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v3.25.4

Income Taxes | 12 Months Ended
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Dec. 31, 2025
Income Taxes |
Income Taxes | Note 14. Income Taxes GMG, a wholly owned subsidiary of the Partnership, is a taxable entity for federal and state income tax purposes. Current and deferred income taxes are recognized on the separate earnings of GMG, including its proportional earnings from its equity method investment in SPR as described in Note 17, and the after-tax earnings of GMG are included in the consolidated earnings of the Partnership. On July 4, 2025, the One Big Beautiful Bill Act (the “OBBBA”) was enacted in the United States. The OBBBA legislation provides for: (i) the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act of 2017, (ii) modifications to the treatment of research and development expenditures, (iii) adjustments to interest deductibility and (iv) revisions to the international tax framework. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented in future periods. The impact of the OBBBA did not have a material impact on the Partnership’s consolidated financial statements or its reported tax rate. The following table presents income before income tax expense, both domestic and foreign, for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Domestic | ​ | $ | 99,035 | ​ | $ | 114,893 | ​ | $ | 160,652 | ​
Foreign | ​ | ​ | 5 | ​ | ​ | 43 | ​ | ​ | (10) | ​
Income before income tax expense | ​ | $ | 99,040 | ​ | $ | 114,936 | ​ | $ | 160,642 | ​
​ The following table presents a reconciliation of the difference between the statutory federal income tax amount and rate and the effective income tax amount and rate for the years ended December 31 (dollars in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2025 | ​ ​ ​ | ​ | 2024 | ​ ​ ​ | ​ | 2023 |
​ | ​ | Amount | ​ | Rate | ​ | ​ | Amount | ​ | Rate | ​ | ​ | Amount | ​ | Rate | ​
U.S. federal statutory tax | ​ | $ | 20,799 | ​ | 21.0 | % | ​ | $ | 24,136 | ​ | 21.0 | % | ​ | $ | 33,735 | ​ | 21.0 | %
State and local income taxes, net of federal benefit (1) | ​ | ​ | (81) | ​ | (0.1) | % | ​ | ​ | 2,137 | ​ | 1.9 | % | ​ | ​ | 2,830 | ​ | 1.7 | %
Foreign tax effects | ​ | ​ | 3 | ​ | — | % | ​ | ​ | (6) | ​ | — | % | ​ | ​ | 2 | ​ | — | %
Nontaxable or nondeductible items: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Partnership income not taxed | ​ | ​ | (20,063) | ​ | (20.3) | % | ​ | ​ | (22,517) | ​ | (19.6) | % | ​ | ​ | (28,349) | ​ | (17.6) | %
Other | ​ | ​ | 9 | ​ | — | % | ​ | ​ | 821 | ​ | 0.7 | % | ​ | ​ | 7 | ​ | — | %
Other adjustments | ​ | ​ | 396 | ​ | 0.4 | % | ​ | ​ | 38 | ​ | — | % | ​ | ​ | (89) | ​ | (0.1) | %
Total | ​ | $ | 1,063 | ​ | 1.0 | % | ​ | $ | 4,609 | ​ | 4.0 | % | ​ | $ | 8,136 | ​ | 5.0 | %
(1) | Massachusetts, New Hampshire, New York and Texas made up the majority (greater than 50 percent) of the tax effect in 2025, 2024 and 2023.
