XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Taxes [Abstract] |
INCOME TAXES |
| 12. | INCOME TAXES.
The Company recorded a provision for income taxes as follows (in thousands):
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current provision |  | $ | 97 |  |  | $ | 1,925 |  |  | $ | 1,469 |
Deferred provision |  |  | — |  |  |  | — |  |  |  | — |
Total |  | $ | 97 |  |  | $ | 1,925 |  |  | $ | 1,469 |
A reconciliation of the differences between the United States statutory federal income tax rate and the effective tax rate as provided in the consolidated statements of operations is as follows:
|  | Years Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State income taxes, net of federal benefit |  |  | 4.6 |  |  |  | 5.8 |  |  |  | 6.0 |
Change in valuation allowance |  |  | (23.4 | ) |  |  | (33.9 | ) |  |  | (18.8 | )
Stock-based compensation |  |  | (2.3 | ) |  |  | 3.1 |  |  |  | — |
Non-deductible items |  |  | 0.8 |  |  |  | (1.6 | ) |  |  | 0.4 |
Income from loan forgiveness |  |  | — |  |  |  | — |  |  |  | (5.5 | )
Other |  |  | (1.0 | ) |  |  | 0.6 |  |  |  | (0.1 | )
Effective rate |  |  | (0.3 | )% |  |  | (5.0 | )% |  |  | 3.0 | %
Deferred income taxes are provided using the asset and liability method to reflect temporary differences between the financial statement carrying amounts and the tax bases of assets and liabilities using presently enacted tax rates and laws. The components of deferred income taxes included in the consolidated balance sheets were as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 57,870 |  |  | $ | 58,131 |
Capital loss |  |  | 26,518 |  |  |  | 26,043 |
Disallowed interest |  |  | 3,457 |  |  |  | 2,395 |
R&D, Energy and AMT credits |  |  | 3,742 |  |  |  | 3,742 |
Derivatives |  |  | 3,051 |  |  |  | 460 |
Intangibles |  |  | 1,201 |  |  |  | 89 |
Pension liability |  |  | 1,173 |  |  |  | 1,354 |
Railcar contracts |  |  | 818 |  |  |  | 786 |
Stock-based compensation |  |  | 696 |  |  |  | 634 |
Allowance for credit losses and other assets |  |  | 296 |  |  |  | 311 |
Other |  |  | 3,340 |  |  |  | 3,208 |
Total gross deferred tax assets |  |  | 102,162 |  |  |  | 97,153 |
Less: valuation allowance |  |  | (93,506 | ) |  |  | (87,949 | )
Total deferred tax assets, net of valuation allowance |  |  | 8,656 |  |  |  | 9,204 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Property and equipment |  |  | (7,720 | ) |  |  | (9,125 | )
Other |  |  | (1,172 | ) |  |  | (315 | )
Total deferred tax liabilities |  |  | (8,892 | ) |  |  | (9,440 | )
Net deferred tax liabilities, included in other liabilities |  | $ | (236 | ) |  | $ | (236 | )
A portion of the Company’s net operating loss carryforwards are subject to provisions of the tax law that limit the use of losses incurred by a corporation prior to the date certain ownership changes occur. These limitations also apply to certain depreciation deductions associated with assets on hand at the time of the ownership change and otherwise allowable during the five-year period following the ownership change. As the five-year limitation period lapsed in 2019, these disallowed deductions are reflected in property and equipment in the schedule above but continue to be subject to the annual limitation that applies to the pre-change net operating losses. Due to the limitation on the use of net operating losses and depreciation deductions, a significant portion of these carryforwards will expire regardless of whether the Company generates future taxable income. After reducing these net operating loss carryforwards for the amount which will expire due to this limitation, the Company had remaining federal net operating loss carryforwards of approximately $207,481,000 and state net operating loss carryforwards of approximately $227,772,000 at December 31, 2023. These net operating loss carryforwards expire as follows (in thousands):
Tax Years |  | Federal |  |  | State |
2024–2028 |  | $ | — |  |  | $ | 94,913 |
2029–2033 |  |  | 15,245 |  |  |  | 5,637 |
2034–2038 |  |  | 83,771 |  |  |  | 93,390 |
2039 and after* |  |  | 108,465 |  |  |  | 33,832 |
Total NOLs |  | $ | 207,481 |  |  | $ | 227,772 |
* | Includes indefinite life federal net operating losses of $108.5 million generated after 2017.
