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INCOME TAXES (Tables)

3 Months Ended

Mar. 31, 2022

INCOME TAXES

Components of income tax expense (benefit)

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​	​	2022			2021
​	​	(in thousands)					​
Current:	​	​	​	​	​	​	​
Federal	​	$	5,034	​	$	(1)	​
State	​		386	​		—	​
​	​		5,420	​		(1)	​
Deferred:	​	​	​	​	​	​	​
Federal	​		34,920	​		(11)	​
State	​		2,375	​		—	​
​	​		37,295	​		(11)	​
Income tax expense (benefit)	​	$	42,715	​	$	(12)	​

Reconciliation from provision for income taxes at U.S. federal statutory rate to effective tax rate

​

​	​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2022			2021
​	​	(in thousands)					​
Income taxes at statutory rate	​	$	16,728	​	$	5,211	​
​	​	​	​	​	​	​	​
Less: Income taxes at statutory rate on Partnership income not subject to income taxes	​		(12,087)	​		(5,033)	​
​	​	​	​	​	​	​	​
Increase (decrease) resulting from:	​	​	​	​	​	​	​
State taxes, net of federal income tax	​		361	​		38	​
Change in valuation allowance of deferred tax assets	​		(10)	​		(163)	​
Deferred taxes related to tax election	​	​	37,253	​	​	—	​
Other	​		470	​		(65)	​
Income tax expense (benefit)	​	$	42,715	​	$	(12)	​

Components of deferred tax liabilities and deferred tax assets

​

​	​	​	​	​	​	​	​
​	​	March 31,		​	December 31,
​		2022			2021
​	​	(in thousands)					​
Deferred tax liabilities:	​	​	​	​	​	​	​
Property, plant and equipment	​	$	(40,119)	​	$	(2,169)	​
Total deferred tax liabilities	​	​	(40,119)	​	​	(2,169)	​
​	​	​	​	​	​	​	​
Deferred tax assets:	​	​	​	​	​	​	​
Federal loss carryovers and credits	​	​	2,071	​	​	1,328	​
Other	​		735	​		808	​
Total deferred tax assets	​	​	2,806	​	​	2,136	​
Less valuation allowance	​	​	(307)	​	​	(317)	​
Net deferred tax assets	​	​	2,499	​	​	1,819	​
​	​	​	​	​	​	​	​
Overall net deferred tax liabilities	​	$	(37,620)	​	$	(350)	​

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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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