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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Taxes

Schedule of provision for income taxes

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)		2024			2023			2022
Current tax provision:	​	​	​	​	​	​	​	​	​
U.S. federal	​	$	—	​	$	—	​	$	—
State	​		2,059	​		1,591	​		1,064
Total current	​	​	2,059	​	​	1,591	​	​	1,064
Deferred tax provision:	​	​		​	​		​	​
U.S. federal	​	​	53,340	​	​	32,928	​	​	14,320
State	​		4,750	​		2,730	​		909
Total deferred	​	​	58,090	​	​	35,658	​	​	15,229
Provision for income taxes	​	$	60,149	​	$	37,249	​	$	16,293

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

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Income taxes at U.S. federal statutory rate		$	48,800		$	29,872		$	12,724
Net state income taxes	​		5,397	​		3,614	​		1,795
Tax credits	​		—	​		—	​		(26)
Unrecognized tax benefits (1)	​		229	​		118	​		17
Valuation allowances and write off of tax attributes (2)	​		285	​		570	​		(68)
Executive compensation limitation	​		7,146	​		3,470	​		1,901
Stock	​		(1,569)	​		(213)	​		152
Other	​		(139)	​		(182)	​		(202)
Provision for income taxes	​	$	60,149	​	$	37,249	​	$	16,293

(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)	​	2024		​	2023
Deferred tax assets:		​			​
Net operating loss carryforwards	​	$	143,412	​	$	164,972
Interest expense limitation carryforward	​		41,555	​		30,343
Basis difference in unconsolidated affiliate	​	​	943	​	​	686
Goodwill and intangible assets	​	​	40,201	​	​	—
Accrued liabilities	​		8,351	​		6,704
Other	​		12,822	​		12,015
​	​	​	247,284	​	​	214,720
Valuation allowances (1)	​		(1,462)	​		(1,177)
Total deferred tax assets	​	​	245,822	​	​	213,543
​	​	​	​	​	​	​
Deferred tax liabilities:	​			​
Property, plant and equipment	​	​	(78,477)	​	​	(12,125)
Basis difference in partnership	​		(221,149)	​		(197,999)
Other	​		(5,726)	​		(5,148)
Total deferred tax liabilities	​		(305,352)	​		(215,272)
​	​	​	​	​	​	​
Net deferred tax asset (liability) (2)	​	$	(59,530)	​	$	(1,729)

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

(2) The 2024 and 2023 net deferred tax asset or liability are reflected in our consolidated balance sheets as deferred tax assets of $3.0 million and $3.2 million, respectively, and deferred tax liabilities of $62.5 million and $4.9 million, respectively.

Schedule of changes in valuation allowance

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Balance at beginning of period		$	(1,177)		$	(607)		$	(735)
Additions to valuation allowance	​	​	(455)	​	​	(742)	​	​	(88)
Reductions to valuation allowance	​	​	170	​	​	172	​	​	216
Balance at end of period	​	$	(1,462)	​	$	(1,177)	​	$	(607)

Schedule of changes in unrecognized tax benefits

​

​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
(in thousands)	​	2024			2023			2022
Beginning balance		$	19,465		$	19,651		$	19,594
Additions based on tax positions related to current year	​		2,402	​		1,886	​		2,151
Additions based on tax positions related to prior years	​		—	​		—	​		6
Reductions based on tax positions related to prior years	​		(18)	​		(7)	​		(105)
Reductions based on lapse of statute of limitations	​		(2,382)	​		(2,065)	​		(1,995)
Ending balance	​	$	19,467	​	$	19,465	​	$	19,651

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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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