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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Summary of components of the federal and state income tax (benefit) expense

​

​	​	​	​	​	​	​	​	​	​
​	​	For the year ended
​	​	December 31,
​		2024			2023			2022
​	​	(in thousands)
Current tax expense (benefit)		​			​			​
Federal income tax expense	​	$	55	​	$	200	​	$	163
State and local income tax expense	​		1,013	​		1,563	​		982
Total current expense	​		1,068	​		1,763	​		1,145
Deferred tax expense (benefit)	​			​			​
Federal income tax expense (benefit)	​		13,633	​		(57,807)	​		—
State and local income tax benefit	​		(1,133)	​		(4,152)	​		(188)
Total deferred expense (benefit)	​		12,500	​		(61,959)	​		(188)
Total income tax expense (benefit)	​	$	13,568	​	$	(60,196)	​	$	957
Tax expense (benefit) attributable to controlling interests	​	$	13,422	​	$	(60,443)	​	$	838
Tax expense attributable to noncontrolling interests	​		146	​		247	​		119
Total income tax expense (benefit)	​	$	13,568	​	$	(60,196)	​	$	957

Summary of reconciliation of the provision for income taxes

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

For the year ended December 31,

​

​

​

2024

​

2023

​

2022

​

​

​

(in thousands)

​

Provision calculated at federal statutory income tax rate:

​

​

​

​

​

​

​

​

Income before equity in losses of unconsolidated entities and taxes

​

$

49,370

​

​

$

20,823

​

​

$

56,724

​

Equity in losses of unconsolidated entities

​

​

(352)

​

​

​

(1,800)

​

​

​

(913)

​

Income before taxes

​

​

49,018

​

​

​

19,023

​

​

​

55,811

​

Statutory rate

​

21

%

​

21

%

​

21

%

Income tax expense computed at statutory rate

​

10,294

​

​

3,995

​

​

11,720

​

Less: noncontrolling interests

​

(1,021)

​

​

(1,011)

​

​

(1,688)

​

Income tax expense attributable to controlling interests

​

9,273

​

​

2,984

​

​

10,032

​

State and local income taxes, net of federal benefit

​

1,220

​

​

1,302

​

​

699

​

State rate change

​

253

​

​

644

​

​

488

​

Change in subsidiary tax status

​

​

—

​

​

​

—

​

​

​

—

​

Deferred tax adjustments and carryforward expirations

​

​

7,439

​

​

​

1,665

​

​

​

122

​

Change in valuation allowance

​

(6,586)

​

​

(71,164)

​

​

(11,042)

​

Nondeductible items

​

​

1,823

​

​

​

4,126

​

​

​

539

​

Income tax expense (benefit) attributable to controlling interests

​

13,422

​

​

(60,443)

​

​

838

​

Income tax expense attributable to noncontrolling interests

​

146

​

​

247

​

​

119

​

Total income tax expense (benefit)

​

$

13,568

​

​

$

(60,196)

​

​

$

957

​

Summary of principal components of the deferred tax assets (liabilities)

​

​	​	​	​	​	​	​
​	​	For the year ended
​	​	December 31,
​		2024			2023
​	​	(in thousands)
Deferred tax assets		​			​
Outside basis difference in SES Holdings	​	$	33,695	​	$	69,407
Net operating losses	​		89,883	​		95,912
Credits and other carryforwards	​		20,300	​		5,363
Other	​	​	7,827	​	​	3,526
Total deferred tax assets before valuation allowance	​		151,705	​		174,208
Valuation allowance	​	​	(105,366)	​	​	(112,282)
Total deferred tax assets	​	​	46,339	​	​	61,926
Deferred tax liabilities	​			​
Property and equipment	​		365	​		300
Other	​		—	​		9
Total deferred tax liabilities	​		365	​		309
Net deferred tax assets	​	$	45,974	​	$	61,617

Summary of change in valuation allowance

​

​	​	​	​	​	​	​
​	​	For the year ended
​	​	December 31,
​	​	2024			2023
​	​	(in thousands)
Balance at the beginning of the year	​	$	112,282		$	183,915
Deductions(1)(2)	​	​	(6,916)		​	(71,633)
Balance at the end of the year	​	$	105,366		$	112,282

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

+ References

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-Topic 740
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-Section 50
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