|
|
|
(1.6 |
) |
| Other |
|
|
3.0 |
|
|
|
(1.0 |
) |
|
|
0.6 |
|
| Effective
rate |
|
|
(0.3 |
)% |
|
|
(0.3 |
)% |
|
|
(5.0 |
)% |
|
| 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, |
|
| |
|
2024 |
|
|
2023 |
|
| Deferred tax assets: |
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
64,901 |
|
|
$ |
57,870 |
|
| Capital loss |
|
|
26,692 |
|
|
|
26,518 |
|
| Disallowed interest |
|
|
5,048 |
|
|
|
3,457 |
|
| R&D, Energy and AMT credits |
|
|
3,742 |
|
|
|
3,742 |
|
| Derivatives |
|
|
— |
|
|
|
3,051 |
|
| Intangibles |
|
|
2,981 |
|
|
|
1,201 |
|
| Pension liability |
|
|
1,016 |
|
|
|
1,173 |
|
| Railcar contracts |
|
|
1,090 |
|
|
|
818 |
|
| Stock-based compensation |
|
|
803 |
|
|
|
696 |
|
| Allowance for credit losses and other assets |
|
|
1,059 |
|
|
|
296 |
|
| Other |
|
|
4,971 |
|
|
|
3,340 |
|
| Total gross deferred tax assets |
|
|
112,303 |
|
|
|
102,162 |
|
| Less: valuation allowance |
|
|
(110,687 |
) |
|
|
(93,506 |
) |
| Total deferred tax assets, net of valuation allowance |
|
|
1,616 |
|
|
|
8,656 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
(703 |
) |
|
|
(7,720 |
) |
| Derivatives |
|
|
(574 |
) |
|
|
— |
|
| Other |
|
|
(575 |
) |
|
|
(1,172 |
) |
| Total deferred tax liabilities |
|
|
(1,852 |
) |
|
|
(8,892 |
) |
| |
|
|
|
|
|
|
|
|
| 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 |
|
| 2025–2029 |
|
$ |
— |
|
|
$ |
30,603 |
|
| 2030–2034 |
|
|
15,126 |
|
|
|
76,920 |
|
| 2035–2039 |
|
|
83,771 |
|
|
|
112,608 |
|
| 2040 and after* |
|
|
128,776 |
|
|
|
56,293 |
|
| Total NOLs |
|
$ |
227,673 |
|
|
$ |
276,424 |
|
|
* |
Includes indefinite life federal net operating losses of $128.8
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, |
|
| |
|
2024 |
|
|
2023 |
|
| Unrecognized tax benefits at beginning of year |
|
$ |
739 |
|
|
$ |
739 |
|
| Increases related to current year tax positions |
|
|
— |
|
|
|
— |
|
| Decreases related to current year tax positions |
|
|
— |
|
|
|
— |
|
| Increases related to prior year tax positions |
|
|
— |
|
|
|
— |
|
| 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 | | 2021 – 2023 |
| Alabama | | 2021 – 2023 |
| Arizona | | 2020 – 2023 |
| Arkansas | | 2021 – 2023 |
| California | | 2020 – 2023 |
| Colorado | | 2020 – 2023 |
| Connecticut | | 2021 – 2023 |
| Georgia | | 2021 – 2023 |
| Idaho | | 2021 – 2023 |
| Illinois | | 2021 – 2023 |
| Indiana | | 2021 – 2023 |
| Iowa | | 2021 – 2023 |
| Kansas | | 2021 – 2023 |
| Louisiana | | 2021 – 2023 |
| Michigan | | 2021 – 2023 |
| Minnesota | | 2021 – 2023 |
| Mississippi | | 2021 – 2023 |
| Missouri | | 2021 – 2023 |
| Nebraska | | 2021 – 2023 |
| New Mexico | | 2021 – 2023 |
| Oklahoma | | 2021 – 2023 |
| Oregon | | 2021 – 2023 |
| Pennsylvania | | 2021 – 2023 |
| Rhode Island | | 2021 – 2023 |
| South Carolina | | 2021 – 2023 |
| Tennessee | | 2021 – 2023 |
| Texas | | 2020 – 2023 |
|