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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2023			2022			2021
Current tax provision:	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	—	​	$	—	​	$	(1)
State	​		1,591	​		1,064	​		366
Total current	​	​	1,591	​	​	1,064	​	​	365
Deferred tax provision:	​	​		​	​		​	​
U.S. federal	​	​	32,928	​	​	14,320	​	​	8,800
State	​		2,730	​		909	​		1,579
Total deferred	​	​	35,658	​	​	15,229	​	​	10,379
Provision for income taxes	​	$	37,249	​	$	16,293	​	$	10,744

Reconciliation of effective tax rates to the U.S. statutory rate

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023			2022			2021
Income taxes at U.S. federal statutory rate		$	29,872		$	12,724		$	8,182
Net state income taxes	​		3,614	​		1,795	​		1,374
Tax credits	​		—	​		(26)	​		(720)
Unrecognized tax benefits (1)	​		118	​		17	​		598
Valuation allowances and write off of tax attributes (2)	​		570	​		(68)	​		(167)
Executive compensation limitation	​		3,470	​		1,901	​		1,559
Stock	​		(213)	​		152	​		162
Other	​		(182)	​		(202)	​		(244)
Provision for income taxes	​	$	37,249	​	$	16,293	​	$	10,744

(1) Includes the expiration of statute of limitations. See “Unrecognized Tax Benefits” below for further details.

(2) See “Tax Attributes and Valuation Allowances” below for further details.

Schedule of deferred income tax balances

​

​	​	​	​	​	​	​
​	​	December 31,
(in thousands)	​	2023		​	2022
Deferred tax assets:		​			​
Net operating loss carryforwards	​	$	164,972	​	$	191,916
Interest expense limitation carryforward	​		30,343	​		19,327
Basis difference in unconsolidated affiliate	​	​	686	​	​	—
Accrued liabilities	​		6,704	​		4,979
Other	​		12,015	​		12,834
​	​	​	214,720	​	​	229,056
Valuation allowances (1)	​		(1,177)	​		(607)
Total deferred tax assets	​	​	213,543	​	​	228,449
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Property, plant and equipment	​	​	(12,125)	​	​	(8,386)
Basis difference in partnership	​		(197,999)	​		(181,377)
Other	​		(5,148)	​		(6,187)
Total deferred tax liabilities	​		(215,272)	​		(195,950)
​	​	​	​	​	​	​
Net deferred tax asset (liability) (2)	​	$	(1,729)	​	$	32,499

(1) See “Tax Attributes and Valuation Allowances” below for further details.

(2) The 2023 and 2022 net deferred tax asset or liability are reflected in our consolidated balance sheets as deferred tax assets of $3.2 million and $33.4 million, respectively, and deferred tax liabilities of $4.9 million and $0.9 million, respectively.

Schedule of changes in valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023			2022			2021
Balance at beginning of period		$	(607)		$	(735)		$	(1,027)
Additions to valuation allowance	​	​	(742)	​	​	(88)	​	​	—
Reductions to valuation allowance	​	​	172	​	​	216	​	​	292
Balance at end of period	​	$	(1,177)	​	$	(607)	​	$	(735)

Schedule of changes in unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2023			2022			2021
Beginning balance		$	19,651		$	19,594		$	18,892
Additions based on tax positions related to current year	​		1,886	​		2,151	​		2,246
Additions based on tax positions related to prior years	​		—	​		6	​		632
Reductions based on tax positions related to prior years	​		(7)	​		(105)	​		(138)
Reductions based on lapse of statute of limitations	​		(2,065)	​		(1,995)	​		(2,038)
Ending balance	​	$	19,465	​	$	19,651	​	$	19,594

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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