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Income Taxes | 9 Months Ended
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Sep. 30, 2025
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company calculates its interim income tax provision by estimating the annual expected effective tax rate and applying that rate to its ordinary year-to-date earnings or loss. In addition, the effect of changes in enacted tax laws, rates or tax status is recognized in the interim period in which the change occurs. For the three months ended September 30, 2025 and 2024, the effective tax rate was approximately 40.9% and 98.1%, respectively. For the nine months ended September 30, 2025 and 2024, the effective tax rate was approximately 106.6% and 74.7%, respectively. The computation of the effective tax rate includes modifications from the statutory rate such as income tax credits, tax depletion deduction, carrybacks, and state taxes, among other items. For the three and nine months ended September 30, 2025 and 2024, the statutory tax rate was 21.0%. The Company has recorded a liability for uncertain tax positions included in its consolidated balance sheet of $2,240 as of December 31, 2024. There was no material change for the nine months ended September 30, 2025. The Company believes it will not be able to use all of its tax benefits from some of its tax deductions. Because of this, it has recorded a partial valuation allowance against those benefits, which is included in the long-term deferred tax liabilities, net on its consolidated balance sheets. At December 31, 2024, the Company recorded a partial valuation allowance against the gross deferred tax assets on its consolidated balance sheet in the amount of $2,156. There was no material change for the three and nine months ended September 30, 2025. The Company’s federal income tax returns subsequent to 2020 remain open to audit by taxing authorities. The Company has not been informed that its tax returns are the subject of any audit or investigation by taxing authorities. On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (the “OBBBA”) enacting significant changes to the Internal Revenue Code. Many of the changes in the OBBBA make permanent many of the tax provisions enacted in 2017 as part of the Tax Cuts and Jobs Act that were set to expire at the end of 2025. ASC 740 requires entities to evaluate the effects of changes in tax rates and laws on deferred tax balances in the interim and annual reporting periods in which the legislation is enacted. The Company is currently evaluating the impact of the new legislation but does not expect it to have a material impact on the results of operations.

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