XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.24.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 15 - Income Taxes 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 |
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 | ) | %
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, 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 |  |  |  |
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 US and China operating losses, we will not more likely than not realize the benefit of the US and China deferred tax assets. The Company has certain pretax state net operating loss carryforwards of $219,007 which will expire between 2023 and 2042, for which a full valuation allowance has been recorded. The Company also has federal net operating loss carryforwards, tax credits, and interest carryforwards of $216,196, $2,016, and $47,335, respectively, which will begin to expire in 2032, for which a full valuation allowance also has been recorded. The Company has Chinese net operating loss carryforwards of $315 which will expire beginning 2028 for which a full valuation allowance also has been recorded. No deferred taxes have been provided on the approximately $435 of undistributed earnings in foreign subsidiaries. These earnings are permanently reinvested and necessary for operations locally in China and Mexico. 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, 2023 and 2022. The Company's income tax provision included $0 of expenses related to interest and penalties for the years ended December 31, 2023 and 2022. 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 2023 and 2023, the Company has zero penalties or interest accrued at December 31, 2023 and 2022, 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 |  |  |  |  |  | 2020
States: |  |  |  |  |  |
Pennsylvania |  |  |  |  |  | 2002
Texas |  |  |  |  |  | 2019
Illinois |  |  |  |  |  | 2010
Virginia |  |  |  |  |  | 2020
Colorado |  |  |  |  |  | 2010
Indiana |  |  |  |  |  | 2020
Nebraska |  |  |  |  |  | 2016
Alabama |  |  |  |  |  | 2017
Foreign: |  |  |  |  |  |
China |  |  |  |  |  | 2020
Mexico |  |  |  |  |  | 2020

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration