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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Benefit (Expense) | Income tax benefit (expense) consisted of the following:
| For the year ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
Current: |  |  |  |  |
Federal | $ | (24,382) |  |  | $ | (4,818) |  |  | $ | — |
State | (9,977) |  |  | (2,915) |  |  | (156) |
Total current | (34,359) |  |  | (7,733) |  |  | (156) |
Deferred: |  |  |  |  |
Federal | (19,236) |  |  | (15,851) |  |  | 14,088 |
State | 1,447 |  |  | (1,574) |  |  | 3,704 |
Total deferred | (17,789) |  |  | (17,425) |  |  | 17,792 |
Total tax benefit (expense) | $ | (52,148) |  |  | $ | (25,158) |  |  | $ | 17,636 |
Schedule of Loss Before Income Taxes, By Tax Jurisdiction | Income (loss) before income taxes, by tax jurisdiction, was as follows:
| For the year ended December 31,
(in thousands) | 2022 |  | 2021 |  | 2020
United States | $ | 341,152 |  |  | $ | 160,195 |  |  | $ | (39,461) |
Schedule of Effective Income Tax Rate Reconciliation | Income taxes differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pretax income (loss) as a result of the following:
| For the year ended December 31,
| 2022 |  | 2021 |  | 2020
(in thousands, except tax rates) | Percent |  | Amount |  | Percent |  | Amount |  | Percent |  | Amount
Computed income tax benefit (expense) at the statutory rate | 21.0 | % |  | $ | (71,642) |  |  | 21.0 | % |  | $ | (33,641) |  |  | 21.0 | % |  | $ | 8,287 |
Changes resulting from: |  |  |  |  |  |  |  |  |  |  |
State and local income taxes, net of federal benefits | 3.3 | % |  | (11,395) |  |  | 2.7 | % |  | (4,288) |  |  | 4.3 | % |  | 1,729 |
Limitation on officer’s compensation | 2.3 | % |  | (8,067) |  |  | 1.7 | % |  | (2,638) |  |  | (1.2) | % |  | (478) |
Depletion in excess of basis | (4.5) | % |  | 15,248 |  |  | (6.1) | % |  | 9,663 |  |  | 1.1 | % |  | 425 |
Paycheck Protection Loan forgiveness | — | % |  | — |  |  | (0.5) | % |  | 714 |  |  | — | % |  | — |
Foreign-derived intangible income | (4.0) | % |  | 13,676 |  |  | (1.8) | % |  | 2,886 |  |  | — | % |  | — |
California Competes Tax Credit, net of federal detriment | (0.9) | % |  | 3,160 |  |  | (1.2) | % |  | 1,975 |  |  | — | % |  | — |
Excess tax benefits on stock-based compensation | (1.0) | % |  | 3,575 |  |  | (0.6) | % |  | 974 |  |  | — | % |  | — |
Valuation allowance | (0.8) | % |  | 2,845 |  |  | 0.5 | % |  | (821) |  |  | 23.7 | % |  | 9,333 |
Other, net | (0.1) | % |  | 452 |  |  | — | % |  | 18 |  |  | (4.2) | % |  | (1,660) |
Total effective tax rate and income tax benefit (expense) | 15.3 | % |  | $ | (52,148) |  |  | 15.7 | % |  | $ | (25,158) |  |  | 44.7 | % |  | $ | 17,636 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred income tax assets and deferred income tax liabilities were as follows:
| December 31,
(in thousands) | 2022 |  | 2021
Deferred tax assets: |  |  |
Asset retirement and environmental obligations | $ | 5,643 |  |  | $ | 8,744 |
Net operating losses | — |  |  | 2,174 |
Inventories | 12,448 |  |  | 6,695 |
Offtake Advances, net of debt discount | — |  |  | 4,034 |
Shenghe Warrant | — |  |  | 2,329 |
Research and experimental costs | 691 |  |  | — |
Stock-based compensation | 3,785 |  |  | 2,688 |
Organization costs | 776 |  |  | 860 |
Credits | 346 |  |  | 764 |
Other | 351 |  |  | 636 |
Gross deferred tax assets | 24,040 |  |  | 28,924 |
Less: Valuation allowance | (346) |  |  | (3,192) |
Net deferred tax assets | 23,694 |  |  | 25,732 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (36,481) |  |  | (14,077) |
Prepaid expenses | (1,567) |  |  | (1,192) |
Deferred revenue | (6,604) |  |  | (9,938) |
Mineral rights | (101,195) |  |  | (104,735) |
Other | (200) |  |  | (290) |
Total deferred tax liabilities | (146,047) |  |  | (130,232) |
Non-current deferred tax liabilities, net | $ | (122,353) |  |  | $ | (104,500) |

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