Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2025 |
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| Income Tax Disclosure [Abstract] |
Ìý
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| Schedule of Income Tax Provision Charged to Operations |
The income tax provision charged to operations for the years ended December 31, 2025, 2024, and 2023 was as follows (in thousands):
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Years Ended December 31, |
| Ìý |
2025 |
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2024 |
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2023 |
| Current: |
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| U.S. federal |
$ |
118,700Ìý |
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$ |
116,323Ìý |
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$ |
106,721Ìý |
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| State and local |
3,698Ìý |
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|
3,934Ìý |
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|
3,796Ìý |
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| Current income tax expense |
122,398Ìý |
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|
120,257Ìý |
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|
110,517Ìý |
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| Deferred expense: |
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| U.S. federal |
6,546Ìý |
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4,530Ìý |
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|
964Ìý |
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| State and local |
9Ìý |
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|
74Ìý |
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|
435Ìý |
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| Deferred income tax expense |
6,555Ìý |
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4,604Ìý |
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|
1,399Ìý |
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| Total income tax expense |
$ |
128,953Ìý |
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$ |
124,861Ìý |
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$ |
111,916Ìý |
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| 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, 2025, 2024, and 2023 to income before federal income taxes as a result of the following (in thousands, except percentages):
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Years Ended December 31, |
| Ìý |
2025 |
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2024 |
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2023 |
| Computed tax expense at the statutory rate of 21% |
$ |
128,169Ìý |
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21.0Ìý |
% |
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$ |
121,552Ìý |
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21.0Ìý |
% |
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$ |
108,688Ìý |
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21.0Ìý |
% |
| Reduction in income taxes resulting from: |
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State and local income taxes, net of federal benefit (1)
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2,930Ìý |
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0.5Ìý |
% |
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3,182Ìý |
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0.5Ìý |
% |
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3,439Ìý |
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0.7Ìý |
% |
| Tax credits |
(1,857) |
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(0.3) |
% |
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(850) |
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(0.1) |
% |
|
—Ìý |
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—Ìý |
% |
| Nondeductible and nontaxable items |
(289) |
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(0.1) |
% |
|
977Ìý |
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0.2Ìý |
% |
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(211) |
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(0.1) |
% |
| Total income tax expense |
$ |
128,953Ìý |
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21.1Ìý |
% |
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$ |
124,861Ìý |
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21.6Ìý |
% |
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$ |
111,916Ìý |
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21.6Ìý |
% |
(1)Primarily related to income taxes imposed by the State of Texas.
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| Schedule of Income Taxes Paid (Net of Refunds Received) |
Total income taxes paid (net of refunds received) for the year ended December 31, 2025, 2024, and 2023 were as follows (in thousands):
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Years Ended December 31, |
| Ìý |
2025 |
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2024 |
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2023 |
| U.S. federal |
$ |
123,000Ìý |
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$ |
117,000Ìý |
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$ |
100,538Ìý |
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| State and local |
3,955Ìý |
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3,669Ìý |
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3,541Ìý |
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| Total income taxes paid (net of refunds received) |
$ |
126,955Ìý |
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$ |
120,669Ìý |
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$ |
104,079Ìý |
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| 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, 2025 and 2024 are as follows (in thousands):
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| Ìý |
December 31, 2025 |
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December 31, 2024 |
| Unearned revenue |
$ |
8,821Ìý |
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$ |
5,879Ìý |
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| Stock compensation |
2,976Ìý |
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2,677Ìý |
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| Right of use lease liabilities |
3,739Ìý |
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|
263Ìý |
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| Other |
260Ìý |
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|
515Ìý |
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| Total deferred tax assets |
15,796Ìý |
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9,334Ìý |
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| Real estate and royalty interests |
35,405Ìý |
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33,581Ìý |
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| Property, plant and equipment |
23,482Ìý |
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20,724Ìý |
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| Capitalized research and development cost |
5,905Ìý |
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—Ìý |
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| Pension plan asset |
2,235Ìý |
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1,901Ìý |
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| Right of use assets |
2,876Ìý |
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|
244Ìý |
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| Other, net |
—Ìý |
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|
285Ìý |
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| Total deferred tax liabilities |
69,903Ìý |
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|
56,735Ìý |
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| Deferred taxes payable |
$ |
(54,107) |
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$ |
(47,401) |
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