Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consisted of the following (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current:
U.S.—Federal	$	—	$	—	$	—
U.S.—State	10,883		362		26
Foreign	—		73		1,255
Deferred:
U.S.—Federal	(133,979)		236		(223)
U.S.—State	7,760		39		(37)

Total	$	(115,336)	$	710	$	1,021

Schedule of Effective Income Tax Rate Reconciliation

Income tax expense was different from the amounts computed by applying U.S. Federal income tax rate to pretax income as a result of the following:


	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	2.9	%	0.1	%	—	%
Foreign taxes	—	%	—	%	(1.6)	%

Change in valuation allowance related to current activity	(45.3)	%	(21.3)	%	(20.1)	%



Permanent items	0.4	%	0.4	%	(0.6)	%
Other	2.2	%	—	%	—	%
Actual income tax rate	(18.8)	%	0.2	%	(1.3)	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets (liabilities) are comprised of the following (in thousands):


	December 31,
	2023		2022
Deferred tax assets:
Net operating loss	$	244,243	$	308,457



Intangible assets	—		830
Environmental credit obligations	11,280		71,424

ROU Liabilities	87,686		89,879
Other	13,313		5,332
Total deferred tax assets	356,522		475,922
Valuation allowance	(52,755)		(330,456)
Net deferred tax assets	303,767		145,466
Deferred tax liabilities:
Inventory	2,681		5,891
Property and equipment	90,882		54,124


Intangible assets	511		—


ROU Assets	89,087		91,112
Total deferred tax liabilities	183,161		151,127
Total deferred tax assets (liabilities), net (1)	$	120,606	$	(5,661)

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(1)As of December 31, 2023, deferred tax assets (liabilities), net, is included in Other long-term assets on our consolidated balance sheets. As of December 31, 2022, deferred tax assets (liabilities), net, is included in Other liabilities on our consolidated balance sheets.