Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Provision for Income Taxes
The provision (benefit) for income taxes from continuing operations consisted of the following:
Year ended December 31,
2020 2019 2018
(thousands of dollars)
Current federal benefit $ (19,190) $ —  $ (74)
Current state expense 86  91  31 
Deferred federal expense (benefit) 15,140  (3,564) (813)
Deferred state expense (benefit) 1  (93) 210 
Income tax expense (benefit) $ (3,963) $ (3,566) $ (646)
Schedule of Effective Income Tax Expense (Benefit)
The difference between the year ended effective tax rate in income tax expense (benefit) and the Federal statutory rate of 21% is as follows:
2020 2019 2018
(thousands of dollars)
Income taxes at U.S. statutory rate $ 211  $ (3,455) $ (661)
State taxes, net of federal benefit 71  256  234 
Net operating loss carryback (4,655) —  — 
Research and development credits (518) (203) (263)
Permanent and other items 928  (164) 44 
Total tax expense (benefit) $ (3,963) $ (3,566) $ (646)
Tax Effects of Temporary Differences Tax effects of temporary differences that give rise to significant portions of federal and state deferred tax assets and deferred tax liabilities were as follows:
December 31,
2020 2019
(thousands of dollars)
Deferred tax liabilities:
Plant, pipeline and equipment $ (31,119) $ (29,227)
Other assets (31) (32)
Operating lease asset (2,211) (2,838)
Total deferred tax liabilities $ (33,361) $ (32,097)
Deferred tax assets:
Net operating loss carryforward —  11,685 
Intangible assets 3,396  3,699 
Operating lease liability 2,211  2,838 
Stock-based compensation 956  1,093 
Investment in AMAK —  589 
Accounts receivable 65  240 
Mineral interests 226  226 
Interest expense carryforward —  211 
General business credit —  140 
Inventory 146  111 
Post-retirement benefits 70  71 
Charitable contributions —  45 
Gross deferred tax assets 7,070  20,948 
Valuation allowance (226) (226)
Total net deferred tax assets $ 6,844  $ 20,722 
Net deferred tax liabilities $ (26,517) $ (11,375)