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