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Provision for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Provision for Income Taxes [Abstract]

Federal and State Income Tax Provision

Our federal, state and foreign income tax provision (benefit) is summarized below:

		For the Year Ended December 31,
		2019				2018				2017
Current portion of income tax provision (benefit):
Federal		$	(1.3	)		$	5.3			$	0.1
State			25.7				33.1				18.5
Foreign			1.2				0.5				1.0
Total current portion			25.6				38.9				19.6
Deferred portion of income tax provision (benefit):
Federal			1.6				(0.3	)			(1.8	)
State			18.5				21.7				7.9
Foreign			(0.1	)			–				–
Total deferred portion			20.0				21.4				6.1
Total provision for income taxes		$	45.6			$	60.3			$	25.7

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

		For the Year Ended December 31,
		2019				2018				2017
Pre-Tax Net Book Income (“NBI”)		$	4,732.7			$	4,298.8			$	2,881.3
Texas Margin Tax (1)		$	44.2			$	54.8			$	26.4
State income taxes (net of federal benefit)			0.5				0.2				0.5
Federal income taxes computed by applying the federal  statutory rate to NBI of corporate entities			0.9				2.1				0.1
Other permanent differences			–				3.2				(1.3	)
Provision for income taxes		$	45.6			$	60.3			$	25.7
Effective income tax rate			1.0	%			1.4	%			0.9	%

(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:

		December 31,
		2019				2018
Deferred tax liabilities:
Attributable to property, plant and equipment		$	100.2			$	80.8
Attributable to investments in partnerships			3.3				2.3
Total deferred tax liabilities			103.5				83.1
Less deferred tax assets:
Net operating loss carryovers (1)			0.1				0.1
Temporary differences related to Texas Margin Tax			3.0				2.6
Total deferred tax assets			3.1				2.7
Total net deferred tax liabilities		$	100.4			$	80.4

(1) These losses expire in various years between 2020 and 2037 and are subject to limitations on their utilization.

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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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