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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of (Loss) Income before Income Tax, Domestic and Foreign

The consolidated (loss) income before income taxes for 2024, 2023, and 2022 consists of the following (in thousands):

			Years Ended December 31,
			2024						2023						2022
Domestic			$	(380,944)					$	291,816					$	144,443
Foreign			4,346						2,869						1,992
Total (loss) income before income taxes			$	(376,598)					$	294,685					$	146,435

Schedule of Components of Income Tax (Benefit) Expense

The consolidated income tax (benefit) expense for 2024, 2023, and 2022 consists of the following components (in thousands):

			Years Ended December 31,
			2024						2023						2022
Current
Federal			$	13,449					$	65,797					$	34,490
State			4,112						9,322						6,468
Foreign			599						1,170						321
			18,160						76,289						41,279
Deferred
Federal			(90,460)						(14,889)						(5,911)
State			(21,223)						1,430						(1,703)
			(111,683)						(13,459)						(7,614)
Total consolidated (benefit) expense			$	(93,523)					$	62,830					$	33,665

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of differences from the U.S. Federal statutory rates as follows (in thousands):

			Years Ended December 31,
			2024						2023						2022
Pretax book (loss) income			$	(376,598)					$	294,685					$	146,435
Federal tax (benefit) expense at applicable statutory rate			(79,086)						61,884						30,751
State and local income taxes (net of federal benefit)			(13,585)						9,398						3,669
Tax credits			(228)						(9,572)						(2,422)
Nondeductible officer compensation (benefit)			724						(546)						977
Compensation (benefit) expense			(172)						(1,563)						1,013
Other			(1,176)						3,229						(323)
Total income tax (benefit) expense			$	(93,523)					$	62,830					$	33,665

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 were as follows (in thousands):

			December 31,
			2024						2023
Deferred tax assets
Tax credits and loss carryforwards			$	1,792					$	2,128
Accrued liabilities			117,569						8,242
Incentive compensation			9,360						8,131
Operating lease assets			8,990						8,102
Research expenditure amortization			21,523						22,160
Other			2,918						2,730
			162,152						51,493
Deferred tax liabilities
Property, plant and equipment			(21,837)						(21,731)
Intangibles			(34,493)						(32,773)
Operating lease liabilities			(8,990)						(8,102)
Other			(1,495)						(5,182)
			(66,815)						(67,788)
Net deferred tax asset (liability) before valuation allowances and reserves			95,337						(16,295)
Valuation allowances			(464)						(718)
Net deferred tax asset (liability)			$	94,873					$	(17,013)

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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
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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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