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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Summary of income tax expense

		Year Ended December 31,
(In thousands)		2013			2012			2011
Current
Federal		$	56,544		$	24,618		$	39,749
State			10,841			563			(1,714	)
​	​	​	​	​	​	​	​	​	​	​
Total			67,385			25,181			38,035
​	​	​	​	​	​	​	​	​	​	​
Deferred
Federal			111,147			57,704			46,599
State			27,233			23,225			28,145
​	​	​	​	​	​	​	​	​	​	​
Total			138,380			80,929			74,744
​	​	​	​	​	​	​	​	​	​	​
Total income tax expense		$	205,765		$	106,110		$	112,779
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Schedule of reconciliation of actual provision for income taxes and provision for income taxes computed by applying the statutory federal income tax rate

		Year Ended December 31,
(In thousands)		2013			2012			2011
Statutory federal income tax rate			35%			35%			35%
Computed "expected" federal income tax		$	169,938		$	83,244		$	82,316
State income tax, net of federal income tax benefit			17,513			9,609			8,989
Deferred tax adjustment related to change in overall state tax rate			15,220			13,596			19,068
Other, net			3,094			(339	)		2,406
​	​	​	​	​	​	​	​	​	​	​
Total income tax expense		$	205,765		$	106,110		$	112,779
​	​	​	​	​	​	​	​	​	​	​
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Schedule of deferred tax liabilities and deferred tax assets

		December 31,
(In thousands)		2013			2012
Deferred Tax Assets
Net operating loss carryforward		$	78,182		$	137,422
Alternative minimum tax carryforward			182,212			125,862
Foreign tax credit			4,822			4,923
Derivatives and hedging			3,946			—
Incentive compensation			36,450			30,985
Deferred compensation			11,988			8,485
Post-retirement benefits			13,965			16,498
Other			3,619			7,078
​	​	​	​	​	​	​	​
Total			335,184			331,253
​	​	​	​	​	​	​	​
Deferred Tax Liabilities
Properties and equipment			1,321,241			1,199,213
Derivatives and hedging			—			19,915
​	​	​	​	​	​	​	​
Total			1,321,241			1,219,128
​	​	​	​	​	​	​	​
Net deferred tax liabilities		$	986,057		$	887,875
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Schedule of reconciliation of the beginning and ending amounts of unrecognized tax benefits

		Year Ended December 31,
(In thousands)		2013			2012			2011
Unrecognized tax benefit balance at beginning of year		$	—		$	—		$	—
Additions based on tax provisions related to the current year			3,700			—			—
Additions for tax positions of prior years			—			—			—
Reductions for tax positions of prior years			—			—			—
Settlements			—			—			—
​	​	​	​	​	​	​	​	​	​	​
Unrecognized tax benefit balance at end of year		$	3,700		$	—		$	—
​	​	​	​	​	​	​	​	​	​	​
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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 of the change in unrecognized tax benefits.

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