GENESIS ENERGY LP
For the period ended Dec 31, 2023. Filed Feb 23, 2024.
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FY2023 · Filed Feb 23, 2024
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. Income Taxes
- Income Taxes
We are not a taxable entity for federal income tax purposes. As such, we do not directly pay federal income taxes. Other than with respect to our corporate subsidiaries and the Texas Margin Tax, our taxable income or loss is includible in the federal income tax returns of each of our partners.
A few of our operations are owned by wholly-owned corporate subsidiaries that are taxable as corporations. During 2023, we paid federal and state income taxes on these operations.
Our income tax expense (benefit) is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Current: | |||
| Federal | $211 | $— | $— |
| State | 836 | 815 | 690 |
| Total current income tax expense | $1,047 | $815 | $690 |
| Deferred: | |||
| Federal | $248 | $1,814 | $1,097 |
| State | (1,314) | 540 | (117) |
| Total deferred income tax expense (benefit) | $(1,066) | $2,354 | $980 |
| Total income tax expense (benefit) | $(19) | $3,169 | $1,670 |
Deferred income taxes relate to temporary differences based on tax laws and statutory rates that were enacted at the balance sheet date. Deferred tax assets and liabilities consist of the following:
| December 31, | ||
|---|---|---|
| 2023 | 2022 | |
| Deferred tax assets: | ||
| Net operating loss carryforwards | $13,631 | $15,313 |
| Right of use liabilities | 36,148 | — |
| Other | 4,823 | 2,333 |
| Total long-term deferred tax asset | 54,602 | 17,646 |
| Valuation allowances | (3,802) | (3,471) |
| Total deferred tax assets | $50,800 | $14,175 |
| Deferred tax liabilities: | ||
| Long-term: | ||
| Fixed assets | $(2,408) | $(1,730) |
| Intangible assets | (29,635) | (27,033) |
| Right of use assets | (36,150) | — |
| Other | (117) | (2,064) |
| Total long-term liability | (68,310) | (30,827) |
| Total deferred tax liabilities | $(68,310) | $(30,827) |
| Total net deferred tax liability | $(17,510) | $(16,652) |
We record a valuation allowance when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets depends on the ability to generate sufficient taxable income of the appropriate character in the future and in the appropriate taxing jurisdictions.
The reconciliation between the partnership’s effective tax rate on income (loss) from operations and the statutory tax rate is as follows:
| Year Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Income (loss) from operations before income taxes | $146,328 | $132,304 | $(136,362) |
| Partnership income (loss) not subject to federal income tax | (135,349) | (126,403) | 140,092 |
| Income subject to federal income taxes | $10,979 | $5,901 | $3,730 |
| Tax expense at federal statutory rate | $2,306 | $1,239 | $783 |
| State income taxes, net of federal tax | (467) | 1,248 | 574 |
| Return to provision, federal and state | (169) | 44 | (227) |
| Other | (2,077) | (18) | 112 |
| Valuation allowance | 388 | 656 | 428 |
| Income tax expense (benefit) | $(19) | $3,169 | $1,670 |
| Effective tax rate on income (loss) from operations before income taxes | (0.01)% | 2.4% | (1.2)% |
At December 31, 2023, 2022 and 2021, we hadno uncertain tax positions.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.