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Income Taxes | 12 Months Ended
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Dec. 31, 2024
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 (loss) income from continuing operations consisted of the following components:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Current expense (benefit) |  |  |  |  |
Federal taxes | $ | — |  |  | $ | (2,707) |  |  | $ | (1,406) |
State taxes | 89 |  |  | (680) |  |  | (363) |
Total current provision | 89 |  |  | (3,387) |  |  | (1,769) |
Deferred (benefit) expense |  |  |  |  |
Federal taxes | (5,238) |  |  | 4,564 |  |  | (1,062) |
State taxes | (4,521) |  |  | (676) |  |  | (569) |
Total deferred (benefit) expense | (9,759) |  |  | 3,888 |  |  | (1,631) |
Income tax (benefit) expense | $ | (9,670) |  |  | $ | 501 |  |  | $ | (3,400) |
Effective tax rate | 25.4 | % |  | 33.0 | % |  | 18.1 | %
A reconciliation of income tax (benefit) expense determined by applying the federal and state tax rates to (loss) income from continuing operations before income taxes is as follows:
| Years Ended December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Expected tax (benefit) expense at federal statutory | $ | (7,986) |  |  | $ | 319 |  |  | $ | (3,952) |
State income tax (benefit) expense, net of federal tax effect | (3,159) |  |  | 268 |  |  | (802) |
Revaluation of deferred tax liabilities | — |  |  | (1,373) |  |  | — |
Excess tax deficiency from share-based compensation and other expense, net | 1,475 |  |  | 764 |  |  | 735 |
Valuation allowance | — |  |  | 523 |  |  | 619 |
Income tax (benefit) expense | $ | (9,670) |  |  | $ | 501 |  |  | $ | (3,400) |
The change in effective tax rate between 2024 and 2023 was primarily a result of a valuation allowance in 2023. The Company received $1.3 million and $25.6 million in cash refunds for income taxes for the years ended December 31, 2024 and 2023, respectively. The Company received no cash refunds for the year ended December 31, 2022. The Company’s paid $8.4 million, $0.1 million, and $0.1 million in income taxes for the years ended December 31, 2024, 2023 and 2022, 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, 2024 |  | December 31, 2023
Deferred tax assets: |  |  |
Net operating loss carryforwards | $ | 64,599 |  |  | $ | 59,814 |
Business interest limitation carryforwards | 11,669 |  |  | 2,290 |
Accruals and stock-based compensation | 5,274 |  |  | 4,075 |
Leases | 4,399 |  |  | 14,208 |
Other | 12,020 |  |  | 8,995 |
Total gross deferred tax assets | 97,961 |  |  | 89,382 |
Less valuation allowance | — |  |  | (523) |
Net deferred tax assets | 97,961 |  |  | 88,859 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | 239,180 |  |  | 146,302 |
Intangible assets | 17,866 |  |  | 13,837 |
Leases | 5,356 |  |  | 13,616 |
Prepaid assets and other | 3,275 |  |  | 3,251 |
Total gross deferred tax liabilities | 265,677 |  |  | 177,006 |
Net deferred tax liabilities | $ | 167,716 |  |  | $ | 88,147 |
The Company has a deferred tax asset of $64.6 million related to federal and various state net operating losses. As of December 31, 2024, the Company had approximately $295.6 million of federal net operating losses, including approximately $284.3 million of federal net operating losses generated after 2017. Federal net operating losses generated prior to 2018 expire through 2034. The Horizon federal net operating losses are subject to limitations under Section 382 of the Code. The Company also had approximately $51.6 million of state net operating losses, most of 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 for the year ended December 31, 2024. As of December 31, 2024 and 2023, the Company had no unrecognized tax benefits. The Company’s returns are generally open to examination from 2021 forward. The net operating losses acquired from nTelos are open to examination from 2005 forward and the net operating losses acquired from Horizon are open to examination from 2013 forward. The Company is currently involved in one state income tax audit and no federal income tax audits as of December 31, 2024.

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