Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Summary of Deferred Tax Assets |
The deferred tax assets expire as follows:
|
|
|
|
|
|
|
|
|
Amount |
|
|
Expiration Date |
|
|
(in thousands) |
|
|
|
Domestic state NOL |
|
$ |
11,602 |
|
|
2032 - Indefinite |
Foreign NOL |
|
|
18,963 |
|
|
Indefinite life |
Foreign capital loss |
|
|
2,557 |
|
|
Indefinite life |
Foreign tax credits |
|
|
5,136 |
|
|
2022 - 2027 |
|
| Summary of Reconciliation of Uncertain Tax Positions |
A reconciliation of the beginning and ending balances of uncertain tax positions included in other current liabilities on the consolidated balance sheets was as follows:
|
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Beginning balance as of January 1, |
|
$ |
600 |
|
|
$ |
600 |
|
Additions for tax positions taken in prior years |
|
|
— |
|
|
|
931 |
|
Reductions of tax positions taken in prior years |
|
|
— |
|
|
|
— |
|
Reductions for settlements on tax positions of prior years |
|
|
(339 |
) |
|
|
(931 |
) |
Ending balance as of December 31, |
|
$ |
261 |
|
|
$ |
600 |
|
|
| Summary of Earnings Before Income Inclusive of the Loss from Equity Investee |
Earnings before income taxes were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Domestic (U.S.) |
|
$ |
106,365 |
|
|
$ |
73,338 |
|
|
$ |
38,762 |
|
Foreign (Israel) |
|
|
1,170 |
|
|
|
(2,277 |
) |
|
|
(9,622 |
) |
Total |
|
$ |
107,535 |
|
|
$ |
71,061 |
|
|
$ |
29,140 |
|
|
| Summary of Income Tax Provision |
The components of the income tax provision were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Current: |
|
|
|
|
|
|
|
|
|
Domestic federal |
|
$ |
6,907 |
|
|
$ |
1,535 |
|
|
$ |
690 |
|
Domestic state and local |
|
|
6,350 |
|
|
|
5,251 |
|
|
|
2,558 |
|
Total current |
|
|
13,257 |
|
|
|
6,786 |
|
|
|
3,248 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Domestic federal |
|
|
19,830 |
|
|
|
7,550 |
|
|
|
(3,399 |
) |
Domestic state and local |
|
|
2,470 |
|
|
|
(2,702 |
) |
|
|
(1,348 |
) |
Total deferred |
|
|
22,300 |
|
|
|
4,848 |
|
|
|
(4,747 |
) |
Total income tax expense (benefit) |
|
$ |
35,557 |
|
|
$ |
11,634 |
|
|
$ |
(1,499 |
) |
|
| Summary of Reconciliation of Significant Differences in Income Tax Expense |
The reconciliation of significant differences between income tax expense applying the US statutory rate and the actual income tax expense (benefit) at the effective rate were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Year Ended December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
2020 |
|
|
|
(in thousands) |
|
Income tax expense (benefit) at the statutory rate |
|
$ |
22,582 |
|
|
|
21.0 |
% |
|
$ |
14,923 |
|
|
|
21.0 |
% |
|
$ |
6,119 |
|
|
|
21.0 |
% |
Increases (decreases): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Internal entity realignment, change in entity status (*) |
