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Income Taxes | 12 Months Ended
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Dec. 31, 2025
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. Substantially all 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) | 2025 |  | 2024 |  | 2023
Current: |  |  |  |  |
Federal | $ | 532 |  |  | $ | 1,431 |  |  | $ | — |
State | (200) |  |  | (1,665) |  |  | 3,306 |
Foreign | — |  |  | 311 |  |  | 204 |
Total current | 332 |  |  | 77 |  |  | 3,510 |
Deferred: |  |  |  |  |
Federal | (10,448) |  |  | (62,244) |  |  | 36,910 |
State | (61) |  |  | (6,045) |  |  | 1,035 |
Total deferred | (10,509) |  |  | (68,289) |  |  | 37,945 |
Total: |  |  |  |  |
Federal | (9,916) |  |  | (60,813) |  |  | 36,910 |
State | (261) |  |  | (7,710) |  |  | 4,341 |
Foreign | — |  |  | 311 |  |  | 204 |
Total income tax provision (benefit) | $ | (10,177) |  |  | $ | (68,212) |  |  | $ | 41,455 |
Income Taxes Paid (Refunded)
| Year ended December 31,
(in thousands) | 2025 |  | 2024 |  | 2023
Federal | $ | (15,000) |  |  | $ | 8,700 |  |  | $ | 3 |
State | (264) |  |  | (274) |  |  | 596 |
Foreign | — |  |  | 312 |  |  | 413 |
Total | $ | (15,264) |  |  | $ | 8,738 |  |  | $ | 1,012 |
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,
| 2025 |  | 2024 |  | 2023
(in thousands) | Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
Pre-tax income | $ | (54,874) |  |  |  |  | $ | (308,450) |  |  |  |  | $ | 159,051 |  |  |
Federal statutory income tax rate | (11,524) |  |  | 21.0 | % |  | (64,774) |  |  | 21.0 | % |  | 33,401 |  |  | 21.0 | %
Domestic federal |  |  |  |  |  |  |  |  |  |  |
Tax credits |  |  |  |  |  |  |  |  |  |  |
Research credits | — |  |  | — | % |  | (459) |  |  | 0.1 | % |  | (1,652) |  |  | (1.0) | %
Other | (117) |  |  | 0.2 | % |  | (501) |  |  | 0.2 | % |  | (90) |  |  | (0.1) | %
Nontaxable and nondeductible items |  |  |  |  |  |  |  |  |  |  |
Executive compensation | 542 |  |  | (1.0) | % |  | 2,707 |  |  | (0.9) | % |  | 3,395 |  |  | 2.1 | %
Share based compensation | 665 |  |  | (1.2) | % |  | 2,500 |  |  | (0.8) | % |  | 1,732 |  |  | 1.1 | %
Other | 633 |  |  | (1.2) | % |  | 569 |  |  | (0.2) | % |  | 666 |  |  | 0.4 | %
Other adjustments | 265 |  |  | (0.5) | % |  | (1,366) |  |  | 0.4 | % |  | 38 |  |  | — | %
Domestic state and local income taxes, net of federal effect(1) | (519) |  |  | 0.9 | % |  | (7,168) |  |  | 2.3 | % |  | 3,503 |  |  | 2.2 | %
Other foreign jurisdictions | — |  |  | — | % |  | 311 |  |  | (0.1) | % |  | 204 |  |  | 0.1 | %
Worldwide changes in unrecognized tax benefits | (122) |  |  | 0.2 | % |  | (31) |  |  | — | % |  | 258 |  |  | 0.2 | %
Total | $ | (10,177) |  |  | 18.5 | % |  | $ | (68,212) |  |  | 22.1 | % |  | $ | 41,455 |  |  | 26.1 | %
(1) In 2025, 2024, and 2023, state and local income taxes in Arizona, California, Indiana, Florida, Tennessee, and New York comprise the majority of the domestic state and local income taxes, net of federal effect category. Deferred Taxes The major components of the Company’s net deferred tax assets and liabilities are as follows:
| As of December 31,
(in thousands) | 2025 |  | 2024
Deferred tax assets: |  |  |
Employee benefits | $ | 57,114 |  |  | $ | 38,277 |
Interest expense | 36,649 |  |  | 24,692 |
Net operating loss | 116,728 |  |  | 6,252 |
Tax credits | 3,546 |  |  | 3,683 |
Other | 39,523 |  |  | 45,543 |
Less: valuation allowance | (1,214) |  |  | (1,214) |
Total deferred tax assets | 252,346 |  |  | 117,233 |
Deferred tax liabilities: |  |  |
Prepaid expenses | 4,408 |  |  | 5,235 |
Depreciation | 518,472 |  |  | 398,022 |
Other | 34,882 |  |  | 29,569 |
Total deferred tax liabilities | 557,762 |  |  | 432,826 |
Net deferred tax liabilities | $ | 305,416 |  |  | $ | 315,593 |
Net Operating Loss Carryforwards At December 31, 2025, the Company recognized $103.1 million of tax-effected federal net operating loss carryforwards which may be carried forward indefinitely. Additionally, the Company recognized $13.6 million of tax-effected state net operating loss carryforwards. Under the current law, $1.6 million of the state net operating loss carryforward amounts do not expire and the remaining amounts expire in taxable years 2025 through 2044 if unused.

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