Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations Before Income Taxes

The provision for income tax attributable to income before income taxes consisted of (in thousands):


	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	97,436	$	142,045	$	130,700
State	23,873		26,513		35,266
Total current taxes	121,309		168,558		165,966
Deferred:
Federal	(5,926)		8,812		(8,771)
State	2,781		13,433		(800)
Total deferred taxes	(3,145)		22,245		(9,571)
Total income tax expense	$	118,164	$	190,803	$	156,395

Schedule of Effective Tax Rate Differs from Federal Statutory Rate

The Company’s provision for income taxes was different from the amount computed by applying the statutory federal income tax rate of 21% to the underlying income before income taxes as a result of the following (in thousands):


	Year Ended December 31,
	2023			2022			2021
Taxes at the U.S. federal statutory rate	$	98,122		$	162,371		$	131,373
State income taxes, net of federal tax impact	20,138			32,262			27,234

Non-deductible transaction costs	—			49			136


Federal energy credits	(3,760)			(5,487)			(5,429)
Other, net	3,664			1,608			3,081
Total income tax expense	$	118,164		$	190,803		$	156,395
Effective income tax rate	25.3		%	24.7		%	25.0		%

Schedule of Components of Deferred Income Tax Assets

Deferred taxes consisted of the following at December 31, 2023 and 2022 (in thousands):


	Year Ended December 31,
	2023		2022
Deferred tax assets:
Impairment and other valuation reserves	$	16,733	$	21,832
Incentive compensation	11,512		9,923
Indirect costs capitalized	19,857		13,204
Operating lease liability	19,401		19,413
Net operating loss carryforwards (state)	—		1,629
State taxes	5,092		5,699
Other costs and expenses	10,851		12,524
Gross deferred tax assets	83,446		84,224
Valuation allowance	(3,372)		(3,413)
Deferred tax assets, net of valuation allowance	80,074		80,811
Deferred tax liabilities:
Interest capitalized	(3,355)		(5,340)
Basis difference in inventory	(5,302)		(5,523)
Fixed assets	(12,896)		(14,281)
Intangibles	(4,200)		(4,227)
Operating lease asset	(15,847)		(15,883)
Deferred financing costs	(394)		(507)
Other	(84)		(199)
Deferred tax liabilities	(42,078)		(45,960)
Net deferred tax assets	$	37,996	$	34,851