Approximately $135,260,000 is available to utilize against federal taxable income for 2024. To the extent amounts are not utilized in any year, they may be carried forward to the next year until expiration. These amounts may change if there are future additional limitations on their utilization. Federal capital loss of $100,487,000 may be carried forward for 5 years and will expire in 2025. State capital loss of $95,469,000 may be carried forward for 5 years for most of the states in which the Company files returns and will expire in 2025. In assessing whether the deferred tax assets are realizable, a more likely than not standard is applied. If it is determined that it is more likely than not that deferred tax assets will not be realized, a valuation allowance must be established against the deferred tax assets. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the associated temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. A valuation allowance was established in the amount of $93,506,000 and $87,949,000 as of December 31, 2023 and 2022, respectively, based on the Company’s assessment of the future realizability of certain deferred tax assets. The valuation allowance on deferred tax assets is related to future deductible temporary differences and net operating loss carryforwards for which the Company has concluded it is more likely than not that these items will not be realized in the ordinary course of operations. For the year ended December 31, 2023, the Company recorded an increase in valuation allowance of $5,557,000. This was primarily related to additional net operating losses accumulated for the year. For the year ended December 31, 2022, the Company recorded an increase in valuation allowance of $12,365,000. This was primarily related to additional net operating losses accumulated for the year. For the year ended December 31, 2021, the Company recorded a decrease in valuation allowance of $10,104,000. This was primarily related to utilization of net operating losses as the Company generated taxable income for the year. Unrecognized Tax Benefits A reconciliation of the beginning balance and the ending balance of gross unrecognized tax benefits, before interest and penalties, for the period presented is as follows (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Unrecognized tax benefits at beginning of year |  | $ | 739 |  |  | $ | — |
Increases related to current year tax positions |  |  | — |  |  |  | — |
Decreases related to current year tax positions |  |  | — |  |  |  | — |
Increases related to prior year tax positions |  |  | — |  |  |  | 739 |
Decreases related to prior year tax positions |  |  | — |  |  |  | — |
Decreases related to expiration of prior year tax positions |  |  | — |  |  |  | — |
Decreases related to settlements of prior year tax positions |  |  | — |  |  |  | — |
Unrecognized tax benefits at end of year |  | $ | 739 |  |  | $ | 739 |
The Company recorded unrecognized tax benefits for uncertain tax positions of approximately $739,000 as of December 31, 2023, of which $739,000 would impact the effective tax rate, if recognized. The Company recognizes interest and penalties related to income tax matters as a component of interest expense and other income, net, respectively. As of December 31, 2023, the Company accrued penalties of $74,000 and interest of $75,000 related to uncertain tax positions. The Company does not expect the unrecognized tax benefits to change significantly over the next 12 months. The Company is subject to income tax in the United States federal jurisdiction and various state jurisdictions and has identified its federal tax return and tax returns in state jurisdictions below as “major” tax filings. These jurisdictions, along with the years still open to audit under the applicable statutes of limitation, are as follows:
Jurisdiction |  | Tax Years
Federal |  | 2020 – 2022
Alabama |  | 2020 – 2022
Arizona |  | 2019 – 2022
Arkansas |  | 2020 – 2022
California |  | 2019 – 2022
Colorado |  | 2019 – 2022
Connecticut |  | 2020 – 2022
Georgia |  | 2020 – 2022
Idaho |  | 2020 – 2022
Illinois |  | 2020 – 2022
Indiana |  | 2020 – 2022
Iowa |  | 2020 – 2022
Kansas |  | 2020 – 2022
Louisiana |  | 2020 – 2022
Michigan |  | 2020 – 2022
Minnesota |  | 2020 – 2022
Mississippi |  | 2020 – 2022
Missouri |  | 2020 – 2022
Nebraska |  | 2020 – 2022
New Mexico |  | 2020 – 2022
Oklahoma |  | 2020 – 2022
Oregon |  | 2020 – 2022
Pennsylvania |  | 2020 – 2022
Rhode Island |  | 2020 – 2022
South Carolina |  | 2020 – 2022
Tennessee |  | 2020 – 2022
Texas |  | 2019 – 2022
However, because the Company had net operating losses and credits carried forward in several of the jurisdictions, including the United States federal and California jurisdictions, certain items attributable to closed tax years are still subject to adjustment by applicable taxing authorities through an adjustment to tax attributes carried forward to open years.

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