|
|
8,880 |
|
|
|
8.3 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
Non-controlling interest in partnership |
|
|
(58 |
) |
|
|
(0.1 |
)% |
|
|
(48 |
) |
|
|
(0.1 |
)% |
|
|
(3,412 |
) |
|
|
(11.7 |
)% |
State income taxes, net of federal income tax benefit |
|
|
6,470 |
|
|
|
6.0 |
% |
|
|
3,444 |
|
|
|
4.8 |
% |
|
|
2,188 |
|
|
|
7.5 |
% |
International rate differential |
|
|
23 |
|
|
|
0.0 |
% |
|
|
(425 |
) |
|
|
(0.6 |
)% |
|
|
262 |
|
|
|
0.9 |
% |
Non-deductible expenses |
|
|
1,392 |
|
|
|
1.3 |
% |
|
|
1,941 |
|
|
|
2.7 |
% |
|
|
470 |
|
|
|
1.6 |
% |
Investment in partnership |
|
|
— |
|
|
|
0.0 |
% |
|
|
— |
|
|
|
0.0 |
% |
|
|
850 |
|
|
|
2.9 |
% |
Valuation allowance |
|
|
(2,222 |
) |
|
|
(2.1 |
)% |
|
|
(3,892 |
) |
|
|
(5.5 |
)% |
|
|
(7,550 |
) |
|
|
(25.9 |
)% |
Credits |
|
|
(1,319 |
) |
|
|
(1.2 |
)% |
|
|
(1,880 |
) |
|
|
(2.6 |
)% |
|
|
(1,066 |
) |
|
|
(3.7 |
)% |
Other rate differentials |
|
|
(191 |
) |
|
|
(0.1 |
)% |
|
|
(2,429 |
) |
|
|
(3.4 |
)% |
|
|
640 |
|
|
|
2.3 |
% |
Total |
|
$ |
35,557 |
|
|
|
33.1 |
% |
|
$ |
11,634 |
|
|
|
16.3 |
% |
|
$ |
(1,499 |
) |
|
|
(5.1 |
)% |
|
| Summary of Significant Components of Deferred Income Tax Assets and Liabilities |
Significant components of deferred income tax assets and liabilities consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
As of December 31, |
|
|
|
2022 |
|
|
2021 |
|
|
|
(in thousands) |
|
Deferred tax assets: |
|
|
|
|
|
|
Asset retirement obligation |
|
$ |
16,290 |
|
|
$ |
1,616 |
|
Inventory |
|
|
376 |
|
|
|
221 |
|
Lease obligations |
|
|
375,299 |
|
|
|
72,944 |
|
Financial liabilities |
|
|
24,607 |
|
|
|
— |
|
Accrued expenses |
|
|
4,054 |
|
|
|
213 |
|
Deferred income |
|
|
9,868 |
|
|
|
1,024 |
|
Fuel supply agreements |
|
|
61,816 |
|
|
|
— |
|
Environmental liabilities |
|
|
1,780 |
|
|
|
168 |
|
Transaction costs |
|
|
2,224 |
|
|
|
2,273 |
|
Investment in partnership |
|
|
13,754 |
|
|
|
33,332 |
|
Share-based compensation |
|
|
3,936 |
|
|
|
224 |
|
Net operating loss carryforwards |
|
|
5,291 |
|
|
|
11,922 |
|
Credits |
|
|
5,136 |
|
|
|
11,971 |
|
Other |
|
|
2,302 |
|
|
|
1,169 |
|
Total deferred tax assets |
|
|
526,733 |
|
|
|
137,077 |
|
Valuation allowance |
|
|
(11,142 |
) |
|
|
(13,416 |
) |
Total deferred tax assets, net |
|
|
515,591 |
|
|
|
123,661 |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Property and equipment |
|
|
(123,931 |
) |
|
|
(10,540 |
) |
Intangible assets |
|
|
(19,810 |
) |
|
|
(1,214 |
) |
Right-of-use assets |
|
|
(345,902 |
) |
|
|
(66,097 |
) |
Prepaid expenses |
|
|
(3,208 |
) |
|
|
(580 |
) |
Translation adjustments |
|
|
— |
|
|
|
(2,097 |
) |
Other |
|
|
(12 |
) |
|
|
(4,632 |
) |
Total deferred tax liabilities |
|
|
(492,863 |
) |
|
|
(85,160 |
) |
Net deferred tax asset |
|
$ |
22,728 |
|
|
$ |
38,501 |
|
|