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10-K Income Taxes (Tables)

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense on the Consolidated Statements of Operations for the years ended December 31 was as follows:

			2022						2021						2020
			(In thousands)
Current:
Federal			$	27,293					$	4,270					$	32,682
State			13,230						6,331						12,996
			40,523						10,601						45,678
Deferred:
Income taxes:
Federal			1,715						26,793						2,972
State			363						6,065						(1,219)
			2,078						32,858						1,753
Total income tax expense			$	42,601					$	43,459					$	47,431

Schedule of Deferred Tax Assets and Liabilities

Components of deferred tax assets and deferred tax liabilities at December 31 were as follows:

			2022						2021
			(In thousands)
Deferred tax assets:
Accrued pension costs			$	11,070					$	15,011
Operating lease liabilities			11,804						12,966
Asset retirement obligations			9,687						8,696
Deferred compensation/compensation related			15,329						14,654
Net operating loss/credit carryforward			12,039						11,329
Capitalized inventory overheads			7,260						4,683
Payroll tax deferral			—						2,329
Other			8,412						8,032
Total deferred tax assets			$	75,601					$	77,700

			2022						2021
			(In thousands)
Deferred tax liabilities:
Basis differences on property, plant and equipment			$	203,099					$	199,928
Operating lease right-of-use-assets			11,804						12,966
Intangible assets			10,975						9,760
Other			13,488						12,243
Total deferred tax liabilities			239,366						234,897
Valuation allowance			12,039						11,329
Net deferred income tax liability			$	(175,804)					$	(168,526)

Schedule of Net Deferred Income Tax Liability

The following table reconciles the change in the net deferred income tax liability from December 31, 2021, to December 31, 2022, to deferred income tax expense:

			2022						2021
			(In thousands)
Change in net deferred income tax liability from the preceding table			$	7,278					$	37,516
Deferred income taxes established due to an acquisition			(1,215)						(3,177)
Deferred taxes associated with other comprehensive loss			(3,985)						(1,481)
Deferred income tax expense for the period			$	2,078					$	32,858

Schedule of Effective Income Tax Rate Reconciliation

Total income tax expense differs from the amount computed by applying the statutory federal income tax rate to income before taxes. The reasons for this difference were as follows:

Years ended December 31,						2022												2021												2020
						Amount						%						Amount						%						Amount						%
						(Dollars in thousands)
Computed tax at federal statutory rate						$	33,353					21.0						$	36,375					21.0						$	40,899					21.0
Increases (reductions) resulting from:
State income taxes, net of federal income tax						9,702						6.1						9,429						5.4						10,450						5.4
Depletion allowance						(2,123)						(1.3)						(1,893)						(1.1)						(1,756)						(0.9)
Nonqualified benefit plans						1,129						0.7						(535)						(0.3)						(922)						(0.5)
Deductible K-Plan dividends						(394)						(0.3)						(392)						(0.2)						(372)						(0.2)
Resolution of tax matters and uncertain tax positions						592						0.4						(64)						—						(1,375)						(0.7)
Other						342						0.2						539						0.3						507						0.3
Total income tax expense						$	42,601					26.8						$	43,459					25.1						$	47,431					24.4

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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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