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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Taxes  
Schedule of reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Federal statutory income tax rate

 

21.0

%  

21.0

%  

21.0

%  

State income tax rate, net of federal tax benefit

 

1.9

%  

1.7

%  

1.7

%  

Derecognition of goodwill

​

0.7

%  

—

%  

—

%  

Partnership income not subject to tax

​

(19.6)

%  

(17.7)

%  

(18.3)

%  

Effective income tax rate

 

4.0

%  

5.0

%  

4.4

%  

Schedule of the components of the provision for income taxes

The following table presents the components of the provision for income taxes for the years ended December 31 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Current:

​

​

​

​

​

​

​

​

​

​

Federal

​

$

7,452

​

$

1,437

​

$

—

​

State

​

​

2,518

​

​

4,190

​

​

7,239

​

Total current

​

 

9,970

​

 

5,627

​

 

7,239

​

Deferred:

​

​

​

​

​

​

​

​

​

​

Federal

​

 

(5,347)

​

 

3,181

​

 

9,519

​

State

​

 

(14)

​

 

(672)

​

 

64

​

Total deferred

​

 

(5,361)

​

 

2,509

​

 

9,583

​

Total

​

$

4,609

​

$

8,136

​

$

16,822

​

Schedule of significant components of long-term deferred taxes

Significant components of long-term deferred taxes were as follows at December 31 (in thousands):

​

​

​

​

​

​

​

​

​

    

2024

    

2023

 

Deferred Income Tax Assets

​

​

​

​

​

​

​

Accounts receivable allowances

​

$

432

​

$

406

​

Environmental liability

​

 

11,087

​

 

12,041

​

Asset retirement obligation

​

 

2,813

​

 

2,769

​

Deferred financing obligation

​

​

9,924

​

​

10,247

​

Lease liability

​

​

50,152

​

​

38,400

​

Other

​

 

1,108

​

 

3,619

​

Federal net operating loss carryforwards

​

 

2,610

​

 

5,521

​

State net operating loss carryforwards

​

 

300

​

 

433

​

Tax credit carryforward

​

 

1,727

​

 

1,709

​

Interest expense carryforwards

​

 

18,570

​

 

16,493

​

Total deferred tax assets, gross

​

​

98,723

​

​

91,638

​

Valuation allowance

​

​

(5,781)

​

​

(5,323)

​

Total deferred tax assets, net

​

$

92,942

​

$

86,315

​

Deferred Income Tax Liabilities

​

​

​

​

​

​

​

Property and equipment

​

$

(84,961)

​

$

(95,823)

​

Land

​

​

(16,543)

​

​

(17,675)

​

Right of use assets

​

​

(48,718)

​

​

(36,797)

​

Basis difference in SPR joint venture

​

​

(5,168)

​

​

(4,929)

​

Intangible assets

​

​

(1,100)

​

​

—

​

Total deferred tax liabilities

​

$

(156,490)

​

$

(155,224)

​

Net deferred tax liabilities

​

$

(63,548)

​

$

(68,909)

​

Schedule of changes in the valuation allowance

The following table presents changes in the valuation allowance for the years ended December 31 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

Balance at

​

Current

​

Balance

​

​

​

Beginning

​

Period

​

at End

 

Description

​

of Period

​

Provision

​

of Period

 

Year ended December 31,  2024

​

​

​

​

​

​

​

​

​

​

Valuation allowance

​

$

5,323

​

$

458

​

$

5,781

​

Year ended December 31,  2023

​

​

​

​

​

​

​

​

​

​

Valuation allowance

​

$

4,728

​

$

595

​

$

5,323

​

Year ended December 31,  2022

​

​

​

​

​

​

​

​

​

​

Valuation allowance

​

$

4,231

​

$

497

​

$

4,728

​

Schedule of reconciliation of the differences between income before income tax (expense) benefit and income subject to income tax expense

The following presents a reconciliation of the differences between income before income tax expense and income subject to income tax expense for the years ended December 31 (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

    

2024

    

2023

    

2022

 

Income before income tax expense

​

$

114,936

​

$

160,642

​

$

379,029

​

Less non—taxable income

​

 

108,366

​

 

136,182

​

 

330,902

​

Income subject to income tax expense

​

$

6,570

​

$

24,460

​

$

48,127

​