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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The following table summarizes the Company's income tax expense (benefit).
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
Current: |  |  |  |  |
Federal | $ | (10,894) |  |  | $ | 651 |  |  | $ | 911 |
State | (4,818) |  |  | 18,457 |  |  | (1,478) |
Subtotal | (15,712) |  |  | 19,108 |  |  | (567) |
Deferred: |  |  |  |  |
Federal | 450,091 |  |  | 527,539 |  |  | (316,364) |
State | (65,425) |  |  | 7,073 |  |  | (111,106) |
Subtotal | 384,666 |  |  | 534,612 |  |  | (427,470) |
Total income tax expense (benefit) | $ | 368,954 |  |  | $ | 553,720 |  |  | $ | (428,037) |
Schedule of Reconciliation of Income Tax Expense (Benefit) to Amount Computed at the Federal Statutory Rate | The table below summarizes the reasons for income tax expense (benefit) differences from amounts computed at the federal statutory rate of 21% on pre-tax income.
| Years Ended December 31,
| 2023 |  | 2022 |  | 2021
| Amount | Rate |  | Amount | Rate |  | Amount | Rate
| (Thousands) |  |  | (Thousands) |  |  | (Thousands) |
Income (loss) before income taxes | $ | 2,103,498 |  |  |  | $ | 2,334,662 |  |  |  | $ | (1,569,538) |  |
Tax at statutory rate | $ | 441,735 |  | 21.0 | % |  | $ | 490,279 |  | 21.0 | % |  | $ | (329,603) |  | 21.0 | %
State income taxes | 50,263 |  | 2.4 | % |  | 48,970 |  | 2.1 | % |  | (100,026) |  | 6.4 | %
Valuation allowance | (81,483) |  | (3.9) | % |  | 12,685 |  | 0.5 | % |  | 9,616 |  | (0.6) | %
Convertible debt repurchase premium | — |  | — | % |  | 35,957 |  | 1.5 | % |  | — |  | — | %
State law change | (21,670) |  | (1.0) | % |  | (49,511) |  | (2.1) | % |  | (8,496) |  | 0.5 | %
Federal and state tax credits | (4,715) |  | (0.2) | % |  | (4,319) |  | (0.2) | % |  | (3,079) |  | 0.2 | %
Other | (15,176) |  | (0.7) | % |  | 19,659 |  | 0.8 | % |  | 3,551 |  | (0.2) | %
Income tax expense (benefit) | $ | 368,954 |  | 17.5 | % |  | $ | 553,720 |  | 23.7 | % |  | $ | (428,037) |  | 27.3 | %
Summary of Source and Tax Effects of Temporary Differences Between Financial Reporting and Tax Bases of Asset and Liabilities | The following table summarizes the source and tax effects of temporary differences between financial reporting and tax bases of assets and liabilities.
| December 31,
| 2023 |  | 2022
| (Thousands)
Deferred tax assets: |  |  |
NOL carryforwards | $ | 740,802 |  |  | $ | 580,188 |
Net unrealized losses | — |  |  | 171,697 |
Federal and state capital loss carryforward | 99,632 |  |  | 99,837 |
Federal tax credits | 92,730 |  |  | 88,015 |
Alternative minimum tax carryforward | — |  |  | 81,237 |
Interest disallowance limitation | 59,668 |  |  | 304 |
Other | 1,156 |  |  | 5,697 |
Incentive compensation and deferred compensation plans | 16,854 |  |  | 14,586 |
Deferred tax assets | 1,010,842 |  |  | 1,041,561 |
Valuation allowance | (290,812) |  |  | (365,140) |
Net deferred tax asset | 720,030 |  |  | 676,421 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (2,457,946) |  |  | (2,118,827) |
Net unrealized losses | (166,905) |  |  | — |
Deferred tax liabilities | (2,624,851) |  |  | (2,118,827) |
Net deferred tax liability | $ | (1,904,821) |  |  | $ | (1,442,406) |
Schedule of Operating Loss Carryforwards | The following table presents the expiration periods of the NOL carryforward deferred tax assets and associated valuation allowance by jurisdiction.
| December 31,
| 2023 |  | 2022
| (Thousands)
NOL carryforwards: |  |  |
Federal (expires between 2035 and 2037) | $ | 67,958 |  |  | $ | 62,931 |
Federal (indefinite expiration) | 323,598 |  |  | 202,711 |
State (expires between 2027 and 2037) | 332,153 |  |  | 299,933 |
State (indefinite expiration) | 17,093 |  |  | 14,613 |
Total NOL carryforwards | $ | 740,802 |  |  | $ | 580,188 |
Valuation allowance on NOL carryforwards: |  |  |
Federal | $ | (24,927) |  |  | $ | (23,626) |
State | (156,700) |  |  | (241,638) |
Total valuation allowance on NOL carryforwards | $ | (181,627) |  |  | $ | (265,264) |
Schedule of Reconciliation of the Beginning and Ending Amount of Reserve for Uncertain tax Positions | The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
| 2023 |  | 2022 |  | 2021
| (Thousands)
Balance at January 1 | $ | 204,035 |  |  | $ | 182,032 |  |  | $ | 175,213 |
Additions for tax positions taken in current year | 11,986 |  |  | 9,612 |  |  | 4,969 |
(Reductions) additions for tax positions taken in prior years | (883) |  |  | 12,391 |  |  | 1,850 |
Reductions for tax positions settled with tax authorities | (125,941) |  |  | — |  |  | — |
Balance at December 31 | $ | 89,197 |  |  | $ | 204,035 |  |  | $ | 182,032 |
The following table presents specific line items that were included in the reserve for uncertain tax positions.
| December 31,
| 2023 |  | 2022 |  | 2021
| (Thousands)
If recognized, effect to the effective tax rate | $ | 83,669 |  |  | $ | 117,341 |  |  | $ | 97,783 |
Recorded in the Consolidated Balance Sheet as reduction of related deferred tax asset for general business credit carryforwards and NOLs | $ | 77,013 |  |  | $ | 110,744 |  |  | $ | 97,160 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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