Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in thousands):


	December 31
	2020		2019
Deferred tax assets:
Net operating loss carryforward and federal credits	$	71,762	$	40,467
Operating lease obligation	14,472		9,070
Warrants	33,940		17,174
Post-retirement employee benefits	7,140		6,355
Employee benefits other than post-retirement	8,545		9,435
Inventory reserve	2,288		2,055
Deferred revenue	12,608		5,132
Other	9,366		9,309
Deferred tax assets	160,121		98,997
Deferred tax liabilities:
Accelerated depreciation	(257,765)		(192,651)
Partnership items	(6,044)		(6,088)
Operating lease assets	(14,264)		(9,051)
Goodwill	(9,877)		(4,916)
State taxes	(11,143)		(12,355)
Valuation allowance against deferred tax assets	(2,293)		(1,412)
Deferred tax liabilities	(301,386)		(226,473)
Net deferred tax (liability)	$	(141,265)	$	(127,476)

Schedule of Components of Income Tax Expense (Benefit)

The following summarizes the Company’s income tax provisions (benefits) (in thousands):


	Years Ended December 31
	2020		2019		2018
Current taxes:
Federal	$	(1,332)	$	1,332	$	—
Foreign	—		1		—
State	1,235		138		1,043
Deferred taxes:
Federal	19,701		14,155		15,642
Foreign	—		—		(63)
State	(1,209)		(3,677)		2,973
Change in federal statutory tax rates	—		—		—
Total deferred tax expense	18,492		10,478		18,552
Total income tax expense (benefit) from continuing operations	$	16,314	$	11,589	$	19,595
Income tax expense (benefit) from discontinued operations	$	2,081	$	360	$	434

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax from continuing operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows:


	Years Ended December 31
	2020		2019		2018
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
Foreign income taxes	—	%	—	%	(0.1)	%
State income taxes, net of federal tax benefit	5.1	%	1.4	%	(0.2)	%

Tax effect of non-deductible warrant expense	16.6	%	(2.9)	%	(1.5)	%
Tax effect of stock compensation	—	%	—	%	(0.8)	%
Tax effect of other non-deductible expenses	3.2	%	1.7	%	0.8	%

Change to state statutory tax rates	(5.4)	%	(5.4)	%	3.8	%
Other	(1.1)	%	0.4	%	(0.6)	%
Effective income tax rate	39.4	%	16.2	%	22.4	%

Schedule of Effective Income Tax Rate Reconciliation, Discontinued Operations

The reconciliation of income tax from discontinued operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows:


	Years Ended December 31
	2020		2019		2018
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.8	%	1.8	%	2.6	%
Change in federal statutory tax rates	—	%	—	%	—	%
Effective income tax rate	22.8	%	22.8	%	23.6	%