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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Composition of Income Tax Expense | The provision for income taxes for the periods indicated includes current and deferred components as follows:
|  |  | Year Ended December 31 |
|  |  | 2023 |  |  |  | 2022 |
Current Tax Expense/(Benefit) |  |  |  |  |  |  |  |
Federal |  | $ |  | - |  |  | $ |  | - |
Foreign |  |  |  | 2,556 |  |  |  |  | 2,285 |
State |  |  |  | 39 |  |  |  |  | 40 |
|  |  |  | 2,595 |  |  |  |  | 2,325 |
Deferred Tax Expense/(Benefit) |  |  |  |  |  |  |  |
Federal |  |  |  | 1 |  |  |  |  | 1 |
Foreign |  |  |  | (1,095 | ) |  |  |  | (14 | )
|  |  |  | (1,094 | ) |  |  |  | (13 | )
Total |  | $ |  | 1,501 |  |  | $ |  | 2,312 |
Reconciliation of Income Tax Rate | 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
|  |  |  |  |  | 2023 |  |  | 2022 |  |
Statutory U.S. federal income tax rate |  |  | 21.0 |  | % |  |  |  | 21.0 |  | %
State income taxes, net of federal tax benefit |  |  | 0.5 |  | % |  |  |  | 0.4 |  | %
Valuation allowance |  |  | (18.5 | ) | % |  |  |  | (5.8 | ) | %
Provision to return |  |  | (0.6 | ) | % |  |  |  | (0.2 | ) | %
Foreign rate differential |  |  | (2.2 | ) | % |  |  |  | (1.5 | ) | %
Foreign tax adjustments |  |  | 0.0 |  | % |  |  |  | (1.1 | ) | %
Deferred tax adjustments |  |  | 0.6 |  | % |  |  |  | (17.9 | ) | %
Nondeductible expenses and other |  |  | (7.6 | ) | % |  |  |  | (1.2 | ) | %
Effective income tax rate |  |  | (6.8 | ) | % |  |  |  | (6.3 | ) | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) consisted of the following:
|  | December 31, 2023 |  |  | December 31, 2022 |
Description | Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Accrued post-retirement and pension benefits |  | $ | 224 |  |  | $ | - |  |  | $ | 360 |  |  | $ | - |
Intangible assets |  |  | - |  |  |  | (30 | ) |  |  | - |  |  |  | (26 | )
Accrued expenses |  |  | 2,444 |  |  |  | - |  |  |  | 2,326 |  |  |  | - |
Prepaid expenses |  |  | - |  |  |  | (682 | ) |  |  | - |  |  |  | (1,155 | )
Inventory valuation |  |  | 524 |  |  |  | - |  |  |  | 1,219 |  |  |  | - |
Property, plant and equipment and railcars on operating leases |  |  | - |  |  |  | (598 | ) |  |  | - |  |  |  | (1,166 | )
Net operating loss, tax credit, and interest carryforwards |  |  | 69,371 |  |  |  | - |  |  |  | 65,218 |  |  |  | - |
Stock-based compensation expense |  |  | 1,782 |  |  |  | - |  |  |  | 1,715 |  |  |  | - |
Other |  |  | - |  |  |  | (977 | ) |  |  | 371 |  |  |  | (1,448 | )
Right of use asset |  |  | - |  |  |  | (12,671 | ) |  |  | - |  |  |  | (10,902 | )
Lease liability |  |  | 13,354 |  |  |  | - |  |  |  | 11,376 |  |  |  | - |
|  |  | 87,699 |  |  |  | (14,958 | ) |  |  | 82,585 |  |  |  | (14,697 | )
Valuation Allowance |  |  | (71,640 | ) |  |  | - |  |  |  | (67,881 | ) |  |  | - |
Deferred tax assets (liabilities) |  | $ | 16,059 |  |  | $ | (14,958 | ) |  | $ | 14,704 |  |  | $ | (14,697 | )
Increase in valuation allowance |  | $ | 3,759 |  |  |  |  |  | $ | 677 |  |  |  |
Income Tax Years Subject to Examination | A summary of tax years that remain subject to examination is as follows:
Jurisdiction |  |  |  |  |  | Earliest Year
U.S. Federal |  |  |  |  |  | 2020
States: |  |  |  |  |  |
Pennsylvania |  |  |  |  |  | 2002
Texas |  |  |  |  |  | 2019
Illinois |  |  |  |  |  | 2010
Virginia |  |  |  |  |  | 2020
Colorado |  |  |  |  |  | 2010
Indiana |  |  |  |  |  | 2020
Nebraska |  |  |  |  |  | 2016
Alabama |  |  |  |  |  | 2017
Foreign: |  |  |  |  |  |
China |  |  |  |  |  | 2020
Mexico |  |  |  |  |  | 2020

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