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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Taxes

Schedule of income before income tax expense, domestic and foreign

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	​

Schedule of reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate

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.

Schedule of the components of the provision for income taxes

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	​

Schedule of significant components of long-term deferred taxes

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)	​

Schedule of changes in the valuation allowance

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	​

Schedule of reconciliation of the differences between income before income tax (expense) benefit and income subject to income tax expense

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	​

Schedule of income taxes paid (net of refunds)

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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Tabular disclosure of the reconciliation between total income before income tax expense and income which is subject to income tax expense.

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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.

+ References

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-Topic 740
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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 income before income tax between domestic and foreign jurisdictions.

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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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