Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
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, 2019, 2018 and 2017 was as follows (in thousands): 

Years Ended December 31,
  2019 2018 2017
Current:
U.S. Federal $ 55,562    $ 35,593    $ 46,013   
State and local 1,930    1,607    851   
  57,492    37,200    46,864   
Deferred expense 26,035    14,814    966   
  $ 83,527    $ 52,014    $ 47,830   
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, 2019 and 2018 and 35% for the year ended 2017 to income before Federal income taxes as a result of the following (in thousands): 
Years Ended December 31,
  2019 2018 2017
Computed tax expense at the statutory rate $ 84,473    $ 54,968    $ 50,771   
Reduction in income taxes resulting from:
Statutory depletion (5,163)   (4,185)   (3,378)  
State taxes 1,657    1,243    530   
Executive compensation 1,302    —    —   
Prior year tax adjustments 755    —    —   
Effect of change in statutory tax rate (1)
—    —    (103)  
Other, net 503    (12)   10   
  $ 83,527    $ 52,014    $ 47,830   

 
(1)The effect of the change in statutory income tax rate from 35% to 21% effective January 1, 2018 which was anticipated as of December 31, 2017.
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 at December 31, 2019 and 2018 are as follows (in thousands): 

  December 31, 2019 December 31, 2018
Unearned revenue $ 3,741    $ 2,878   
Total deferred tax assets 3,741    2,878   
Property, plant and equipment 17,030    10,723   
§1031 tax exchanges 26,638    6,791   
Deferred credits 748    —   
Real estate acquired through foreclosure 142    142   
Other 10    125   
Total deferred tax liability 44,568    17,781   
Net deferred tax liability $ (40,827)   $ (14,903)