Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.25.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Calculation of Effective Tax
The income tax provision charged to operations for the years ended December 31, 2024, 2023 and 2022 was as follows (in thousands):
Years Ended December 31,
  2024 2023 2022
Current:
U.S. Federal $ 116,323  $ 106,721  $ 117,395 
State and local 3,934  3,796  3,835 
Current income tax expense 120,257  110,517  121,230 
Deferred expense 4,604  1,399  1,263 
Total income tax expense $ 124,861  $ 111,916  $ 122,493 
Schedule of Effective Income Tax Rate Reconciliation
Total income tax expense differed from the amounts computed by applying the U.S. Federal income tax rate of 21% for the years ended December 31, 2024, 2023 and 2022 to income before Federal income taxes as a result of the following (in thousands):
Years Ended December 31,
  2024 2023 2022
Computed tax expense at the statutory rate of 21% $ 121,552  $ 108,688  $ 119,460 
Reduction in income taxes resulting from:
State taxes 3,182  3,439  3,045 
Executive compensation 1,803  1,117  1,146 
Research and development credit (850) —  — 
Statutory depletion (653) (682) (823)
Prior year tax adjustments 75  (305) (13)
Correction of historical tax depletion —  —  805 
Estimated penalties and interest —  —  (763)
Other, net (248) (341) (364)
Total income tax expense $ 124,861  $ 111,916  $ 122,493 
Effective tax rate 21.6  % 21.6  % 21.5  %
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows (in thousands):
  December 31, 2024 December 31, 2023
Unearned revenue $ 5,879  $ 6,717 
Stock compensation 2,677  2,097 
Other 533  760 
Total deferred tax assets 9,089  9,574 
Property, plant and equipment 20,723  17,532 
Real estate and royalty interests 33,581  33,215 
Pension plan asset 1,901  767 
Other, net 285  425 
Total deferred tax liabilities 56,490  51,939 
Deferred taxes payable $ (47,401) $ (42,365)