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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company is subject to income taxation in the United States and various state jurisdictions in which it operates. In accordance with income tax accounting standards, the Company recognizes tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. The entirety of the Company's income before taxes are from its domestic operations. Income Tax Provision/(Benefit) The provision (benefit) for income taxes is composed of the following:
| Year ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | — |  |  | $ | 6 |  |  | $ | (494) |
State | 3,306 |  |  | 73 |  |  | 552 |
Foreign | 204 |  |  | 209 |  |  | (6) |
Total current | 3,510 |  |  | 288 |  |  | 52 |
Deferred: |  |  |  |  |
Federal | 36,910 |  |  | 1,189 |  |  | 40,693 |
State | 1,035 |  |  | 983 |  |  | 4,022 |
Total deferred | 37,945 |  |  | 2,172 |  |  | 44,715 |
Total income tax provision | $ | 41,455 |  |  | $ | 2,460 |  |  | $ | 44,767 |
Reconciliation of Effective Tax Rate The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
| Year ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Income tax expense at federal statutory rate | $ | 33,401 |  |  | $ | 1,040 |  |  | $ | 41,575 |
State income taxes, net of federal income tax benefit | 3,503 |  |  | 1,189 |  |  | 4,257 |
Foreign income tax expense | 204 |  |  | 210 |  |  | (6) |
Executive compensation | 3,692 |  |  | 57 |  |  | 2,359 |
Federal tax credits | (2,034) |  |  | (1,103) |  |  | (385) |
Stock compensation | 1,936 |  |  | 1,016 |  |  | (2,058) |
Other | 753 |  |  | 51 |  |  | (975) |
Total income tax expense | $ | 41,455 |  |  | $ | 2,460 |  |  | $ | 44,767 |
Deferred Taxes The major components of the Company’s net deferred tax assets and liabilities are as follows:
| As of December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets: |  |  |
Employee benefits | $ | 8,410 |  |  | $ | 9,938 |
Net operating loss | 22,237 |  |  | 30,370 |
Tax credits | 4,128 |  |  | 4,290 |
Other(1) | 30,576 |  |  | 18,644 |
Less: valuation allowance | 1,214 |  |  | 1,214 |
Total deferred tax assets | 64,137 |  |  | 62,028 |
Deferred tax liabilities: |  |  |
Prepaid expenses | 4,516 |  |  | 4,223 |
Depreciation | 434,620 |  |  | 399,622 |
Other | 9,603 |  |  | 4,571 |
Total deferred tax liabilities | 448,739 |  |  | 408,416 |
Net deferred tax liabilities | $ | 384,602 |  |  | $ | 346,388 |
(1)Other deferred tax assets consists of interest expense and research and development expenses. Net Operating Loss and Tax Credit Carryforwards At December 31, 2023, the Company recognized $14.0 million and $8.2 million of tax-effected Federal and state net operating loss carryforwards, respectively. Under the current law, the Federal net operating losses do not expire and state net operating loss carryforward amounts begin to expire in 2024

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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