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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Taxes |
Schedule of Components of Income Tax Expense (Benefit) | The company files a consolidated federal income tax return. The current and deferred federal and state income tax expense for the years ended December 31 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
​ | Current income tax expense | $ | 1,107,379 | ​ | $ | 643,639 | ​ | $ | 88,914 | ​
​ | Deferred income tax expense | ​ | 34,198 | ​ | ​ | 318,617 | ​ | ​ | 45,736 | ​
​ | Total income tax expense | $ | 1,141,577 | ​ | $ | 962,256 | ​ | $ | 134,650 | ​
​
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory rates to the actual effective tax rates for the years ended December 31 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
​ | Statutory federal tax rate | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​
​ | State income taxes, net of federal benefit | ​ | 2.6 | ​ | ​ | ​ | 2.5 | ​ | ​ | ​ | 2.6 | ​ | ​
​ | Release of valuation allowance | ​ | - | ​ | ​ | ​ | - | ​ | ​ | ​ | (2.9) | ​ | ​
​ | Federal research & development credits | ​ | (0.6) | ​ | ​ | ​ | (0.7) | ​ | ​ | ​ | (2.1) | ​ | ​
​ | Other permanent differences | ​ | (0.3) | ​ | ​ | ​ | 0.1 | ​ | ​ | ​ | 0.5 | ​ | ​
​ | Effective tax rate | ​ | 22.7 | % | ​ | ​ | 22.9 | % | ​ | ​ | 19.1 | % | ​
​
Schedule of Deferred Tax Assets and Liabilities | ​ Significant components of the company’s deferred tax assets and liabilities at December 31 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​
​ | Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
​ | Accrued expenses and allowances | $ | 34,052 | ​ | $ | 24,324 | ​
​ | Inventories | ​ | 8,028 | ​ | ​ | 9,088 | ​
​ | Net operating loss carryforwards | ​ | 16,412 | ​ | ​ | 20,333 | ​
​ | Other | ​ | 8,091 | ​ | ​ | 8,776 | ​
​ | ​ | ​ | 66,583 | ​ | ​ | 62,521 | ​
​ | Less: valuation allowance | ​ | (805) | ​ | ​ | (805) | ​
​ | Total net deferred tax assets | ​ | 65,778 | ​ | ​ | 61,716 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
​ | Property, plant and equipment | ​ | (951,404) | ​ | ​ | (846,942) | ​
​ | Amortizable assets | ​ | (1,304) | ​ | ​ | (62,339) | ​
​ | Other | ​ | (2,173) | ​ | ​ | (7,340) | ​
​ | Total deferred tax liabilities | ​ | (954,881) | ​ | ​ | (916,621) | ​
​ | Net deferred tax liability | $ | (889,103) | ​ | $ | (854,905) | ​
​
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2022 | ​ | 2021 | ​ | 2020 | ​
​ | Balance at January 1 | $ | 20,466 | ​ | $ | 12,830 | ​ | $ | 10,162 | ​
​ | Increases related to current year tax positions | ​ | 9,600 | ​ | ​ | 8,250 | ​ | ​ | 4,350 | ​
​ | Increases related to prior year tax positions | ​ | 364 | ​ | ​ | 2,095 | ​ | ​ | - | ​
​ | Decreases related to prior year tax positions | ​ | (1,784) | ​ | ​ | (2,709) | ​ | ​ | (1,682) | ​
​ | Balance at December 31 | $ | 28,646 | ​ | $ | 20,466 | ​ | $ | 12,830 | ​
​

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