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Income Taxes (Tables)

12 Months Ended

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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