XML 42 R25.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income (loss) before income taxes for the United States and non-U.S. jurisdictions for the years ended December 31, 2024, 2023, and 2022 are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Income (loss) before income taxes: |  |  |  |  |
United States | $ | (946,388) |  |  | $ | 315,897 |  |  | $ | 165,878 |
Non-U.S. | (10,558) |  |  | (8,793) |  |  | 1,984 |
| $ | (956,946) |  |  | $ | 307,104 |  |  | $ | 167,862 |
Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):
| 2024 |  | 2023 |  | 2022
Federal income tax expense (benefit): |  |  |  |  |
Current | $ | 417 |  |  | $ | — |  |  | $ | 480 |
Deferred | (1,390) |  |  | 44,369 |  |  | 11,820 |
| (973) |  |  | 44,369 |  |  | 12,300 |
State income tax expense (benefit): |  |  |  |  |
Current | 4,882 |  |  | 7,002 |  |  | 2,647 |
Deferred | (1,412) |  |  | 11,279 |  |  | (4,896) |
| 3,470 |  |  | 18,281 |  |  | (2,249) |
Foreign income tax expense (benefit): |  |  |  |  |
Current | 5,269 |  |  | 1,578 |  |  | 2,750 |
Deferred | 1,687 |  |  | (3,076) |  |  | 403 |
| 6,956 |  |  | (1,498) |  |  | 3,153 |
Total income tax expense (benefit): |  |  |  |  |
Current | 10,568 |  |  | 8,580 |  |  | 5,877 |
Deferred | (1,115) |  |  | 52,572 |  |  | 7,327 |
Total income tax expense | $ | 9,453 |  |  | $ | 61,152 |  |  | $ | 13,204 |
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the years ended December 31, 2024, 2023 and 2022 are summarized as follows:
| 2024 |  | 2023 |  | 2022
Statutory tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes - net of the federal income tax benefit | 0.5 |  | 3.2 |  | 3.0
State deferred tax remeasurement | (0.7) |  | (0.3) |  | 9.4
Goodwill impairment | (19.4) |  | — |  | —
Valuation allowance | (1.3) |  | (9.2) |  | (33.4)
U.S. impact of foreign operations | (0.2) |  | — |  | 1.3
Acquisition related costs | — |  | 1.1 |  | —
Effect of foreign taxes | 0.3 |  | 0.1 |  | 1.6
Non-deductible compensation | (0.7) |  | 1.8 |  | 4.3
Share-based compensation | (0.3) |  | 1.6 |  | (1.9)
Non-deductible expenses | (0.7) |  | 0.7 |  | 1.2
Other differences, net | 0.5 |  | (0.1) |  | 1.4
Effective tax rate | (1.0 | %) |  | 19.9 | % |  | 7.9 | %
Our effective income tax rate fluctuates based on, among other factors, changes in pre-tax income in countries with varying statutory tax rates, changes in valuation allowances, and the impacts of various other permanent adjustments. The impact of goodwill impairment that is not deductible for income tax had a significant impact on our effective tax rate for the year ended December 31, 2024. The tax effect of temporary differences and tax attributes representing deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):
| 2024 |  | 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 406,876 |  |  | $ | 498,948 |
Tax credits | 17,254 |  |  | 13,488 |
Expense associated with stock options and restricted stock units | 8,344 |  |  | 10,892 |
Workers’ compensation allowance | 9,437 |  |  | 7,024 |
Other deferred tax asset | 79,132 |  |  | 69,480 |
| 521,043 |  |  | 599,832 |
Less: |  |  |
Allowance to reduce deferred tax asset to expected realizable value | (86,693) |  |  | (75,250) |
Total deferred tax assets | 434,350 |  |  | 524,582 |
Deferred tax liabilities: |  |  |
Property and equipment basis difference | (654,541) |  |  | (729,376) |
Other | (17,906) |  |  | (39,386) |
Total deferred tax liabilities | (672,447) |  |  | (768,762) |
Net deferred tax liability | $ | (238,097) |  |  | $ | (244,180) |
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized, and when necessary, valuation allowances are provided. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. We assess the realizability of our deferred tax assets quarterly and consider carryback availability, the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. During 2024, we increased the valuation allowance against our net deferred tax assets by $11.4 million, which primarily related to U.S. state and foreign activity. For income tax purposes, we had approximately $1.5 billion of gross U.S. federal net operating losses, approximately $58.7 million of gross Canadian net operating losses and approximately $910 million of post-apportionment U.S. state net operating losses as of December 31, 2024, before valuation allowances. The majority of the U.S. federal net operating losses are generated after 2017 and can be carried forward indefinitely. Canadian net operating losses will expire in varying amounts, if unused, between 2036 and 2044. U.S. state net operating losses will expire in varying amounts, if unused, between 2025 and 2044. As of December 31, 2024, we have not recognized any liabilities associated with unrecognized tax benefits. We have established a policy to account for interest and penalties related to uncertain income tax positions as operating expenses. As of December 31, 2024, the tax years ended December 31, 2010 through December 31, 2023 are open for examination by U.S. taxing authorities. As of December 31, 2024, the tax years ended December 31, 2017 through December 31, 2023 are open for examination by Canadian taxing authorities. As of December 31, 2024, the tax years ended December 31, 2018 through December 31, 2023 are open for examination by Colombian taxing authorities. We continue to monitor income tax developments, including OECD Pillar 2 legislation, in the United States and other countries where we have legal entities. We will incorporate into our future financial statements the impacts, if any, of future regulations and additional authoritative guidance when finalized.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration