XML 110 R66.htm IDEA: XBRL DOCUMENT v3.22.4
INCOME TAXES (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent 21.00% 21.00% 21.00%
Federal net operating loss $ 1,104,617 $ 1,337,050  
Other tax expense from gains on investments   19,400  
Interest limitation carryforward 24,700    
Current tax expense      
Federal 52,012 2,897 $ 980
State 11,993 9,544 1,797
Total current tax expense 64,005 12,441 2,777
Deferred tax expense      
Federal 422,577 433,469 154,068
State 40,842 38,588 32,662
Total deferred tax expense 463,419 472,057 186,730
Income taxes 527,424 484,498 189,507
Income Tax Reconciliation      
Income before income taxes $ 2,249,645 $ 1,984,204 $ 802,316
Federal statutory income tax rate 21.00% 21.00% 21.00%
Provision for federal income taxes $ 472,425 $ 416,683 $ 168,486
State income taxes, net of federal benefit 54,217 40,092 13,580
Deferred tax rate change, inclusive of valuation allowance (1,382) 6,350 20,879
Excess tax benefits from share-based compensation (1,324) (1,968) (7,380)
Other, net (a) 3,488 23,341 (6,058)
Deferred tax assets      
Employee benefits and other accrued liabilities 82,194 95,952  
Federal net operating loss 1,104,617 1,337,050  
State net operating loss and benefits 196,369 216,181  
Derivative instruments 18,759 118,063  
Other (a) 30,048 4,863  
Total deferred tax assets 1,431,987 1,772,109  
Carryforward expected to expire prior to utilization (74,997) (84,755)  
Net deferred tax assets 1,356,990 1,687,354  
Deferred tax liabilities      
Excess of tax over book depreciation 94,815 84,692  
Investment in partnerships (b) 3,000,700 2,769,352  
Total deferred tax liabilities 3,095,515 2,854,044  
Net deferred tax assets (liabilities) 1,738,525 1,166,690  
Valuation allowance, deferred tax asset, increase (decrease), amount $ 1,400 (6,400) $ (20,900)
Inflation Reduction Act In August 2022, the U.S. government enacted the Inflation Reduction Act into law. The Inflation Reduction Act includes a new corporate alternative minimum tax (CAMT) of 15% on the adjusted financial statement income (AFSI) of corporations with average AFSI exceeding $1.0 billion over a three-year period. The CAMT is effective for tax years beginning after December 31, 2022. We expect the CAMT to have an impact on our cash taxes beginning with the 2024 tax year. When we become subject to the CAMT and our CAMT liability is greater than our regular U.S. federal income tax liability for any particular year, the CAMT liability would effectively accelerate our future U.S. federal income tax obligations but provide an offsetting credit against our regular U.S. federal income tax liability for future years. As a result, we expect that any impact is limited to timing differences in future tax years.    
Domestic Tax Authority      
Operating loss carryforwards $ 5,300,000    
State and Local Jurisdiction | Operating Loss Carryforwards, Indefinite Carryforward Period [Domain]      
Operating loss carryforwards 2,700,000    
State and Local Jurisdiction | Operating Loss Carryforwards, Subject to Expiration [Domain]      
Operating loss carryforwards 1,700,000    
Federal and State      
Federal net operating loss 1,300,000 1,600,000  
Deferred tax assets      
Federal net operating loss $ 1,300,000 $ 1,600,000