INCOME TAXES. (Tables)
|
12 Months Ended |
Dec. 31, 2019 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of provision for income taxes |
The Company recorded a provision (benefit)
for income taxes as follows (in thousands):
| |
|
Years Ended December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Current provision (benefit) |
|
$ |
(22 |
) |
|
$ |
(589 |
) |
| Deferred provision (benefit) |
|
|
2 |
|
|
|
27 |
|
| Total |
|
$ |
(20 |
) |
|
$ |
(562 |
) |
|
| 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, |
|
| |
|
2019 |
|
|
2018 |
|
| Statutory rate |
|
|
21.0 |
% |
|
|
21.0 |
% |
| State income taxes, net of federal benefit |
|
|
5.7 |
|
|
|
5.4 |
|
| Change in valuation allowance |
|
|
(22.4 |
) |
|
|
(20.3 |
) |
| Noncontrolling interest |
|
|
(3.3 |
) |
|
|
(3.0 |
) |
| Non-deductible items |
|
|
(0.1 |
) |
|
|
(0.7 |
) |
| Other |
|
|
(1.0 |
) |
|
|
(1.6 |
) |
| Effective rate |
|
|
(0.1 |
)% |
|
|
0.8 |
% |
|
| Schedule of components of deferred income taxes |
The components of deferred income taxes included in the
consolidated balance sheets were as follows (in thousands):
| |
|
December 31, |
|
| |
|
2019 |
|
|
2018 |
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Net operating loss carryforwards |
|
$ |
61,775 |
|
|
$ |
48,082 |
|
| R&D, Energy and AMT credits |
|
|
3,864 |
|
|
|
4,247 |
|
| Disallowed interest |
|
|
8,242 |
|
|
|
3,769 |
|
| Railcar contracts |
|
|
379 |
|
|
|
650 |
|
| Stock-based compensation |
|
|
551 |
|
|
|
782 |
|
| Allowance for doubtful accounts and other assets |
|
|
578 |
|
|
|
643 |
|
| Derivatives |
|
|
— |
|
|
|
1,214 |
|
| Pension liability |
|
|
2,979 |
|
|
|
2,941 |
|
| Property and equipment |
|
|
3,325 |
|
|
|
— |
|
| Other |
|
|
3,458 |
|
|
|
2,134 |
|
| Total deferred tax assets |
|
|
85,151 |
|
|
|
64,462 |
|
| |
|
|
|
|
|
|
|
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Property and equipment |
|
|
— |
|
|
|
(23,013 |
) |
| Intangibles |
|
|
(749 |
) |
|
|
(749 |
) |
| Derivatives |
|
|
(153 |
) |
|
|
— |
|
| Other |
|
|
(437 |
) |
|
|
(363 |
) |
| Total deferred tax liabilities |
|
|
(1,339 |
) |
|
|
(24,125 |
) |
| |
|
|
|
|
|
|
|
|
| Valuation allowance |
|
|
(84,065 |
) |
|
|
(40,588 |
) |
| Net deferred tax liabilities, included in other liabilities |
|
$ |
(253 |
) |
|
$ |
(251 |
) |
|
| Schedule of net operating loss carryforwards |
These net operating loss carryforwards
expire as follows (in thousands):
| Tax Years |
|
Federal |
|
|
State |
|
| 2020–2024 |
|
$ |
— |
|
|
$ |
— |
|
| 2025–2029 |
|
|
13,781 |
|
|
|
28,993 |
|
| 2030–2034 |
|
|
101,576 |
|
|
|
35,238 |
|
| 2035 and after |
|
|
41,942 |
|
|
|
152,034 |
|
| Non-expiring NOLs |
|
|
71,538 |
|
|
|
— |
|
| Total NOLs |
|
$ |
228,837 |
|
|
$ |
216,265 |
|
Certain of these net operating losses
are not immediately available, but become available to be utilized in each of the years ended December 31, as follows (in thousands):
| Year |
|
Federal |
|
|
State |
|
| 2020 |
|
$ |
146,738 |
|
|
$ |
169,539 |
|
| 2021 |
|
|
6,308 |
|
|
|
5,318 |
|
| 2022 |
|
|
6,308 |
|
|
|
5,318 |
|
| 2023 |
|
|
6,308 |
|
|
|
5,318 |
|
| 2024 |
|
|
6,308 |
|
|
|
5,135 |
|
|
| Schedule of income tax in the United States jurisdiction and various state jurisdictions |
These jurisdictions, along with the years still
open to audit under the applicable statutes of limitation, are as follows:
| Jurisdiction |
|
Tax
Years |
| Federal |
|
2016 – 2018 |
| Arizona |
|
2015 – 2018 |
| California |
|
2015 – 2018 |
| Colorado |
|
2014 – 2018 |
| Idaho |
|
2016 – 2018 |
| Illinois |
|
2016 – 2018 |
| Indiana |
|
2016 – 2018 |
| Iowa |
|
2016 – 2018 |
| Kansas |
|
2016 – 2018 |
| Minnesota |
|
2016 – 2018 |
| Missouri |
|
2016 – 2018 |
| Nebraska |
|
2016 – 2018 |
| Oklahoma |
|
2016 – 2018 |
| Oregon |
|
2016 – 2018 |
| Texas |
|
2015 – 2018 |
|