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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

Components of the income tax provision applicable to federal, state and foreign income taxes for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
 

		2023				2022				2021
Federal income tax expense (benefit):
Current		$	—			$	480			$	—
Deferred			44,369				11,820				(86,878	)
			44,369				12,300				(86,878	)
State income tax expense (benefit):
Current			7,002				2,647				144
Deferred			11,279				(4,896	)			23,028
			18,281				(2,249	)			23,172

Foreign income tax expense (benefit):
Current			1,578				2,750				134
Deferred			(3,076	)			403				870
			(1,498	)			3,153				1,004
Total income tax expense (benefit):
Current			8,580				5,877				278
Deferred			52,572				7,327				(62,980	)
Total income tax expense (benefit)		$	61,152			$	13,204			$	(62,702	)

Difference Between Statutory Federal Income Tax Rate and Effective Income Tax Rate

The difference between the statutory U.S. federal income tax rate and the effective income tax rate for the years ended December 31, 2023, 2022 and 2021 is summarized as follows:

		2023				2022				2021
Statutory tax rate			21.0	%			21.0	%			21.0	%
State income taxes - net of the federal income tax benefit			3.2				3.0				3.0
State deferred tax remeasurement			(0.3	)			9.4				(0.8	)
Valuation allowance			(9.2	)			(33.4	)			(13.3	)
U.S. impact of foreign operations			—				1.3				—
Acquisition related costs			1.1				—				—
Effect of foreign taxes			0.1				1.6				(0.1	)
Non-deductible compensation			1.8				4.3				(0.3	)
Share-based compensation			1.6				(1.9	)			(0.3	)
Non-deductible expenses			0.7				1.2				(0.2	)
Other differences, net			(0.1	)			1.4				(0.3	)
Effective tax rate			19.9	%			7.9	%			8.7	%

Tax Effect of Temporary Differences and Tax Attributes Representing Deferred Tax Assets and Liabilities

The tax effect of temporary differences and tax attributes representing deferred tax assets and liabilities at December 31, 2023 and 2022 are as follows (in thousands):

		2023				2022
Deferred tax assets:
Net operating loss carryforwards		$	498,948			$	382,936
Tax credits			13,488				4,222
Expense associated with stock options and restricted stock			10,892				8,178
Workers’ compensation allowance			7,024				15,770
Other deferred tax asset			69,480				25,020
			599,832				436,126
Less:
Allowance to reduce deferred tax asset to expected realizable value			(75,250	)			(91,685	)
Total deferred tax assets			524,582				344,441
Deferred tax liabilities:
Property and equipment basis difference			(729,376	)			(355,129	)
Other			(39,386	)			(14,840	)
Total deferred tax liabilities			(768,762	)			(369,969	)
Net deferred tax liability		$	(244,180	)		$	(25,528	)

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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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