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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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)			2024						2023						2022
Current:
Federal			$	1,431					$	—					$	6
State			(1,665)						3,306						73
Foreign			311						204						209
Total current			77						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

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)			2024						2023						2022
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 expense			311						204						210
Executive compensation			2,707						3,692						57
Federal tax credits			(1,135)						(2,034)						(1,103)
Stock compensation			2,212						1,936						1,016
Other			(365)						753						51
Total income tax expense (benefit)			$	(68,212)					$	41,455					$	2,460

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)			2024						2023
Deferred tax assets:
Employee benefits			$	38,277					$	8,410
Interest expense			24,692						21,165
Net operating loss			6,252						22,237
Tax credits			3,683						4,128
Other			45,543						9,411
Less: valuation allowance			1,214						1,214
Total deferred tax assets			117,233						64,137
Deferred tax liabilities:
Prepaid expenses			5,235						4,516
Depreciation			398,022						434,620
Other			29,569						9,603
Total deferred tax liabilities			432,826						448,739
Net deferred tax liabilities			$	315,593					$	384,602

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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-Topic 740
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-Publisher FASB
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