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INCOME TAXES (Tables)
6 Months Ended
Jun. 30, 2022
Income Tax Disclosure [Abstract]  
Schedule of Total Income Tax Provision (Benefit)
The Company is subject to U.S. federal income tax and the Texas margin tax. Income tax expense included in the Condensed Consolidated Financial Statements in this Form 10-Q is as follows:
Three Months Ended June 30,Six Months Ended June 30,
20222022
(In thousands)
Income before income taxes$131,610 $153,675 
Income tax expense$162 $838 
Effective tax rate (1)
0.12 %0.55 %
(1) Prior to the Closing on February 22, 2022, BCP, the accounting acquirer, was organized as limited partnership and was not subject to the U.S. federal income tax for the three and six months ended June 30, 2021.
Schedule of Unrecognized Tax Benefits Reconciliation of the beginning and ending amount of unrecognized tax benefit is as follows:
(In thousands)Amount
Balance at December 31, 2021$— 
Increase related to ALTM acquisition5,238 
Reduction related to current year activities(2,455)
Balance at June 30, 2022$2,783