Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Deferred Tax Assets and Liabilities

The significant components of the deferred income tax assets and liabilities as of December 31, 2023 and 2022 are as follows (in thousands):


	December 31
	2023		2022
Deferred tax assets:
Net operating loss carryforward and federal credits	$	43,621	$	63,200
Warrants	32,199		31,524
Operating lease obligation	11,583		15,727
Post-retirement employee benefits	570		3,081
Interest expense limitation	6,655		—
Employee benefits other than post-retirement	3,776		5,666
Inventory reserve	3,238		2,920
Deferred revenue	6,952		4,863
Other	14,476		13,519
Deferred tax assets	123,070		140,500
Deferred tax liabilities:
Accelerated depreciation	(337,099)		(326,804)

Partnership items	(6,263)		(6,365)
Operating lease assets	(11,353)		(15,492)
State taxes	(26,213)		(24,207)
Goodwill and intangible assets	(23,529)		(18,952)
Valuation allowance against deferred tax assets	(3,861)		(3,861)
Deferred tax liabilities	(408,318)		(395,681)
Net deferred tax (liability)	$	(285,248)	$	(255,181)

Schedule of Components of Income Tax Expense (Benefit)

The following summarizes the Company’s income tax provisions (benefits) (in thousands):


	Years Ended December 31
	2023		2022		2021
Current taxes:
Federal	$	5,600	$	6,965	$	—
Foreign	218		784		—
State	2,311		2,082		2,402
Deferred taxes:
Federal	15,645		45,644		65,027
Foreign	(451)		(57)		—
State	1,168		8,642		4,795

Total deferred tax expense	16,362		54,229		69,822
Total income tax expense (benefit) from continuing operations	$	24,491	$	64,060	$	72,224
Income tax expense (benefit) from discontinued operations	$	167	$	633	$	722

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation of income tax from continuing operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows:


	Years Ended December 31
	2023		2022		2021
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
Foreign income taxes	0.3	%	0.2	%	—	%
State income taxes, net of federal tax benefit	3.3	%	3.3	%	1.8	%

Tax effect of stock compensation	1.6	%	0.2	%	—	%
Tax effect of other non-deductible expenses	1.3	%	0.1	%	0.5	%
Change to state statutory tax rates	—	%	(0.1)	%	—	%
Foreign rate differential	0.4	%	—	%	—	%
Other	1.2	%	(0.1)	%	0.7	%
Effective income tax rate	29.1	%	24.6	%	24.0	%

Schedule of Effective Income Tax Rate Reconciliation, Discontinued Operations

The reconciliation of income tax from discontinued operations computed at the U.S. statutory federal income tax rates to effective income tax rates is as follows:


	Years Ended December 31
	2023		2022		2021
Statutory federal tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal tax benefit	1.3	%	1.8	%	1.8	%
Change in federal statutory tax rates	—	%	—	%	—	%
Effective income tax rate	22.3	%	22.8	%	22.8	%