62 Our ability i to use our net operating i loss carryfo y rwards and certai t n i othe t r tax a attr t ibutes t may a be limite i d. As of December 31, 2023, the Company had $83.8 million of federal and $616.3 million of state net operating loss, or NOLs, that may be availabl a e to offs f et future taxabl a e income. A portion of the federal NOL carryforwards begin to expire in 2035 and the state NOL carryf r or f wards begin to expire in 2035, if not utilized. Under Sections 382 and 383 of the United States Internal Revenue Code of 1986, as amended, or the Code, if a corporation undergoes an “ownership change” (generally defined as a greater than 50-percentage-point cumulative change (by value) in the equity ownership of certain stockholders over a rolling three-year period), the corporation’s ability to use its pre-change NOL carryforwards and other pre-change tax attributes to offs f et its post-change taxabl a e income or taxes may be limited. We may also experience ownership changes in the future as a result of subs u equent shifts f in our stock ownership, some of which are outside our control. As a result, our ability to use our pre-change net operating loss carryforwards and other pre-change tax attributes to offs f et post-change taxabl a e income or taxes may be subj u ect to limitation. U.S. federal tax legislation enacted in 2017, informally titled The Tax Cuts and Jobs Act, or the Tax Act, as modified by the Coronavirus Aid, Relief,f and Economic Security Act, or the CARES Act, enacted in March 2020, among other things, includes changes to U.S. federal tax rates and the rules governing NOL carryforwards. Federal NOLs arising in tax years beginning afte f r December 31, 2017 are permitted to be carried forward indefinitely, but carryba r ck of such NOLs is generally permitted to the prior five taxabl a e years only for NOLs arising in taxabl a e years beginning before 2021. In addition, under the Tax Act, as modified by the CARES Act, the deductibility of federal NOLs incurred in taxabl a e years beginning afte f r December 31, 2017 is limited in taxabl a e years beginning afte f r December 31, 2020. For state income tax purposes, there may be periods during which the use of net operating loss carryforwards is suspended or otherwise limited, which could accelerate or permanently increase state taxes owed. The new limitations on use of NOLs may significantly impact our ability to utilize our NOLs to offs f et taxabl a e income in the future. Changes in tax a laws or regu e lations that are applie l d adverse r ly to us or our custom t ersr may a have a material adverse r effe f ct on our busine i ss,s cash flow l , w fina i ncial condit d io t n or resultst of operations. New income, sales, use or other tax laws, statut t es, rules, regulations or ordinances could be enacted at any time, which could adversely affe f ct our business operations and financial performance. Further, existing tax laws, statut t es, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us. For example, the Tax Act enacted many significant changes to the U.S. tax laws. Future guidance from the Internal Revenue Service and other tax authorities with respect to the Tax Act may affe f ct us, and certain aspects of the Tax Act could be repealed or modified in future legislation. For example, the CARES Act, modified certain provisions of the Tax Act. More recently, the IRA R was enacted which includes provisions that will impact the U.S. federal income taxation of corporations, including imposing a minimum tax on the book income of certain large corporations and an excise tax on certain corporate stock repurchases that would be imposed on the corporation repurchasing such stock. In addition, it is uncertain if and to what extent various states will confor f m to the Tax Act, the CARES Act, the IRA, R or any newly enacted federal tax legislation. Changes in corporate tax rates, the realization of net deferred tax assets relating to our operations, the taxation of foreign earnings, and the deductibility of expenses under the Tax Act or future refor f m legislation could have a material impact on the value of our net deferred tax assets, could result in significant one-time charges, and could increase our future U.S. tax expense. Risks Related to Our Business, Financial Condition and Capital Requirements Unfa n vorablel U.S. and global l economic condit d io t ns couldl adverse r ly affe f ct our busine i ss, fina i ncial condit d io t n or resultst of operations. Our results of operations could be adversely affe f cted by general conditions in the U.S. and global economies, the U.S. and global financial markets and adverse geopolitical and macroeconomic developments. U.S. and global market and economic conditions have been, and continue to be, disrupt r ed and volatile due to many factors, including increasing inflation rates and the responses by central banking authorities to control such inflation, geopolitical confli f cts, and bank failures, among others. General business and economic conditions that could affe f ct our business, financial condition or results of operations include fluctuations in economic growth, debt and equity capi a tal markets, liquidity of the global financial markets, access to our liquidity within the U.S. banking system, the availabi a lity and cost of credit, investor and consumer confid f ence, and the strength of the economies in which we, our manufact f ur t ers and our suppl u iers operate.