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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Schedule of components of earnings before income taxes and noncontrolling interests | Components of earnings before income taxes and noncontrolling interests for the years ended December 31 are as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
​ | United States | $ | 3,198,048 | ​ | $ | 4,996,762 | ​ | $ | 4,179,064 | ​
​ | Foreign | ​ | 20,895 | ​ | ​ | 24,307 | ​ | ​ | 30,006 | ​
​ | Total income before income taxes | $ | 3,218,943 | ​ | $ | 5,021,069 | ​ | $ | 4,209,070 | ​
Schedule of Components of Income Tax Expense (Benefit) | The company files a consolidated federal income tax return. The provision for income tax expense for the years ended December 31 is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
​ | Current income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Federal | $ | 600,499 | ​ | $ | 946,016 | ​ | $ | 517,272 | ​
​ | State | ​ | 91,965 | ​ | ​ | 152,758 | ​ | ​ | 116,448 | ​
​ | Foreign | ​ | 3,482 | ​ | ​ | 8,605 | ​ | ​ | 9,919 | ​
​ | Total current | ​ | 695,946 | ​ | ​ | 1,107,379 | ​ | ​ | 643,639 | ​
​ | Deferred income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Federal | ​ | 38,172 | ​ | ​ | 22,168 | ​ | ​ | 304,235 | ​
​ | State | ​ | 15,355 | ​ | ​ | 13,333 | ​ | ​ | 16,226 | ​
​ | Foreign | ​ | 2,138 | ​ | ​ | (1,303) | ​ | ​ | (1,844) | ​
​ | Total deferred | ​ | 55,665 | ​ | ​ | 34,198 | ​ | ​ | 318,617 | ​
​ | Total income tax expense | $ | 751,611 | ​ | $ | 1,141,577 | ​ | $ | 962,256 | ​
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
​ | Statutory federal tax rate | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​
​ | State income taxes, net of federal benefit | ​ | 2.6 | ​ | ​ | ​ | 2.6 | ​ | ​ | ​ | 2.5 | ​ | ​
​ | Federal research & development credits | ​ | (0.2) | ​ | ​ | ​ | (0.6) | ​ | ​ | ​ | (0.7) | ​ | ​
​ | Other permanent differences | ​ | (0.1) | ​ | ​ | ​ | (0.3) | ​ | ​ | ​ | 0.1 | ​ | ​
​ | Effective tax rate | ​ | 23.3 | % | ​ | ​ | 22.7 | % | ​ | ​ | 22.9 | % | ​
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​
​ | Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
​ | Accrued expenses and allowances | $ | 41,894 | ​ | $ | 34,052 | ​
​ | Inventories | ​ | 10,685 | ​ | ​ | 8,028 | ​
​ | Net operating loss carryforwards | ​ | 7,663 | ​ | ​ | 16,412 | ​
​ | Amortizable assets | ​ | 5,798 | ​ | ​ | - | ​
​ | Other | ​ | 9,149 | ​ | ​ | 8,091 | ​
​ | ​ | ​ | 75,189 | ​ | ​ | 66,583 | ​
​ | Less: valuation allowance | ​ | (816) | ​ | ​ | (805) | ​
​ | Total net deferred tax assets | ​ | 74,373 | ​ | ​ | 65,778 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
​ | Property, plant and equipment | ​ | (1,013,045) | ​ | ​ | (951,404) | ​
​ | Amortizable assets | ​ | - | ​ | ​ | (1,304) | ​
​ | Other | ​ | (6,096) | ​ | ​ | (2,173) | ​
​ | Total deferred tax liabilities | ​ | (1,019,141) | ​ | ​ | (954,881) | ​
​ | Net deferred tax liability | $ | (944,768) | ​ | $ | (889,103) | ​
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2023 | ​ | 2022 | ​ | 2021 | ​
​ | Balance at January 1 | $ | 28,646 | ​ | $ | 20,466 | ​ | $ | 12,830 | ​
​ | Increases related to current year tax positions | ​ | 1,500 | ​ | ​ | 9,600 | ​ | ​ | 8,250 | ​
​ | Increases related to prior year tax positions | ​ | 1,798 | ​ | ​ | 364 | ​ | ​ | 2,095 | ​
​ | Decreases related to prior year tax positions | ​ | (686) | ​ | ​ | (1,784) | ​ | ​ | (2,709) | ​
​ | Balance at December 31 | $ | 31,258 | ​ | $ | 28,646 | ​ | $ | 20,466 | ​

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