XML 50 R28.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

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	​

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(1)(Note 1))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Name:	us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration