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Income Taxes
 12 Months Ended
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)202420232022
Current expense (benefit)
Federal taxes$— $(2,707)$(1,406)
State taxes89 (680)(363)
Total current provision89 (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 rate25.4 %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)202420232022
Expected tax (benefit) expense at federal statutory$(7,986)$319 $(3,952)
State income tax (benefit) expense, net of federal tax effect(3,159)268 (802)
Revaluation of deferred tax liabilities— (1,373)— 
Excess tax deficiency from share-based compensation and other expense, net1,475 764 735 
Valuation allowance— 523 619 
Income tax (benefit) expense$(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 carryforwards11,669 2,290 
Accruals and stock-based compensation5,274 4,075 
Leases4,399 14,208 
Other12,020 8,995 
Total gross deferred tax assets97,961 89,382 
Less valuation allowance— (523)
Net deferred tax assets97,961 88,859 
Deferred tax liabilities:
Property, plant and equipment239,180 146,302 
Intangible assets17,866 13,837 
Leases5,356 13,616 
Prepaid assets and other3,275 3,251 
Total gross deferred tax liabilities265,677 177,006 
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.