Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income Tax Expense (Benefit)

Income tax expense (benefit) for the years ended December 31, 2023, 2022 and 2021 as reported in the accompanying Consolidated Statements of (Loss) Income was comprised of the following:


	Year Ended December 31,
(Thousands)	2023		2022		2021
Current
Federal	$	(753)	$	8,782	$	(71)
State	776		2,762		1,622
Total current expense	23		11,544		1,551

Deferred
Federal	(53,188)		(22,804)		(5,066)
State	(15,309)		(6,105)		(1,401)
Total deferred benefit	(68,497)		(28,909)		(6,467)
Total income tax benefit	$	(68,474)	$	(17,365)	$	(4,916)

Income Tax Expense Reconciliation Between U.S. Statutory Tax Rate and Effective Tax Rate

An income tax expense reconciliation between the U.S. statutory tax rate and the effective tax rate is as follows:


	Year Ended December 31,
(Thousands)	2023		2022		2021
Income (loss) from continuing operations, before tax	$	(150,223)	$	(25,487)	$	119,844
Income tax expense (benefit) at U.S. statutory federal rate	(31,547)		(5,352)		25,167
Increases (decreases) resulting from:
State taxes, net of federal benefit	(11,219)		(2,255)		288
Benefit of REIT status	(24,796)		(46,604)		(30,565)
Impairment of nondeductible goodwill	—		36,895		—
Return to accrual	(1,298)		(44)		193
Permanent differences	386		(5)		1
Income tax benefit	$	(68,474)	$	(17,365)	$	(4,916)

Schedule of Components of Deferred Tax Assets and Liabilities

The components of the Company's deferred tax assets and liabilities are as follows:


(Thousands)	December 31, 2023		December 31, 2022
Deferred tax assets:
Deferred revenue	$	31,123	$	30,616
Stock-based compensation	629		528
Asset retirement obligation	1,511		2,213
Inventory reserve	133		140
Excess business interest expense	24,090		14,037
Lease asset liability	12,715		14,325
Settlement obligation	605		680
Debt discount and interest expense	841		2,593
Other intangible amortization	27,494		—
Other	4,560		3,035
Net operating loss carryforwards	156,482		143,733
Deferred tax assets	$	260,183	$	211,900

Deferred tax liabilities:
Property, plant and equipment	$	(97,459)	$	(94,889)
Customer list intangible	(37,159)		(39,125)
Other intangible amortization	—		(18,320)
Right of use asset	(12,489)		(15,384)
Deferred or prepaid costs	(3,792)		(3,533)
Other	(156)		(18)
Deferred tax liabilities	$	(151,055)	$	(171,269)

Deferred tax asset, net	$	109,128	$	40,631

Schedule of Reconciliation of Unrecognized Tax Benefits

A reconciliation of the Company’s beginning and ending liability for unrecognized tax benefits is as follows:


(Thousands)	2023		2022
Balance at January 1	$	1,734	$	1,734
Balance at December 31	$	1,734	$	1,734