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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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 |
|  |  | 2024 |  |  |  | 2023 |
Current Tax Provision |  |  |  |  |  |  |  |
Federal |  | $ |  | 567 |  |  | $ |  | - |
Foreign |  |  |  | 4,978 |  |  |  |  | 2,556 |
State |  |  |  | 213 |  |  |  |  | 39 |
Total Current Tax Provision |  |  |  | 5,758 |  |  |  |  | 2,595 |
Deferred Tax Provision (Benefit) |  |  |  |  |  |  |  |
Federal |  |  |  | 1 |  |  |  |  | 1 |
Foreign |  |  |  | 77 |  |  |  |  | (1,095 | )
State |  |  |  | 2 |  |  |  |  | - |
Total Deferred Tax Provision (Benefit) |  |  |  | 80 |  |  |  |  | (1,094 | )
Total Tax Provision |  | $ |  | 5,838 |  |  | $ |  | 1,501 |
Reconciliation of Income Tax Rate | The provision for income taxes for the periods indicated differs from the amounts computed by applying the federal statutory rate as follows:
|  |  |  |  | Year Ended December 31
|  |  |  |  | 2024 |  |  | 2023 |  |
Statutory United States federal income tax rate |  |  | 21.00 |  | % |  |  |  | 21.00 |  | %
State income taxes, net of federal tax benefit |  |  | 0.19 |  | % |  |  |  | 0.50 |  | %
Valuation allowance |  |  | 7.64 |  | % |  |  |  | (18.50 | ) | %
Provision to return |  |  | (0.91 | ) | % |  |  |  | (0.60 | ) | %
Foreign rate differential |  |  | (1.74 | ) | % |  |  |  | (2.20 | ) | %
Foreign tax adjustments |  |  | 0.00 |  | % |  |  |  | 0.00 |  | %
Deferred tax adjustments |  |  | (1.77 | ) | % |  |  |  | 0.60 |  | %
Nondeductible mark-to-market adjustment |  |  | (29.86 | ) | % |  |  |  | (2.10 | ) | %
Foreign nondeductible expenses |  |  | (1.88 | ) | % |  |  |  | (1.40 | ) | %
Nondeductible expenses and other |  |  | (1.01 | ) | % |  |  |  | (4.10 | ) | %
Effective income tax rate |  |  | (8.34 | ) | % |  |  |  | (6.80 | ) | %
Components of Deferred Tax Assets and Liabilities | Components of deferred tax assets (liabilities) consisted of the following:
|  | December 31, 2024 |  |  | December 31, 2023 |
| Assets |  |  | Liabilities |  |  | Assets |  |  | Liabilities |
Accrued post-retirement and pension benefits |  | $ | 634 |  |  | $ | - |  |  | $ | 224 |  |  | $ | - |
Intangible assets |  |  | - |  |  |  | (36 | ) |  |  | - |  |  |  | (30 | )
Accrued expenses |  |  | 2,099 |  |  |  | - |  |  |  | 2,444 |  |  |  | - |
Prepaid expenses |  |  | - |  |  |  | (1,231 | ) |  |  | - |  |  |  | (682 | )
Inventory valuation |  |  | 585 |  |  |  | - |  |  |  | 524 |  |  |  | - |
Property, plant and equipment and railcars on operating leases |  |  | - |  |  |  | (219 | ) |  |  | - |  |  |  | (598 | )
Net operating loss |  |  | 53,163 |  |  |  | - |  |  |  | 57,252 |  |  |  | - |
Interest carryforwards |  |  | 8,059 |  |  |  | - |  |  |  | 10,103 |  |  |  |
Credit carryforwards |  |  | 2,016 |  |  |  | - |  |  |  | 2,016 |  |  |  |
Stock-based compensation expense |  |  | 2,058 |  |  |  | - |  |  |  | 1,782 |  |  |  | - |
Other |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (977 | )
Right of use asset |  |  | - |  |  |  | (14,055 | ) |  |  | - |  |  |  | (12,671 | )
Lease liability |  |  | 15,080 |  |  |  | - |  |  |  | 13,354 |  |  |  | - |
|  |  | 83,694 |  |  |  | (15,541 | ) |  |  | 87,699 |  |  |  | (14,958 | )
Valuation Allowance |  |  | (67,129 | ) |  |  | - |  |  |  | (71,640 | ) |  |  | - |
Deferred tax assets (liabilities) |  | $ | 16,565 |  |  | $ | (15,541 | ) |  | $ | 16,059 |  |  | $ | (14,958 | )
(Decrease) increase in valuation allowance |  | $ | (4,511 | ) |  |  |  |  | $ | 3,759 |  |  |  |
Income Tax Years Subject to Examination | A summary of tax years that remain subject to examination is as follows:
Jurisdiction |  |  |  |  |  | Earliest Year
United States Federal |  |  |  |  |  | 2021
States: |  |  |  |  |  |
Pennsylvania |  |  |  |  |  | 2004
Texas |  |  |  |  |  | 2020
Illinois |  |  |  |  |  | 2010
Virginia |  |  |  |  |  | 2021
Colorado |  |  |  |  |  | 2010
Indiana |  |  |  |  |  | 2021
Nebraska |  |  |  |  |  | 2016
Alabama |  |  |  |  |  | 2017
Georgia |  |  |  |  |  | 2021
South Carolina |  |  |  |  |  | 2021
Foreign: |  |  |  |  |  |
China |  |  |  |  |  | 2021
Mexico |  |  |  |  |  | 2021

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