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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Tax Expense (Benefit) | The following table summarizes the Company's income tax expense.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
Current: |  |  |  |  |
Federal | $ | 1,222 |  |  | $ | (10,894) |  |  | $ | 651 |
State | 6,125 |  |  | (4,818) |  |  | 18,457 |
Subtotal | 7,347 |  |  | (15,712) |  |  | 19,108 |
Deferred: |  |  |  |  |
Federal | (21,463) |  |  | 450,091 |  |  | 527,539 |
State | 36,195 |  |  | (65,425) |  |  | 7,073 |
Subtotal | 14,732 |  |  | 384,666 |  |  | 534,612 |
Total income tax expense | $ | 22,079 |  |  | $ | 368,954 |  |  | $ | 553,720 |
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 differences from amounts computed at the federal statutory rate of 21% on pre-tax income.
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
| (Thousands) |  |  |  | (Thousands) |  |  |  | (Thousands) |  |
Income before income taxes | $ | 264,194 |  |  |  |  | $ | 2,103,498 |  |  |  |  | $ | 2,334,662 |  |  |
Tax at statutory rate | $ | 55,481 |  |  | 21.0% |  | $ | 441,735 |  |  | 21.0% |  | $ | 490,279 |  |  | 21.0%
State income taxes | 5,440 |  |  | 2.1% |  | 50,263 |  |  | 2.4% |  | 48,970 |  |  | 2.1%
Valuation allowance | (9,601) |  |  | (3.6)% |  | (81,483) |  |  | (3.9)% |  | 12,685 |  |  | 0.5%
Convertible Notes repurchase premium | — |  |  | —% |  | — |  |  | —% |  | 35,957 |  |  | 1.5%
Uncertain tax positions | (16,977) |  |  | (6.4)% |  | (7,015) |  |  | (0.3)% |  | 11,135 |  |  | 0.5%
State law change | (11,315) |  |  | (4.3)% |  | (21,670) |  |  | (1.0)% |  | (49,511) |  |  | (2.1)%
Federal and state tax credits | (6,537) |  |  | (2.5)% |  | (4,715) |  |  | (0.2)% |  | (4,319) |  |  | (0.2)%
Transaction costs | 6,041 |  |  | 2.3% |  | — |  |  | —% |  | — |  |  | —%
Other | (453) |  |  | (0.2)% |  | (8,161) |  |  | (0.4)% |  | 8,524 |  |  | 0.4%
Income tax expense | $ | 22,079 |  |  | 8.4% |  | $ | 368,954 |  |  | 17.5% |  | $ | 553,720 |  |  | 23.7%
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,
| 2024 |  | 2023
| (Thousands)
Deferred tax assets: |  |  |
NOL carryforwards | $ | 708,518 |  |  | $ | 740,802 |
Interest disallowance limitation | 106,622 |  |  | 59,668 |
Federal tax credits | 89,644 |  |  | 92,730 |
Net unrealized losses | 80,723 |  |  | — |
State capital loss carryforward | 44,496 |  |  | 99,632 |
Incentive compensation and deferred compensation plans | 18,032 |  |  | 16,854 |
Other | 2,433 |  |  | 1,156 |
Deferred tax assets | 1,050,468 |  |  | 1,010,842 |
Valuation allowance | (257,218) |  |  | (290,812) |
Net deferred tax asset | 793,250 |  |  | 720,030 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (2,516,074) |  |  | (2,457,946) |
Investment in partnerships | (1,128,279) |  |  | — |
Net unrealized gains | — |  |  | (166,905) |
Deferred tax liability | (3,644,353) |  |  | (2,624,851) |
Net deferred tax liability | $ | (2,851,103) |  |  | $ | (1,904,821) |
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,
| 2024 |  | 2023
| (Thousands)
NOL carryforwards: |  |  |
Federal (expires between 2032 and 2037) | $ | 14,644 |  |  | $ | 67,958 |
Federal (indefinite expiration) | 322,258 |  |  | 323,598 |
State (expires between 2025 and 2037) | 347,279 |  |  | 332,153 |
State (indefinite expiration) | 24,337 |  |  | 17,093 |
Total NOL carryforwards | $ | 708,518 |  |  | $ | 740,802 |
Valuation allowance on NOL carryforwards: |  |  |
Federal | $ | (14,263) |  |  | $ | (24,927) |
State | (187,321) |  |  | (156,700) |
Total valuation allowance on NOL carryforwards | $ | (201,584) |  |  | $ | (181,627) |
Schedule of Reconciliation of the Beginning and Ending Amount of Reserve | The following table reconciles the beginning and ending amount of reserve for uncertain tax positions, excluding interest and penalties.
| 2024 |  | 2023 |  | 2022
| (Thousands)
Balance at January 1 | $ | 89,197 |  |  | $ | 204,035 |  |  | $ | 182,032 |
Additions for tax positions taken in current year | 11,720 |  |  | 11,986 |  |  | 9,612 |
Additions (reductions) for tax positions taken in prior years | 15,177 |  |  | (883) |  |  | 12,391 |
Reductions for tax positions settled with tax authorities | (29,645) |  |  | (125,941) |  |  | — |
Reductions for lapse in statute of limitations | (13,706) |  |  | — |  |  | — |
Balance at December 31 | $ | 72,743 |  |  | $ | 89,197 |  |  | $ | 204,035 |
Schedule of Uncertain tax Positions | The following table presents specific line items that were included in the reserve for uncertain tax positions.
| December 31,
| 2024 |  | 2023 |  | 2022
| (Thousands)
If recognized, effect to the effective tax rate | $ | 67,105 |  |  | $ | 83,669 |  |  | $ | 117,341 |
Reduction of related deferred tax asset for general business credit carryforwards and NOLs | $ | 60,415 |  |  | $ | 77,013 |  |  | $ | 110,744 |

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