The following table presents the components of the provision for income taxes for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Current: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | (226) | ​ | $ | 7,452 | ​ | $ | 1,437 | ​
State | ​ | ​ | 302 | ​ | ​ | 2,515 | ​ | ​ | 4,190 | ​
Foreign | ​ | ​ | 1 | ​ | ​ | 3 | ​ | ​ | — | ​
Total current | ​ | $ | 77 | ​ | $ | 9,970 | ​ | $ | 5,627 | ​
Deferred: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ | $ | 656 | ​ | $ | (5,347) | ​ | $ | 3,181 | ​
State | ​ |  | 330 | ​ |  | (14) | ​ |  | (672) | ​
Total deferred | ​ | $ | 986 | ​ | $ | (5,361) | ​ | $ | 2,509 | ​
Total | ​ | $ | 1,063 | ​ | $ | 4,609 | ​ | $ | 8,136 | ​
​ Significant components of long-term deferred taxes were as follows at December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 |
Deferred Income Tax Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​
Accounts receivable allowances | ​ | $ | 479 | ​ | $ | 432 | ​
Environmental liability | ​ |  | 10,855 | ​ |  | 11,087 | ​
Asset retirement obligation | ​ |  | 2,950 | ​ |  | 2,813 | ​
Deferred financing obligation | ​ | ​ | 9,530 | ​ | ​ | 9,924 | ​
Lease liability | ​ | ​ | 50,344 | ​ | ​ | 50,152 | ​
Other | ​ |  | 1,581 | ​ |  | 1,108 | ​
Federal net operating loss carryforwards | ​ |  | 2,615 | ​ |  | 2,610 | ​
State net operating loss carryforwards | ​ |  | 1,750 | ​ |  | 300 | ​
Tax credit carryforward | ​ |  | 1,893 | ​ |  | 1,727 | ​
Interest expense carryforwards | ​ |  | 17,426 | ​ |  | 18,570 | ​
Total deferred tax assets, gross | ​ | ​ | 99,423 | ​ | ​ | 98,723 | ​
Valuation allowance | ​ | ​ | (5,902) | ​ | ​ | (5,781) | ​
Total deferred tax assets, net | ​ | $ | 93,521 | ​ | $ | 92,942 | ​
Deferred Income Tax Liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​
Property and equipment | ​ | $ | (81,525) | ​ | $ | (84,961) | ​
Land | ​ | ​ | (16,467) | ​ | ​ | (16,543) | ​
Right of use assets | ​ | ​ | (48,961) | ​ | ​ | (48,718) | ​
Basis difference in SPR joint venture | ​ | ​ | (6,761) | ​ | ​ | (5,168) | ​
Intangible assets | ​ | ​ | (4,341) | ​ | ​ | (1,100) | ​
Total deferred tax liabilities | ​ | $ | (158,055) | ​ | $ | (156,490) | ​
Net deferred tax liabilities | ​ | $ | (64,534) | ​ | $ | (63,548) | ​
​ At December 31, 2025, GMG has fully utilized all federal net operating loss carryforwards and had state net operating loss carryforwards of $31.4 million, of which $28.2 million will begin to expire in 2026, and $3.2 million which can be carried forward indefinitely. Utilization of the net operating loss and interest expense carryforwards may be subject to annual limitations due to the ownership percentage change limitations provided by the Internal Revenue Code Section 382 and similar state provisions. An “ownership change” is generally defined as a cumulative change in the ownership interest of significant stockholders over a rolling three-year period in excess of 50 percentage points. In the event of an ownership change, an annual limitation imposed on the utilization of net operating losses and other tax attributes may result in the expiration of a portion of the carryforwards and future cash flows could be affected due to an increase in tax liability. At December 31, 2025, the Partnership had $48.0 million of net deferred tax liabilities (consisting of the $64.5 million total net deferred tax liability less the $16.5 million deferred tax liability relating to land discussed below) relating to property and equipment, net operating loss carryforwards, tax credit carryforwards and other temporary differences, certain of which are available to reduce income taxes in future years. The Partnership recognizes deferred tax assets to the extent that the recoverability of these assets satisfies the “more likely than not” criteria in accordance with the FASB’s guidance regarding income taxes. A valuation allowance must be established when it is “more likely than not” that all or a portion of deferred tax assets will not be realized. A review of all available positive and negative evidence needs to be considered, including a company’s performance, the market environment in which the company operates, length of carryback and carryforward periods and projections of future operating results. The Partnership concluded, based on an evaluation of future operating results and reversal of existing taxable temporary differences, that a portion of these assets will not be realized in a future period. The following table presents changes in the valuation allowance for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Balance at | ​ | Current | ​ | Balance | ​
