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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (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

Schedule of Effective Income Tax Rate Reconciliation

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

Schedule of Deferred Tax Assets and Liabilities

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.

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

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