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Income Taxes
 12 Months Ended
Dec. 31, 2024
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 is 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)202420232022
Current:
Federal$1,431 $— $6 
State(1,665)3,306 73 
Foreign311 204 209 
Total current77 3,510 288 
Deferred:
Federal(62,244)36,910 1,189 
State(6,045)1,035 983 
Total deferred(68,289)37,945 2,172 
Total income tax provision$(68,212)$41,455 $2,460 

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)202420232022
Income tax expense (benefit) at federal statutory rate$(64,774)$33,401 $1,040 
State income taxes, net of federal income tax benefit(7,168)3,503 1,189 
Foreign income tax expense311 204 210 
Executive compensation2,707 3,692 57 
Federal tax credits(1,135)(2,034)(1,103)
Stock compensation2,212 1,936 1,016 
Other(365)753 51 
Total income tax expense (benefit)$(68,212)$41,455 $2,460 
Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20242023
Deferred tax assets:
Employee benefits$38,277 $8,410 
Interest expense24,692 21,165 
Net operating loss6,252 22,237 
Tax credits3,683 4,128 
Other45,543 9,411 
Less: valuation allowance1,214 1,214 
Total deferred tax assets117,233 64,137 
Deferred tax liabilities:
Prepaid expenses5,235 4,516 
Depreciation398,022 434,620 
Other29,569 9,603 
Total deferred tax liabilities432,826 448,739 
Net deferred tax liabilities$315,593 $384,602 

Net Operating Loss and Tax Credit Carryforwards

At December 31, 2024, the Company recognized $6.3 million of tax-effected state net operating loss carryforwards. Under the current law, $1.8 million of the state net operating loss carryforward amounts do not expire and the remaining amounts expire between 2025 and 2043.