Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Our income tax expense (benefit) is as follows:


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	211	$	—	$	—
State	836		815		690
Total current income tax expense	$	1,047	$	815	$	690
Deferred:
Federal	$	248	$	1,814	$	1,097
State	(1,314)		540		(117)
Total deferred income tax expense (benefit)	$	(1,066)	$	2,354	$	980
Total income tax expense (benefit)	$	(19)	$	3,169	$	1,670

Deferred tax assets and liabilities consist of the following:


	December 31,
	2023		2022
Deferred tax assets:




Net operating loss carryforwards	$	13,631	$	15,313
Right of use liabilities	36,148		—
Other	4,823		2,333
Total long-term deferred tax asset	54,602		17,646
Valuation allowances	(3,802)		(3,471)
Total deferred tax assets	$	50,800	$	14,175
Deferred tax liabilities:


Long-term:
Fixed assets	$	(2,408)	$	(1,730)
Intangible assets	(29,635)		(27,033)
Right of use assets	(36,150)		—
Other	(117)		(2,064)
Total long-term liability	(68,310)		(30,827)
Total deferred tax liabilities	$	(68,310)	$	(30,827)
Total net deferred tax liability	$	(17,510)	$	(16,652)

The reconciliation between the partnership’s effective tax rate on income (loss) from operations and the statutory tax rate is as follows:


	Year Ended December 31,
	2023			2022			2021
Income (loss) from operations before income taxes	$	146,328		$	132,304		$	(136,362)
Partnership income (loss) not subject to federal income tax	(135,349)			(126,403)			140,092
Income subject to federal income taxes	$	10,979		$	5,901		$	3,730
Tax expense at federal statutory rate	$	2,306		$	1,239		$	783
State income taxes, net of federal tax	(467)			1,248			574

Return to provision, federal and state	(169)			44			(227)
Other	(2,077)			(18)			112
Valuation allowance	388			656			428
Income tax expense (benefit)	$	(19)		$	3,169		$	1,670
Effective tax rate on income (loss) from operations before income taxes	(0.01)		%	2.4		%	(1.2)		%