Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.21.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Reconciliation of Income Tax

A reconciliation of the U.S. federal statutory tax rate to our income tax (expense) benefit for 2020, 2019 and 2018, is as follows (in thousands):

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

U.S. statutory rate

 

 

21.0

%

 

 

21.0

%

 

 

21.0

%

Increase (decrease) resulting from:

 

 

 

 

 

 

 

 

 

 

 

 

Permanent differences

 

 

0.0

%

 

 

(0.2

)%

 

 

(1.0

)%

State income taxes

 

 

9.0

%

 

 

0.4

%

 

 

(2.9

)%

Other

 

 

0.0

%

 

 

0.0

%

 

 

1.9

%

Discrete items

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of common stock

 

 

(0.7

)%

 

 

 

 

 

(0.1

)%

Change in valuation allowance

 

 

(29.1

)%

 

 

(21.0

)%

 

 

(21.7

)%

Income tax (expense) benefit

 

 

0.2

%

 

 

0.2

%

 

 

(2.8

)%

Components of Income Tax Expense

Significant components of our income tax (expense) benefit for 2020, 2019 and 2018, were as follows (in thousands):

 

 

 

Years Ended December 31,

 

 

 

2020

 

 

2019

 

 

2018

 

Current

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 

 

$

 

 

$

 

State

 

 

(20

)

 

 

86

 

 

 

(317

)

Total current

 

 

(20

)

 

 

86

 

 

 

(317

)

Deferred

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

5,553

 

 

 

10,308

 

 

 

3,410

 

State

 

 

2,487

 

 

 

87

 

 

 

644

 

Valuation allowance

 

 

(7,968

)

 

 

(10,385

)

 

 

(4,308

)

Total deferred

 

 

72

 

 

 

10

 

 

 

(254

)

Income tax (expense) benefit

 

$

52

 

 

$

96

 

 

$

(571

)

Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities at December 31, 2020 and 2019, were as follows (in thousands):

 

 

 

December 31,

 

 

 

2020

 

 

2019

 

Deferred tax assets

 

 

 

 

 

 

 

 

Impairments of lease assets and inventory

 

$

184

 

 

$

644

 

Employee benefits

 

 

751

 

 

 

724

 

Accrued losses on uncompleted contracts

 

 

3,716

 

 

 

3,335

 

Stock based compensation expense

 

 

225

 

 

 

312

 

Federal net operating losses

 

 

19,345

 

 

 

14,885

 

State net operating losses

 

 

3,620

 

 

 

1,678

 

R&D and other tax credits

 

 

806

 

 

 

806

 

Other

 

 

631

 

 

 

437

 

Total deferred tax assets

 

 

29,278

 

 

 

22,821

 

Deferred tax liabilities

 

 

 

 

 

 

 

 

Property, plant and equipment and AHFS

 

 

(5,825

)

 

 

(7,523

)

Prepaid insurance

 

 

(512

)

 

 

(402

)

Total deferred tax liabilities

 

 

(6,337

)

 

 

(7,925

)

Net deferred tax assets

 

 

22,941

 

 

 

14,896

 

Valuation allowance

 

 

(23,054

)

 

 

(15,086

)

Net deferred taxes (1)

 

$

(113

)

 

$

(190

)

 

 

(1)

Amounts are included in other noncurrent liabilities on our Balance Sheet.