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Provision for Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2012
Provision for Income Taxes [Abstract] |
Federal and State Income Tax Provision | Our federal and state income tax provision (benefit) is summarized below:
|  | For Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 18.9 |  |  | $ | (4.0 | ) |  | $ | 2.2 |
State |  |  | 28.9 |  |  |  | 18.9 |  |  |  | 16.0 |
Foreign |  |  | 1.2 |  |  |  | 0.2 |  |  |  | -- |
Total current |  |  | 49.0 |  |  |  | 15.1 |  |  |  | 18.2 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (64.7 | ) |  |  | 11.5 |  |  |  | 5.3 |
State |  |  | (1.4 | ) |  |  | 0.8 |  |  |  | 2.9 |
Foreign |  |  | (0.1 | ) |  |  | (0.2 | ) |  |  | (0.3 | )
Total deferred |  |  | (66.2 | ) |  |  | 12.1 |  |  |  | 7.9 |
Total provision for (benefit from) income taxes |  | $ | (17.2 | ) |  | $ | 27.2 |  |  | $ | 26.1 |
Reconciliation of Provision for Income Taxes | A reconciliation of the provision for (benefit from) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:
|  | For Year Ended December 31, |
|  | 2012 |  |  | 2011 |  |  | 2010 |
Pre-Tax Net Book Income ("NBI") |  | $ | 2,410.8 |  |  | $ | 2,115.5 |  |  | $ | 1,409.8 |
Texas Margin Tax (1) |  | $ | 23.5 |  |  | $ | 19.1 |  |  | $ | 18.3 |
State income taxes (net of federal benefit) |  |  | 5.3 |  |  |  | 0.5 |  |  |  | 0.4 |
Federal income taxes computed by applying the federal statutory rate to NBI of corporate entities |  |  | (1.6 | ) |  |  | 5.0 |  |  |  | 8.0 |
Valuation allowance |  |  | (2.0 | ) |  |  | (0.2 | ) |  |  | -- |
Expiration of tax net operating loss |  |  | 2.4 |  |  |  | 0.2 |  |  |  | -- |
Tax gain on conversion of corporate subsidiaries into limited liability companies |  |  | (45.3 | ) |  |  | -- |  |  |  | -- |
Other permanent differences |  |  | 0.5 |  |  |  | 2.6 |  |  |  | (0.6 | )
Provision for (benefit from) income taxes |  | $ | (17.2 | ) |  | $ | 27.2 |  |  | $ | 26.1 |
Effective income tax rate |  |  | (0.7 | )% |  |  | 1.3 | % |  |  | 1.9 | %
(1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses. |
Components of Deferred Tax Assets and Liabilities | The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
|  | At December 31, |
|  | 2012 |  |  | 2011 |
Deferred tax assets: |  |  |  |  |  |
Net operating loss carryovers (1) |  | $ | 0.2 |  |  | $ | 17.8 |
Employee benefit plans |  |  | 0.1 |  |  |  | 3.0 |
Deferred revenue |  |  | -- |  |  |  | 1.5 |
Equity investment in partnerships |  |  | -- |  |  |  | 0.9 |
AROs |  |  | -- |  |  |  | 0.1 |
Accruals |  |  | 1.5 |  |  |  | 1.6 |
Total deferred tax assets |  |  | 1.8 |  |  |  | 24.9 |
Valuation allowance (2) |  |  | -- |  |  |  | 2.0 |
Net deferred tax assets |  |  | 1.8 |  |  |  | 22.9 |
Less: Deferred tax liabilities: |  |  |  |  |  |  |  |
Property, plant and equipment |  |  | 23.7 |  |  |  | 112.1 |
Equity investment in partnerships |  |  | 0.6 |  |  |  | -- |
Total deferred tax liabilities |  |  | 24.3 |  |  |  | 112.1 |
Total net deferred tax liabilities |  | $ | 22.5 |  |  | $ | 89.2 |
Current portion of total net deferred tax assets |  | $ | -- |  |  | $ | 2.0 |
Long-term portion of total net deferred tax liabilities |  | $ | 22.5 |  |  | $ | 91.2 |
(1) These losses expire in various years between 2013 and 2028 and are subject to limitations on their utilization. (2) We record a valuation allowance to reduce our deferred tax assets to the amount of future benefit that is more likely than not to be realized. |
Current accounting guidance provides that a tax benefit from an uncertain tax position may be recognized when it is more likely than not that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the years ended December 2012, 2011 or 2011.

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319 + Details
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