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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Federal and State Income Taxes

The provision for the federal and state income taxes attributable to income (loss) consists of the following components:

			Years Ended December 31,
(in thousands)			2021						2020						2019
Current (benefit) expense
Federal taxes			$	(21,392)					$	(13,748)					$	(16,393)
State taxes			(2,565)						(2,148)						(282)
Total current provision			(23,957)						(15,896)						(16,675)
Deferred expense (benefit)
Federal taxes			25,518						13,325						16,286
State taxes			(3,255)						1,581						395
Total deferred provision			22,263						14,906						16,681
Income tax (benefit) expense			$	(1,694)					$	(990)					$	6
Effective tax rate			(27.2)		%				(168.9)		%				0.3		%

Reconciliation of Income Taxes

A reconciliation of income tax expense (benefit) determined by applying the federal and state tax rates to income before income taxes is as follows:

			Years Ended December 31,
(in thousands)			2021						2020						2019
Expected tax expense at federal statutory			$	1,310					$	24					$	371
State income taxes, net of federal tax effect			438						54						15
Revaluation of deferred tax liabilities			(5,206)						—						—
Stranded tax effects reclassified from other comprehensive income			1,620						—						—
Excess tax benefit from share based compensation and other expense, net			144						(1,068)						(380)
Income tax (benefit) expense			$	(1,694)					$	(990)					$	6

Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply in the year of reversal or settlement and arise from temporary differences between the US GAAP and tax bases of the following assets and liabilities:

(in thousands)			December 31, 2021						December 31, 2020
Deferred tax assets:
Leases			$	15,483					$	123,129
Asset retirement obligations			2,581						10,403
Net operating loss carry-forwards			5,878						7,723
Pension liabilities			2,148						3,868
Accruals and stock based compensation			2,572						3,093
Other			6,300						5,002
Total gross deferred tax assets			34,962						153,218
Less valuation allowance			—						—
Net deferred tax assets			34,962						153,218
Deferred tax liabilities:
Property, plant and equipment			92,449						127,602
Leases			15,410						126,458
Intangible assets			10,710						25,722
Prepaid assets and other			2,407						22,120
Total gross deferred tax liabilities			120,976						301,902
Net deferred tax liabilities			$	86,014					$	148,684

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

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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

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

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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