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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Taxes [Abstract] |
Income Taxes | Note 15 - Income Taxes The provision (benefit) for income taxes for the periods indicated includes current and deferred components as follows:
|  |  | Year Ended December 31 |
|  |  | 2021 |  |  |  | 2020 |
Current Tax Expense/(Benefit) |  |  |  |  |  |  |  |
Federal |  | $ |  | (10 | ) |  | $ |  | (92 | )
Foreign |  |  |  | 1,533 |  |  |  |  | 137 |
State |  |  |  | 26 |  |  |  |  | 17 |
|  |  |  | 1,549 |  |  |  |  | 62 |
Deferred Tax Expense/(Benefit) |  |  |  |  |  |  |  |
Federal |  |  |  | - |  |  |  |  | 1 |
Foreign |  |  |  | (136 | ) |  |  |  | 136 |
|  |  |  | (136 | ) |  |  |  | 137 |
Total |  | $ |  | 1,413 |  |  | $ |  | 199 |
The (provision) benefit for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows:
|  |  |  |  |  | Year Ended December 31 |  |
|  |  |  |  |  | 2021 |  |  | 2020 |  |
Statutory U.S. federal income tax rate |  |  | 21.0 |  | % |  |  |  | 21.0 |  | %
State income taxes, net of federal tax benefit |  |  | 0.7 |  | % |  |  |  | 3.9 |  | %
Valuation allowance |  |  | (20.4 | ) | % |  |  |  | (23.5 | ) | %
Foreign Rate Differential |  |  | (1.0 | ) | % |  |  |  | (0.1 | ) | %
State rate and other changes on deferred taxes |  |  | 0.4 |  | % |  |  |  | (0.4 | ) | %
Federal and state tax credits |  |  | 0.0 |  | % |  |  |  | 0.1 |  | %
Nondeductible expenses and other |  |  | (4.2 | ) | % |  |  |  | (1.4 | ) | %
Effective income tax rate |  |  | (3.5 | ) | % |  |  |  | (0.4 | ) | %
Deferred income taxes result from temporary differences in the financial and tax basis of assets and liabilities. Components of deferred tax assets (liabilities) consisted of the following:
|  | December 31, 2021 |  |  | December 31, 2020 |
Description | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Accrued post-retirement and pension benefits |  | $ | 149 |  |  | $ | - |  |  | $ | 1,663 |  |  | $ | - |
Intangible assets |  |  | - |  |  |  | (22 | ) |  |  | - |  |  |  | (17 | )
Accrued expenses |  |  | 1,367 |  |  |  | - |  |  |  | 2,027 |  |  |  | - |
Deferred state and local incentive revenue |  |  | 537 |  |  |  | - |  |  |  | 1,132 |  |  |  | - |
Inventory valuation |  |  | 496 |  |  |  | - |  |  |  | 3,145 |  |  |  | - |
Property, plant and equipment and railcars on operating leases |  |  | 103 |  |  |  | - |  |  |  | - |  |  |  | (2,018 | )
Net operating loss and tax credit carryforwards |  |  | 62,536 |  |  |  | - |  |  |  | 48,738 |  |  |  | - |
Stock-based compensation expense |  |  | 1,539 |  |  |  | - |  |  |  | 1,127 |  |  |  | - |
Other |  |  | 99 |  |  |  | - |  |  |  | 1,135 |  |  |  | - |
Right of use asset |  |  | - |  |  |  | (4,780 | ) |  |  | - |  |  |  | (5,543 | )
Lease liability |  |  | 5,175 |  |  |  | - |  |  |  | 8,086 |  |  |  | - |
|  |  | 72,001 |  |  |  | (4,802 | ) |  |  | 67,053 |  |  |  | (7,578 | )
Valuation Allowance |  |  | (67,204 | ) |  |  | - |  |  |  | (59,613 | ) |  |  | - |
Deferred tax assets (liabilities) |  | $ | 4,797 |  |  | $ | (4,802 | ) |  | $ | 7,440 |  |  | $ | (7,578 | )
Increase (decrease) in valuation allowance |  | $ | 7,591 |  |  |  |  |  | $ | 19,821 |  |  |  |
A valuation allowance is provided when it is more likely than not that some portion or all of the deferred tax assets will not be realized. Management has concluded that, based on evaluation of the positive and negative evidence, primarily the history of operating losses, we will not more likely than not realize the benefit of the deferred tax assets. The Company has certain pretax state net operating loss carryforwards of $242,795 which will expire between 2022 and 2041, for which a full valuation allowance has been recorded. The Company also has federal net operating loss carryforwards, tax credits, and interest carryforwards of $202,231, $2,016, and $12,620, respectively, which will begin to expire in 2032, for which a full valuation allowance also has been recorded. The Company has foreign net operating loss carryforwards of $323 which will begin to expire in 2022 for which a full valuation allowance also has been recorded. The Company does no t have any unrecognized tax benefit that, if recognized, would affect the Company's effective tax rate as of December 31, 2021 and 2020. The Company's income tax provision included $0 of expenses related to interest and penalties for the years ended December 31, 2021 and 2020. The Company records interest and penalties as a component of income tax expense. However, as there are no unrecognized tax benefits for the year ended 2021 and 2020, the Company has zero penalties or interest accrued at December 31, 2021 and 2020, respectively. The Company and/or its subsidiaries file income tax returns with the U.S. federal government and in various state and foreign jurisdictions. A summary of tax years that remain subject to examination is as follows:
Jurisdiction |  |  |  |  |  | Earliest Year
U.S. Federal |  |  |  |  |  | 2018
States: |  |  |  |  |  |
Pennsylvania |  |  |  |  |  | 2001
Texas |  |  |  |  |  | 2018
Illinois |  |  |  |  |  | 2010
Virginia |  |  |  |  |  | 2018
Colorado |  |  |  |  |  | 2010
Indiana |  |  |  |  |  | 2018
Nebraska |  |  |  |  |  | 2016
Alabama |  |  |  |  |  | 2016
Foreign: |  |  |  |  |  |
China |  |  |  |  |  | 2018
Mexico |  |  |  |  |  | 2020

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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