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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Domestic and Foreign Income Taxes

The following table sets forth components of income before income taxes: 

			Year Ended December 31,
			2022						2021						2020
Domestic			$	98,004					$	74,256					$	52,595
Foreign			7,715						3,888						3,833
Income before income taxes			$	105,719					$	78,144					$	56,428

Income Tax Provision (Benefit)

The components of the provision (benefit) for income taxes were as follows: 

			Year Ended December 31,
			2022						2021						2020
Current income tax provision (benefit):
Federal			$	(722)					$	(779)					$	(4,566)
State			733						1,779						1,522
Foreign			1,202						844						298
Total current			1,213						1,844						(2,746)
Deferred income tax provision (benefit):
Federal			2,528						(8,025)						3,655
State			2,300						3,561						2,207
Foreign			1,129						573						(3,610)
Total deferred			5,957						(3,891)						2,252
Total income tax provision (benefit)			$	7,170					$	(2,047)					$	(494)

Deferred Income Tax Assets and Liabilities

Deferred tax assets and liabilities consisted of the following:

			December 31,
			2022						2021
Deferred income tax assets:
Compensation accruals			$	3,306					$	2,570
Reserves			4,111						4,150
Sale-leasebacks and other accruals			32,945						27,806
Net operating losses			18,395						28,807
Interest rate swaps			—						1,928
Energy efficiency			71,433						59,618
Deferred revenue			2,132						2,181
Gross deferred income tax assets			132,322						127,060
Valuation allowance			(3,621)						(4,039)
Total deferred income tax assets			$	128,701					$	123,021
Deferred income tax liabilities:
Depreciation			$	(122,762)					$	(112,896)
Deferred effect of derivative liability			(1,640)						(1,541)
Canadian capital cost, allowance and amortization			(3,098)						(984)
United Kingdom goodwill amortization			(952)						(718)
Outside basis difference			(5,038)						(7,050)
Interest rate swaps			(1,347)						—
Total deferred income tax liabilities			(134,837)						(123,189)
Deferred income tax liabilities, net			$	(6,136)					$	(168)

Summary of Valuation Allowance

Our valuation allowance related to the following items:

			December 31,
			2022						2021
Interest rate swaps (1)			$	49					$	50
Foreign net operating loss (2)			3,555						3,724
State net operating loss at one of our subsidiaries (3)			17						265
Total valuation allowance			$	3,621					$	4,039
(1) The deferred tax asset represents a future capital loss which can only be recognized for income tax purposes to the extent of capital gain income. Although we anticipate sufficient future taxable income, it is more likely than not that it will not be the appropriate character to allow for the recognition of the future capital loss.
(2) It is more likely than not that we will not generate sufficient taxable income at the foreign subsidiary level to utilize the net operating loss.
(3) It is more likely than not that we will not generate sufficient taxable income at the subsidiary level to utilize the net operating loss.

Summary of Operating Loss Carryforwards

As of December 31, 2022, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	46,070					Indefinite
State net operating loss carryforwards			31,109						Various
Canadian net operating loss carryforwards			24,699						2028 through 2042
Ireland net operating loss carryforwards			754						Indefinite
Greece net operating loss carryforwards			136						2027
Spain net operating loss carryforwards			2,302						Indefinite
Total tax loss carryforwards			$	105,070
Federal Energy Investment and Production tax credit carryforward			$	71,373					2030 through 2042

Summary of Tax Credit Carryforwards

As of December 31, 2022, we had the following tax loss and credit carryforwards to offset taxable income in prior and future years:

			Amount						Expiration Period
Federal net operating loss carryforwards			$	46,070					Indefinite
State net operating loss carryforwards			31,109						Various
Canadian net operating loss carryforwards			24,699						2028 through 2042
Ireland net operating loss carryforwards			754						Indefinite
Greece net operating loss carryforwards			136						2027
Spain net operating loss carryforwards			2,302						Indefinite
Total tax loss carryforwards			$	105,070
Federal Energy Investment and Production tax credit carryforward			$	71,373					2030 through 2042

Reconciliation of Effective Tax Rates

The following is a reconciliation of the effective tax rates:

			Year Ended December 31,
			2022						2021						2020
Income before provision (benefit) for income taxes			$	105,719					$	78,144					$	56,428
Federal statutory tax expense			$	22,201					$	16,410					$	11,850
State income taxes, net of federal benefit			3,844						2,648						2,257
Net state impact of deferred rate change			(575)						(502)						(29)
Nondeductible expenses			2,198						2,572						987
Impact of reserve for uncertain tax positions			59						286						(124)
Stock-based compensation expense			353						(4,618)						(2,922)
Energy efficiency preferences			(21,410)						(17,639)						(8,595)
Foreign items and rate differential			37						4						160
Redeemable non-controlling interests			(411)						(2,546)						(767)
Valuation allowance			(159)						337						(4,308)
Miscellaneous			1,033						1,001						997
Total income tax provision (benefit)			$	7,170					$	(2,047)					$	(494)
Effective tax rate:
Federal statutory rate expense			21.0		%				21.0		%				21.0		%
State income taxes, net of federal benefit			3.6		%				3.4		%				4.0		%
Net state impact of deferred rate change			(0.5)		%				(0.6)		%				(0.1)		%
Nondeductible expenses			2.1		%				3.3		%				1.7		%
Impact of reserve for uncertain tax positions			0.1		%				0.4		%				(0.2)		%
Stock-based compensation expense			0.3		%				(5.9)		%				(5.2)		%
Energy efficiency preferences			(20.3)		%				(23.2)		%				(15.2)		%
Foreign items and rate differential			—		%				—		%				0.3		%
Redeemable non-controlling interests			(0.4)		%				(3.3)		%				(1.4)		%
Valuation allowance			(0.2)		%				0.4		%				(7.6)		%
Miscellaneous			1.1		%				1.9		%				1.8		%
Effective tax rate			6.8		%				(2.6)		%				(0.9)		%

Unrecognized Tax Benefits

The following table provides a reconciliation of gross unrecognized tax benefits which are included in other liabilities within the consolidated balance sheets:

			Year Ended December 31,
			2022						2021
Balance, beginning of year			$	900					$	600
Additions for current year tax positions			—						300
Balance, end of year			$	900					$	900

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