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Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | INCOME TAXES
|  |  | Three Months Ended March 31,
|  |  |  |  | 2025 |  | 2024
Provision for income taxes |  |  |  |  | $ | 1,117 |  |  | $ | 796 |
The operations of a partnership are generally not subject to income taxes, except for Texas margin tax, because its income is taxed directly to its partners. Current state income taxes attributable to the Texas margin tax relating to the operation of the Partnership of $417 and $80 were recorded in income tax expense for the three months ended March 31, 2025 and 2024, respectively. Deferred taxes applicable to the Texas margin tax relating to the operation of the Partnership are immaterial. MTI, a wholly owned subsidiary of the Partnership, is subject to income taxes due to its corporate structure (the "Taxable Subsidiary"). Total income tax expense of $700 and $716, related to the operation of the Taxable Subsidiary, for the three months ended March 31, 2025 and 2024, resulted in an effective income tax rate ("ETR") of 32.86% and 15.73%, respectively. The decrease in the provision for income taxes during the three months ended March 31, 2025, compared to the same period in 2024, was primarily due to a decrease in income before taxes in the current period. The increase in the ETR during the three months ended March 31, 2025, compared to the same period in 2024, was primarily due to a favorable true-up to state net operating loss carryforwards in the prior period. A current federal income tax expense of $722 and $791, related to the operation of the Taxable Subsidiary, was recorded for the three months ended March 31, 2025 and 2024, respectively. A current state income tax expense of $192 and $251, related to the operation of the Taxable Subsidiary, was recorded for the three months ended March 31, 2025 and 2024, respectively. With respect to MTI, income taxes are accounted for under the asset and liability method pursuant to the provisions of ASC 740 related to income taxes. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A deferred tax expense (benefit) related to the MTI temporary differences of $(214) and $(326) was recorded for the three months ended March 31, 2025 and 2024, respectively. A net deferred tax asset of $10,160 and $9,946, related to the cumulative book and tax temporary differences, existed at March 31, 2025 and December 31, 2024, respectively. All income tax positions taken for all open years are more likely than not to be sustained based upon their technical merit under applicable tax laws.

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