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Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes INCOME TAXES
The Company's deferred income taxes reflect the value of its net operating loss carryforwards and the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their amounts used for income tax calculations.
At December 31, 2023, the Company had cumulative net operating loss carryforwards (“NOL CFs”) for federal income tax purposes of approximately $173.3 million, which do not expire but whose use may be limited to 80% of taxable income in any given year. The deferred tax asset balance includes $2.7 million net of a $0.3 million valuation allowance related to state NOL CFs, which have remaining lives ranging from one to twenty years. These NOL CFs are attributable to excess tax deductions related primarily to the accelerated tax depreciation of fixed assets, the timing of amortization related to Amazon warrants and cash contributions for its benefit plans. At December 31, 2023 and 2022, the Company determined that, based upon projections of taxable income, it was more likely than not that the Federal NOL CF’s will be utilized, accordingly, no allowance against these deferred tax assets was recorded.
The significant components of the deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands):
 December 31
 20232022
Deferred tax assets:
Net operating loss carryforward and federal credits$43,621 $63,200 
Warrants32,199 31,524 
Operating lease obligation11,583 15,727 
Post-retirement employee benefits570 3,081 
Interest expense limitation6,655 — 
Employee benefits other than post-retirement3,776 5,666 
Inventory reserve3,238 2,920 
Deferred revenue6,952 4,863 
Other14,476 13,519 
Deferred tax assets123,070 140,500 
Deferred tax liabilities:
Accelerated depreciation(337,099)(326,804)
Partnership items(6,263)(6,365)
Operating lease assets(11,353)(15,492)
State taxes(26,213)(24,207)
Goodwill and intangible assets(23,529)(18,952)
Valuation allowance against deferred tax assets(3,861)(3,861)
Deferred tax liabilities(408,318)(395,681)
Net deferred tax (liability)$(285,248)$(255,181)
The following summarizes the Company’s income tax provisions (benefits) (in thousands):
 Years Ended December 31
 202320222021
Current taxes:
Federal$5,600 $6,965 $— 
Foreign218 784 — 
State2,311 2,082 2,402 
Deferred taxes:
Federal15,645 45,644 65,027 
Foreign(451)(57)— 
State1,168 8,642 4,795 
Total deferred tax expense16,362 54,229 69,822 
Total income tax expense (benefit) from continuing operations$24,491 $64,060 $72,224 
Income tax expense (benefit) from discontinued operations$167 $633 $722 
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
 202320222021
Statutory federal tax rate21.0 %21.0 %21.0 %
Foreign income taxes0.3 %0.2 %— %
State income taxes, net of federal tax benefit3.3 %3.3 %1.8 %
Tax effect of stock compensation1.6 %0.2 %— %
Tax effect of other non-deductible expenses1.3 %0.1 %0.5 %
Change to state statutory tax rates— %(0.1)%— %
Foreign rate differential0.4 %— %— %
Other1.2 %(0.1)%0.7 %
Effective income tax rate29.1 %24.6 %24.0 %
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
 202320222021
Statutory federal tax rate21.0 %21.0 %21.0 %
State income taxes, net of federal tax benefit1.3 %1.8 %1.8 %
Change in federal statutory tax rates— %— %— %
Effective income tax rate22.3 %22.8 %22.8 %
The Company files income tax returns in the U.S. Federal jurisdiction and various international, state and local jurisdictions. The returns may be subject to audit by the Internal Revenue Service (“IRS”) and other jurisdictional authorities. International returns consist primarily of disclosure returns where the Company is covered by the sourcing rules of U.S. international treaties. The Company recognizes the impact of an uncertain income tax position in the financial statements if that position is more likely than not of being sustained on audit, based on the technical merits of the position. At December 31, 2023, 2022 and 2021, the Company's unrecognized tax benefits were $0.0 million, $0.0 million and $0.0 million respectively. Accrued interest and penalties on tax positions are recorded as a component of interest expense. Interest and penalties expense was immaterial for 2023, 2022 and 2021.
The Company began to file, effective in 2008, federal tax returns under a common parent of the consolidated group that includes ABX and all the wholly-owned subsidiaries. The returns for 2022, 2021 and 2020 related to the consolidated group remain open to examination. The consolidated federal tax returns prior to 2020 remain open to federal examination only to the extent of net operating loss carryforwards carried over from or utilized in those years. State and local returns filed for 2005 through 2022 are generally also open to examination by their respective jurisdictions, either in full or limited to net operating losses. The Company files tax returns with the Republic of Ireland for its leasing operations based in Ireland.