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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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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.

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