Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Provision for Income Taxes

The items comprising the Company’s provision for income taxes are as follows for the periods presented:

	Year ended December 31,
In thousands	2024			2023			2022
Current income tax provision:
United States federal	$	591,706		$	461,487		$	538,704
Various states		43,357			37,173			83,671
Total current income tax provision		635,063			498,660			622,375
Deferred income tax provision (benefit):
United States federal		(148,273	)		318,484			374,802
Various states		(14,941	)		10,486			23,627
Total deferred income tax provision (benefit)		(163,214	)		328,970			398,429
Provision for income taxes	$	471,849		$	827,630		$	1,020,804
Effective tax rate		19.0	%		21.1	%		20.1	%

Schedule of Provision for Income Taxes with Income Tax at Federal Statutory Rate

The Company’s effective tax rate differs from the United States federal statutory tax rate due to the effect of state income taxes, permanent taxable differences, tax credits, and other tax items as reflected in the table below.

	Year ended December 31,
In thousands, except tax rates	2024			2023			2022
Income before income taxes	$	2,488,567		$	3,928,947		$	5,068,413
U.S. federal statutory tax rate		21.0	%		21.0	%		21.0	%
Expected income tax provision based on U.S. federal statutory tax rate		522,599			825,079			1,064,367
Items impacting the effective tax rate:
State and local income taxes, net of federal benefit		62,675			98,257			126,932
Tax (benefit) deficiency from stock-based compensation		—			—			(5,282	)
Tax credits for increasing research activities		(96,680	)		(70,412	)		(151,913	)
Other, net		(16,745	)		(25,294	)		(13,300	)
Provision for income taxes	$	471,849		$	827,630		$	1,020,804
Effective tax rate		19.0	%		21.1	%		20.1	%

Components of Deferred Tax Assets and Liabilities

The components of the Company’s deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are reflected in the table below.

	December 31,
In thousands	2024			2023
Deferred tax assets
Net operating loss carryforwards	$	30,298		$	56,377
Incentive compensation		26,224			40,929
Other		34,343			28,080
Total deferred tax assets		90,865			125,386
Deferred tax liabilities
Property and equipment		(2,755,011	)		(2,870,259	)
Net deferred hedge gains		(37,226	)		(120,662	)
Other		(2,697	)		(1,748	)
Total deferred tax liabilities		(2,794,934	)		(2,992,669	)
Deferred income tax liabilities, net	$	(2,704,069	)	$	(2,867,283	)