XML 16 R11.htm IDEA: XBRL DOCUMENT ﻿
v2.3.0.11

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2011
Income Taxes |
Income Taxes |
G. Income Taxes The Company estimates an annual effective income tax rate based on projected results for the year and applies this rate to income before taxes to calculate income tax expense. Any refinements made due to subsequent information that affects the estimated annual effective income tax rate are reflected as adjustments in the current period. Separate effective income tax rates are calculated for net income from continuing operations and any other separately reported net income items, such as discontinued operations. The Company’s effective income tax rate for the six months ending June 30, 2011 was 36.8%. The Company currently estimates the 2011 annual effective income tax rate to be approximately 36.8%. The estimated annual effective income tax rate as of June 30, 2010 was 36.2%. The increase in the expected annual effective tax rate from 2010 is primarily the result of increased state income taxes partially offset by a decrease in the reserves for uncertain tax positions. There were no material changes to the Company’s methodology or for unrecognized tax benefits during the six months ended June 30, 2011. During the second quarter of 2011, the Company finalized a settlement with the Internal Revenue Service (IRS) relating to its research and experimentation tax credits claimed from 2001 through 2005. Except for claims related to tax losses carried back to those years, the consolidated federal income tax liability of the Company has been settled with the IRS through 2005. During the second quarter of 2010 the IRS began its audit and review of the Company’s income tax filings for the 2006 through 2009 years. The Company also is the subject of various state income tax examinations. The Company believes that it is appropriately reserved for any uncertain tax positions. The Worker, Homeownership and Business Assistance Act of 2009 extended the applicability of the tax net operating loss carryback provision from 2 years to 5 years for either the 2008 or 2009 tax year. The Company elected to carryback its 2009 tax operating loss under this new law and received a refund of $121.5 million from the IRS during the second quarter of 2010. The net operating losses were primarily generated from intangible drilling costs (IDC) for the Company’s drilling program that are deducted currently for tax purposes and from accelerated tax depreciation for expansion of the Company’s midstream business.

X
- Details
Name: | eqt_IncomeTaxDisclosureAbstract
Namespace Prefix: | eqt
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Description containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 08 -Paragraph h -Article 4 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 136, 172 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 109 -Paragraph 43, 44, 45, 46, 47, 48, 49 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap
Data Type: | us-types:textBlockItemType
Balance Type: | na
Period Type: | duration