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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company files a consolidated U.S. federal income tax return and various state income tax returns. The provision for the federal and state income taxes attributable to income (loss) consists of the following components:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current expense (benefit) |  |  |  |  |
Federal taxes | $ | — |  |  | $ | 673 |  |  | $ | (21,392) |
State taxes | (170) |  |  | (186) |  |  | (2,565) |
Total current provision | (170) |  |  | 487 |  |  | (23,957) |
Deferred expense (benefit) |  |  |  |  |
Federal taxes | 3,851 |  |  | (1,119) |  |  | 25,518 |
State taxes | (708) |  |  | (295) |  |  | (3,255) |
Total deferred expense (benefit) | 3,143 |  |  | (1,414) |  |  | 22,263 |
Income tax expense (benefit) | $ | 2,973 |  |  | $ | (927) |  |  | $ | (1,694) |
Effective tax rate | 27.0 | % |  | 10.0 | % |  | (27.2) | %
A reconciliation of income tax expense (benefit) determined by applying the federal and state tax rates to income before income taxes is as follows:
| Years Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Expected tax expense (benefit) at federal statutory | $ | 2,312 |  |  | $ | (1,954) |  |  | $ | 1,310 |
State income tax expense (benefit), net of federal tax effect | 657 |  |  | (410) |  |  | 438 |
Revaluation of deferred tax liabilities | (1,373) |  |  | — |  |  | (5,206) |
Stranded tax effects reclassified from other comprehensive income | — |  |  | — |  |  | 1,620 |
Excess tax deficiency from share-based compensation and other expense, net | 854 |  |  | 818 |  |  | 144 |
Valuation allowance | 523 |  |  | 619 |  |  | — |
Income tax expense (benefit) | $ | 2,973 |  |  | $ | (927) |  |  | $ | (1,694) |
The change in effective tax rate between 2023 and 2022 was primarily a result of higher pre-tax income in 2023. The Company received $25.6 million in cash refunds for income taxes for the year ended December 31, 2023. The Company’s cash payments for income taxes were $0.1 million, $0.1 million, and $11.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:
(in thousands) | December 31, 2023 |  | December 31, 2022
Deferred tax assets: |  |  |
Net operating loss carry-forwards | $ | 59,814 |  |  | $ | 28,398 |
Leases | 14,208 |  |  | 14,809 |
Asset retirement obligations | 2,827 |  |  | 2,972 |
Benefit plan obligations | 1,017 |  |  | 978 |
Accruals and stock-based compensation | 4,075 |  |  | 3,087 |
Other | 7,441 |  |  | 5,767 |
Total gross deferred tax assets | 89,382 |  |  | 56,011 |
Less valuation allowance | (523) |  |  | (619) |
Net deferred tax assets | 88,859 |  |  | 55,392 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 146,302 |  |  | 109,852 |
Leases | 13,616 |  |  | 14,541 |
Intangible assets | 13,837 |  |  | 12,867 |
Prepaid assets and other | 3,251 |  |  | 2,732 |
Total gross deferred tax liabilities | 177,006 |  |  | 139,992 |
Net deferred tax liabilities | $ | 88,147 |  |  | $ | 84,600 |
The Company has a deferred tax asset of $59.8 million related to federal and various state net operating losses. As of December 31, 2023, the Company had approximately $261.8 million of federal net operating losses, including approximately $236.9 million of federal net operating losses generated after 2017. Federal net operating losses generated prior to 2018 expire through 2027. The Company also had approximately $97.2 million of state net operating losses, which can be carried forward indefinitely. The Company’s income tax expense (benefit) for the years ended December 31, 2023 and 2022 included tax expense of $0.5 million and $0.6 million, respectively, for the valuation allowance on deferred tax assets related to federal net operating losses expected to expire unused. The Company recorded no valuation allowances prior to December 31, 2022. As of December 31, 2023 and 2022, the Company had no unrecognized tax benefits. The Company’s returns are generally open to examination from 2020 forward and the net operating losses acquired from nTelos are open to examination from 2004 forward. The Company is currently involved in one state income tax audit and no federal income tax audits as of December 31, 2023.

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