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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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)			2023						2022						2021
Current expense (benefit)
Federal taxes			$	—					$	673					$	(21,392)
State taxes			(170)						(186)						(2,565)
Total current provision			(170)						487						(23,957)
Deferred expense (benefit)
Federal taxes			3,851						(1,119)						25,518
State taxes			(708)						(295)						(3,255)
Total deferred expense (benefit)			3,143						(1,414)						22,263
Income tax expense (benefit)			$	2,973					$	(927)					$	(1,694)
Effective tax rate			27.0		%				10.0		%				(27.2)		%

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)			2023						2022						2021
Expected tax expense (benefit) at federal statutory			$	2,312					$	(1,954)					$	1,310
State income tax expense (benefit), net of federal tax effect			657						(410)						438
Revaluation of deferred tax liabilities			(1,373)						—						(5,206)
Stranded tax effects reclassified from other comprehensive income			—						—						1,620
Excess tax deficiency from share-based compensation and other expense, net			854						818						144
Valuation allowance			523						619						—
Income tax expense (benefit)			$	2,973					$	(927)					$	(1,694)

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, 2023						December 31, 2022
Deferred tax assets:
Net operating loss carry-forwards			$	59,814					$	28,398
Leases			14,208						14,809
Asset retirement obligations			2,827						2,972
Benefit plan obligations			1,017						978
Accruals and stock-based compensation			4,075						3,087
Other			7,441						5,767
Total gross deferred tax assets			89,382						56,011
Less valuation allowance			(523)						(619)
Net deferred tax assets			88,859						55,392
Deferred tax liabilities:
Property, plant and equipment			146,302						109,852
Leases			13,616						14,541
Intangible assets			13,837						12,867
Prepaid assets and other			3,251						2,732
Total gross deferred tax liabilities			177,006						139,992
Net deferred tax liabilities			$	88,147					$	84,600

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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
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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.

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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.

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