​ | ​ | Beginning | ​ | Period | ​ | at End |
Description | ​ | of Period | ​ | Provision | ​ | of Period |
Year ended December 31, 2025 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Valuation allowance | ​ | $ | 5,781 | ​ | $ | 121 | ​ | $ | 5,902 | ​
Year ended December 31, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Valuation allowance | ​ | $ | 5,323 | ​ | $ | 458 | ​ | $ | 5,781 | ​
Year ended December 31, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Valuation allowance | ​ | $ | 4,728 | ​ | $ | 595 | ​ | $ | 5,323 | ​
​ At December 31, 2025, the Partnership also had a $16.5 million deferred tax liability relating to land. Land is an asset with an indefinite useful life and would not ordinarily serve as a source of income for the realization of deferred tax assets. This deferred tax liability will not reverse until some indefinite future period when the asset is either sold or written down due to impairment. Such taxable temporary differences generally cannot be used as a source of taxable income to support the realization of deferred tax assets relating to reversing deductible temporary differences, including loss carryforwards with expiration periods. It can be used as a source of income to benefit other indefinite lived assets. The following presents a reconciliation of the differences between income before income tax expense and income subject to income tax expense for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Income before income tax expense | ​ | $ | 99,040 | ​ | $ | 114,936 | ​ | $ | 160,642 | ​
Less nontaxable income | ​ |  | 96,554 | ​ |  | 108,366 | ​ |  | 136,182 | ​
Income subject to income tax expense | ​ | $ | 2,486 | ​ | $ | 6,570 | ​ | $ | 24,460 | ​
​ GMG files income tax returns in the United States and various state jurisdictions. With few exceptions, the Partnership is subject to income tax examinations by tax authorities for all years dated back to 2022. Unrecognized tax benefits represent uncertain tax positions for which reserves have been established. The Partnership had no gross-tax effected unrecognized tax benefits for the years ended December 31, 2025, 2024 and 2023. The FASB’s accounting guidance for income taxes clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by prescribing a minimum recognition threshold and measurement of a tax position taken or expected to be taken in a tax return. The Partnership performed an evaluation of all material tax positions for the tax years that remain subject to examination by major tax jurisdictions as of December 31, 2025 (tax years ended December 31, 2025, 2024, 2023 and 2022). Tax positions that do not meet the more-likely-than-not recognition threshold at the financial statement date may not be recognized or continue to be recognized under the accounting guidance for income taxes. The Partnership classifies interest and penalties related to income taxes as components of its provision for income taxes. There were no interest and penalties recorded in the accompanying consolidated balance sheets at December 31, 2025 and 2024 and the consolidated statements of operations for the years ended December 31, 2025 and 2024 and 2023. The following presents income taxes paid (net of refunds, if any) for the years ended December 31 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ ​ ​ | 2025 | ​ ​ ​ | 2024 | ​ ​ ​ | 2023 |
Federal | ​ | $ | 4,541 | ​ | $ | 5,775 | ​ | $ | — | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State/City: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Massachusetts | ​ | $ | 350 | ​ | $ | 795 | ​ | $ | 675 | ​
Maryland | ​ | ​ | * | ​ | ​ | * | ​ | ​ | 226 | ​
New York | ​ | ​ | * | ​ | ​ | * | ​ | ​ | 292 | ​
Pennsylvania | ​ | ​ | * | ​ | ​ | * | ​ | ​ | 155 | ​
City of Philadelphia | ​ | ​ | * | ​ | ​ | * | ​ | ​ | 719 | ​
Texas | ​ | ​ | 562 | ​ | ​ | * | ​ | ​ | 451 | ​
Virginia | ​ | ​ | * | ​ | ​ | * | ​ | ​ | 180 | ​
Other states | ​ | ​ | 253 | ​ | ​ | 2,726 | ​ | ​ | 206 | ​
Total State/City | ​ | $ | 1,165 | ​ | $ | 3,521 | ​ | $ | 2,904 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Foreign | ​ | $ | 5 | ​ | $ | — | ​ | $ | — | ​
Net cash paid for income taxes | ​ | $ | 5,711 | ​ | $ | 9,296 | ​ | $ | 2,904 | ​
* Taxes paid for this jurisdiction are included in “Other States” as they represent less than five percent of the total income taxes paid.

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