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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
​ | United States income | $ | 1,992,814 | ​ | $ | 3,198,048 | ​ | $ | 4,996,762 | ​
​ | Foreign income (loss) | ​ | (9,933) | ​ | ​ | 20,895 | ​ | ​ | 24,307 | ​
​ | Total income before income taxes | $ | 1,982,881 | ​ | $ | 3,218,943 | ​ | $ | 5,021,069 | ​
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
​ | Current income tax expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Federal | $ | 409,586 | ​ | $ | 600,499 | ​ | $ | 946,016 | ​
​ | State | ​ | 57,942 | ​ | ​ | 91,965 | ​ | ​ | 152,758 | ​
​ | Foreign | ​ | 7,980 | ​ | ​ | 3,482 | ​ | ​ | 8,605 | ​
​ | Total current | ​ | 475,508 | ​ | ​ | 695,946 | ​ | ​ | 1,107,379 | ​
​ | Deferred income tax expense (benefit) | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Federal | ​ | (26,311) | ​ | ​ | 38,172 | ​ | ​ | 22,168 | ​
​ | State | ​ | (12,476) | ​ | ​ | 15,355 | ​ | ​ | 13,333 | ​
​ | Foreign | ​ | (3,796) | ​ | ​ | 2,138 | ​ | ​ | (1,303) | ​
​ | Total deferred | ​ | (42,583) | ​ | ​ | 55,665 | ​ | ​ | 34,198 | ​
​ | Total income tax expense | $ | 432,925 | ​ | $ | 751,611 | ​ | $ | 1,141,577 | ​
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
​ | Statutory federal tax rate | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​ | ​ | 21.0 | % | ​
​ | State income taxes, net of federal benefit | ​ | 1.8 | ​ | ​ | ​ | 2.6 | ​ | ​ | ​ | 2.6 | ​ | ​
​ | Federal research & development credits | ​ | (0.9) | ​ | ​ | ​ | (0.2) | ​ | ​ | ​ | (0.6) | ​ | ​
​ | Other permanent differences | ​ | (0.1) | ​ | ​ | ​ | (0.1) | ​ | ​ | ​ | (0.3) | ​ | ​
​ | Effective tax rate | ​ | 21.8 | % | ​ | ​ | 23.3 | % | ​ | ​ | 22.7 | % | ​
​
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​
​ | Deferred tax assets | ​ | ​ | ​ | ​ | ​ | ​
​ | Accrued expenses and allowances | $ | 41,031 | ​ | $ | 41,894 | ​
​ | Inventories | ​ | 6,892 | ​ | ​ | 10,685 | ​
​ | Net operating loss carryforwards | ​ | 24,381 | ​ | ​ | 7,663 | ​
​ | Amortizable assets | ​ | 39,657 | ​ | ​ | 5,798 | ​
​ | Other | ​ | 5,916 | ​ | ​ | 9,149 | ​
​ | ​ | ​ | 117,877 | ​ | ​ | 75,189 | ​
​ | Less: valuation allowance | ​ | (1,150) | ​ | ​ | (816) | ​
​ | Total net deferred tax assets | ​ | 116,727 | ​ | ​ | 74,373 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Deferred tax liabilities | ​ | ​ | ​ | ​ | ​ | ​
​ | Property, plant and equipment | ​ | (1,014,515) | ​ | ​ | (1,013,045) | ​
​ | Other | ​ | (4,398) | ​ | ​ | (6,096) | ​
​ | Total deferred tax liabilities | ​ | (1,018,913) | ​ | ​ | (1,019,141) | ​
​ | Net deferred tax liability | $ | (902,186) | ​ | $ | (944,768) | ​
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 | ​
​ | Balance at January 1 | $ | 31,258 | ​ | $ | 28,646 | ​ | $ | 20,466 | ​
​ | Increases related to current year tax positions | ​ | 5,115 | ​ | ​ | 1,500 | ​ | ​ | 9,600 | ​
​ | Increases related to prior year tax positions | ​ | 263 | ​ | ​ | 1,798 | ​ | ​ | 364 | ​
​ | Decreases related to prior year tax positions | ​ | (6,949) | ​ | ​ | (686) | ​ | ​ | (1,784) | ​
​ | Balance at December 31 | $ | 29,687 | ​ | $ | 31,258 | ​ | $ | 28,646 | ​

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