Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit) The income tax provision charged to operations for the years ended December 31, 2021, 2020 and 2019 was as follows (in thousands):
Years Ended December 31,
  2021 2020 2019
Current:
U.S. Federal $ 90,920  $ 44,395  $ 55,562 
State and local 2,345  1,607  1,930 
Current income tax expense 93,265  46,002  57,492 
Deferred (benefit) expense (228) (2,389) 26,035 
Total income tax expense $ 93,037  $ 43,613  $ 83,527 
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, 2021, 2020 and 2019 to income before Federal income taxes as a result of the following (in thousands):
Years Ended December 31,
  2021 2020 2019
Computed tax expense at the statutory rate of 21% $ 76,234  $ 46,129  $ 84,473 
Reduction in income taxes resulting from:
Statutory depletion (584) (4,577) (5,163)
State taxes 1,740  1,234  1,657 
Executive compensation 1,687  789  1,302 
Prior year tax adjustments 18  755 
Correction of historical tax depletion 12,975  —  — 
Estimated penalties and interest 1,022  —  — 
Other, net (55) 31  503 
Total income tax expense $ 93,037  $ 43,613  $ 83,527 
Effective tax rate (1)
25.6  % 19.9  % 20.8  %
(1)    The correction of historical tax depletion increased the effective tax rate from 22.1% to 25.6%.
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, 2021 and 2020 are as follows (in thousands):
  December 31, 2021 December 31, 2020
Unearned revenue $ 5,050  $ 5,633 
Basis difference in pension plan liability 128  452 
Other 25  — 
Total deferred tax assets 5,203  6,085 
Property, plant and equipment 16,037  16,314 
Real estate and royalty interests 28,114  28,494 
Other — 
Total deferred tax liabilities 44,151  44,813 
Deferred taxes payable $ (38,948) $ (38,728)