Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Tax Disclosure [Abstract] |
|
| Schedule of Loss from Continuing Operations Before Incomes Taxes |
Loss from continuing operations before incomes taxes for the United States and non-U.S. jurisdictions for the years ended December 31, 2025 and 2024 are as follows (in thousands):
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Years Ended December 31, |
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2025 |
|
2024 |
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| Loss from continuing operations before income taxes: |
|
|
|
|
|
|
| United States |
|
(52,893) |
|
|
(26,638) |
|
|
|
| Non-U.S. |
|
(6,776) |
|
|
(167,780) |
|
|
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| Total |
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$ |
(59,669) |
|
|
$ |
(194,418) |
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|
|
| Schedule of Components of Income Tax Provision (Benefit) |
The components of income tax (benefit) provision applicable to federal, state and foreign income taxes for the years ended December 31, 2025 and 2024 are as follows (in thousands):
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Years Ended December 31, |
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2025 |
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2024 |
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| Federal income tax expense (benefit): |
|
|
|
|
|
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| Current |
|
251 |
|
|
295 |
|
|
|
| Deferred |
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(358) |
|
|
2,500 |
|
|
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| Total |
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$ |
(107) |
|
|
$ |
2,795 |
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|
|
|
|
|
|
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| State income tax expense (benefit): |
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| Current |
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(65) |
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|
75 |
|
|
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| Deferred |
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— |
|
|
— |
|
|
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| Total |
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$ |
(65) |
|
|
$ |
75 |
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|
|
|
|
|
|
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| Foreign income tax expense (benefit): |
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|
|
|
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| Current |
|
4,491 |
|
|
(15,913) |
|
|
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| Deferred |
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(232) |
|
|
1,737 |
|
|
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| Total |
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$ |
4,259 |
|
|
$ |
(14,176) |
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|
|
|
|
|
|
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| Total income tax expense (benefit): |
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|
|
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| Current |
|
4,677 |
|
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(15,543) |
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|
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| Deferred |
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(590) |
|
|
4,237 |
|
|
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| Total |
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$ |
4,087 |
|
|
$ |
(11,306) |
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|
|
|
| Schedule of Effective Income Tax Rate Reconciliation |
The differences between the statutory U.S. federal income tax rate and the effective income tax rate for the years ended December 31, 2025 and 2024 are as follows (in thousands):
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Years Ended December 31, |
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2025 |
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2024 |
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|
Amount |
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Percent |
|
Amount |
|
Percent |
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| U.S. federal statutory tax rate |
|
$ |
(12,531) |
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|
21.0 |
% |
|
$ |
(40,828) |
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21.0 |
% |
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|
State and local income taxes, net of federal income tax effect (a)
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26 |
|
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— |
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60 |
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— |
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| Foreign tax effects |
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| Canada |
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| Statutory tax rate difference between Canada and United States |
|
14 |
|
|
— |
|
|
61 |
|
|
— |
|
|
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| Withholding taxes |
|
376 |
|
|
(0.6) |
|
|
— |
|
|
— |
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| Puerto Rico |
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| Statutory tax rate difference between Puerto Rico and United States |
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(1,230) |
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|
2.1 |
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(28,352) |
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14.6 |
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| Changes in valuation allowances |
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2,748 |
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(4.7) |
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65,638 |
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(33.8) |
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| Interest and penalties |
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3,722 |
|
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(6.3) |
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3,201 |
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(1.7) |
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|
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| Withholding taxes |
|
— |
|
|
— |
|
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(19,899) |
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|
10.2 |
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| Effect of changes in tax laws or rates enacted in the current period |
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| Effect of cross-border tax laws |
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| Foreign branch inclusions |
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(1,885) |
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3.2 |
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(35,996) |
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18.5 |
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| Tax credits |
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| Foreign tax credits |
|
— |
|
|
— |
|
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(166) |
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|
0.1 |
|
|
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| Changes in valuation allowances |
|
12,484 |
|
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(20.9) |
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43,703 |
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(22.5) |
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| Nontaxable or nondeductible items |
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| Other |
|
113 |
|
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(0.2) |
|
|
981 |
|
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(0.5) |
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|
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|
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| Other adjustments |
|
250 |
|
|
(0.4) |
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|
291 |
|
|
(0.1) |
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| Effective tax rate |
|
$ |
4,087 |
|
|
(6.8) |
% |
|
$ |
(11,306) |
|
|
5.8 |
% |
|
|
(a) State taxes in Kentucky and West Virginia made up the majority (greater than 50 percent) of the tax effect in this category.
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| Schedule of Deferred Tax Assets and Liabilities |
The tax effect of temporary differences and tax attributes representing deferred tax assets and liabilities at December 31, 2025 and 2024 attributable to the Company consisted of the following (in thousands):
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Year Ended December 31, |
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|
2025 |
|
2024 |
| Deferred tax assets: |
|
|
|
|
| Allowance for doubtful accounts |
|
$ |
94 |
|
|
$ |
167 |
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| Section 163(j) interest limitation |
|
1,075 |
|
|
5,090 |
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| Lease asset |
|
626 |
|
|
3,660 |
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| Intangible assets |
|
810 |
|
|
1,050 |
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| Accrued liabilities |
|
2,211 |
|
|
3,605 |
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| Net operating loss carryover |
|
120,277 |
|
|
114,506 |
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| Foreign tax credits |
|
76,570 |
|
|
76,570 |
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| Accumulated other comprehensive income |
|
970 |
|
|
1,068 |
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| Other |
|
296 |
|
|
207 |
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| Valuation allowance |
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(188,361) |
|
|
(187,087) |
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| Deferred tax assets |
|
14,568 |
|
|
18,836 |
|
|
|
|
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| Deferred tax liabilities: |
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|
| Property, plant and equipment |
|
$ |
(14,571) |
|
|
$ |
(14,140) |
|
| Lease liability |
|
(830) |
|
|
(3,583) |
|
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|
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| Other |
|
(1,597) |
|
|
(4,134) |
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| Deferred tax liabilities |
|
(16,998) |
|
|
(21,857) |
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| Net deferred tax (liability) asset |
|
$ |
(2,430) |
|
|
$ |
(3,021) |
|
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|
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| Reflected in accompanying balance sheet as: |
|
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|
|
| Deferred income tax asset |
|
$ |
— |
|
|
$ |
— |
|
| Deferred income tax liability |
|
(2,430) |
|
|
(3,021) |
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| Total |
|
$ |
(2,430) |
|
|
$ |
(3,021) |
|
|
| Schedule of Income Taxes Paid, Net of Refunds Received, Disaggregated by Jurisdiction |
The income taxes paid, net of refunds received, disaggregated by jurisdiction for the years ended December 31, 2025 and 2024 are as follows (in thousands):
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|
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|
Years Ended December 31, |
|
|
2025 |
|
2024 |
| U.S. federal |
|
$ |
— |
|
|
$ |
— |
|
|
|
|
|
|
| U.S. state and local |
|
|
|
|
| Texas |
|
— |
|
|
58 |
|
| Other jurisdictions |
|
32 |
|
|
43 |
|
|
|
|
|
|
| Foreign |
|
|
|
|
| Canada |
|
785 |
|
|
1,001 |
|
| Income taxes paid |
|
$ |
817 |
|
|
$ |
1,102 |
|
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