Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Schedule of Components of Income Tax Expense (Benefit)

	Year Ended December 31,
(in thousands)	2021		2020		2019
Current tax provision (benefit):
U.S. federal	$	(1)	$	(99)	$	75
State		366		326		377
Total current		365		227		452
Deferred tax provision (benefit):
U.S. federal		8,800		(17,246)		(35,597)
State		1,579		(518)		(4,000)
Total deferred		10,379		(17,764)		(39,597)
Provision for (benefit from) income taxes	$	10,744	$	(17,537)	$	(39,145)

Schedule of Effective Income Tax Rate Reconciliation

	Year Ended December 31,
(in thousands)	2021		2020		2019
Income taxes at U.S. federal statutory rate	$	8,182	$	(18,056)	$	12,276
Net state income taxes		1,374		(817)		1,634
Tax credits		(720)		(1,256)		(1,757)
Unrecognized tax benefits (1)		598		772		(1,958)
Valuation allowances and write off of tax attributes (2)		(167)		236		(50,219)
Executive compensation limitation		1,559		1,159		1,102
Stock		162		538		66
Other		(244)		(113)		(289)
Provision for (benefit from) income taxes	$	10,744	$	(17,537)	$	(39,145)

(1) Includes the expiration of statute of limitations and in 2019, also reflects a decrease in our uncertain tax benefit, net of federal benefit, due to settlements of tax audits. See “Unrecognized Tax Benefits” below for further details.

(2) See “Tax Attributes and Valuation Allowances” below for further details.

Schedule of Deferred Tax Assets and Liabilities

	December 31,
(in thousands)	2021		2020
Deferred tax assets:
Net operating loss carryforwards	$	196,654	$	158,916
Accrued liabilities		4,527		3,133
Other		12,503		12,124
		213,684		174,173
Valuation allowances (1)		(735)		(1,027)
Total deferred tax assets		212,949		173,146
Deferred tax liabilities:
Property, plant and equipment		(7,762)		(6,066)
Basis difference in the Partnership		(151,469)		(103,721)
Other		(6,975)		(7,150)
Total deferred tax liabilities		(166,206)		(116,937)
Net deferred tax asset (2)	$	46,743	$	56,209

(1) See “Tax Attributes and Valuation Allowances” below for further details.

(2) The 2021 and 2020 net deferred tax assets are reflected in our consolidated balance sheets as deferred tax assets of $47.9 million and $56.9 million, respectively, and deferred tax liabilities of $1.1 million and $0.7 million, respectively.

Schedule of Tax Attributes and Valuation Allowances

	Year Ended December 31,
(in thousands)	2021		2020		2019
Balance at beginning of period (1)	$	(1,027)	$	(822)	$	(45,439)
Additions to valuation allowance		-		(205)		(580)
Reductions to valuation allowance (1)		292		-		45,197
Balance at end of period	$	(735)	$	(1,027)	$	(822)

Schedule of Unrecognized Tax Benefits Roll Forward

	Year Ended December 31,
(in thousands)	2021		2020		2019
Beginning balance	$	18,892	$	18,453	$	19,560
Additions based on tax positions related to current year		2,246		2,397		2,227
Additions based on tax positions related to prior years		632		—		2,047
Reductions based on settlement refunds from government authorities		—		—		(4,414)
Reductions based on tax positions related to prior years		(138)		(73)		(51)
Reductions based on lapse of statute of limitations		(2,038)		(1,885)		(916)
Ending balance	$	19,594	$	18,892	$	18,453