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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 16 - Income Taxes 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 |
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 | ) | %
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, 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 |  |  |  |
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 United States and China operating losses, we will not more likely than not realize the benefit of the United States and China deferred tax assets. The Company has certain pretax state net operating loss carryforwards of $212,092 which will expire between 2025 and 2043, for which a full valuation allowance has been recorded. The Company also has federal net operating loss carryforwards, tax credits, and interest carryforwards of $198,214, $2,016, and $37,821, respectively, which will begin to expire in 2032, for which a full valuation allowance also has been recorded. No deferred taxes have been provided on the approximately $386 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, 2024 and 2023. The Company’s income tax provision included $0 expenses related to interest and penalties for the years ended December 31, 2024 and 2023. 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 2024 and 2023, the Company has zero penalties or interest accrued as of December 31, 2024 and 2023, respectively. The Company and/or its subsidiaries file income tax returns with the United States 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
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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