Note 11 - Income Taxes |
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Jun. 30, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Notes to Financial Statements | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Text Block] |
For the three and six-month periods ended June 30, 2025 and 2024, our income tax expense and effective income tax rates were as follows (dollars in millions):
We estimate our differences between taxable income or loss and recorded income or loss on an annual basis. Our tax provision for each quarter is based upon these full year projections, which are revised each reporting period. These projections incorporate estimates of permanent differences between U.S. GAAP income or loss and taxable income or loss, state income taxes and adjustments to our liability for unrecognized tax benefits to adjust our statutory federal income tax rate of 21% to our effective income tax rate. For the 2025 six-month period, these estimates increased or decreased our statutory federal income tax benefit rate of 21% as a result of permanent differences that resulted in a decrease of 24%, state income taxes that resulted in a decrease of and discrete items that resulted in a decrease of For the six-months ended June 30, 2024, these estimates increased or decreased our statutory federal income tax rate of 21% as a result of state income taxes that resulted in an increase of 5%, permanent differences that resulted in an increase of and changes to our reserves that resulted in a decrease of
During the six-months ended June 30, 2025, we made $39 million of federal and state income tax payments, net of refunds. As of June 30, 2025, we have an aggregate of approximately $252 million of various state operating loss carryforwards, of which we expect that approximately $173 million will not be utilized due to section 382 limitations and those that will expire prior to utilization. After applying our state effective tax rate, this amount is included in our valuation allowance for deferred tax assets.
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