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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)			2022						2021						2020
Current expense (benefit)
Federal taxes			$	673					$	(21,392)					$	(13,748)
State taxes			(186)						(2,565)						(2,148)
Total current provision			487						(23,957)						(15,896)
Deferred (benefit) expense
Federal taxes			(1,119)						25,518						13,325
State taxes			(295)						(3,255)						1,581
Total deferred (benefit) expense			(1,414)						22,263						14,906
Income tax benefit			$	(927)					$	(1,694)					$	(990)
Effective tax rate			10.0		%				(27.2)		%				(168.9)		%

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)			2022						2021						2020
Expected tax (benefit) expense at federal statutory			$	(1,954)					$	1,310					$	24
State income taxes, net of federal tax effect			(410)						438						54
Revaluation of deferred tax liabilities			—						(5,206)						—
Stranded tax effects reclassified from other comprehensive income			—						1,620						—
Excess tax expense (benefit) from share based compensation and other expense, net			818						144						(1,068)
Valuation allowance			619						—						—
Income tax benefit			$	(927)					$	(1,694)					$	(990)

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, 2022						December 31, 2021
Deferred tax assets:
Leases			$	14,809					$	15,483
Asset retirement obligations			2,972						2,581
Net operating loss carry-forwards			28,398						5,878
Pension liabilities			978						2,148
Accruals and stock-based compensation			3,087						2,572
Other			5,767						6,300
Total gross deferred tax assets			56,011						34,962
Less valuation allowance			(619)						—
Net deferred tax assets			55,392						34,962
Deferred tax liabilities:
Property, plant and equipment			109,852						92,449
Leases			14,541						15,410
Intangible assets			12,867						10,710
Prepaid assets and other			2,732						2,407
Total gross deferred tax liabilities			139,992						120,976
Net deferred tax liabilities			$	84,600					$	86,014

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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 https://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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

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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
-URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

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