XML 33 R22.htm IDEA: XBRL DOCUMENT
v3.23.1

Income Taxes | 3 Months Ended
--- | ---
Mar. 31, 2023
Income Taxes [Abstract] |
Income Taxes | Note 15. Income Taxes Income taxes are accounted for under the asset-and-liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. We recognize the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. We did not rely on any uncertain tax positions in recording our income tax-related amounts during the first quarters of 2023 and 2022. Our federal, state and foreign income tax benefit (provision) is summarized below:
|  | For the Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Current portion of income tax benefit (provision): |  |  |  |  |  |
Federal |  | $ | 4 |  |  | $ | – |
State |  |  | (11 | ) |  |  | (10 | )
Total current portion |  |  | (7 | ) |  |  | (10 | )
Deferred portion of income tax benefit (provision): |  |  |  |  |  |  |  |
Federal |  |  | (7 | ) |  |  | (7 | )
State |  |  | 4 |  |  |  | (2 | )
Total deferred portion |  |  | (3 | ) |  |  | (9 | )
Total provision for income taxes |  | $ | (10 | ) |  | $ | (19 | )
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 Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
Pre-Tax Net Book Income (“NBI”) |  | $ | 1,432 |  |  | $ | 1,350 |
Texas Margin Tax (1) |  |  | (6 | ) |  |  | (12 | )
State income tax provision, net of federal benefit |  |  | (1 | ) |  |  | – |
Federal income tax provision computed by applying the federal statutory rate to NBI of corporate entities |  |  | (3 | ) |  |  | (3 | )
Other |  |  | – |  |  |  | (4 | )
Provision for income taxes |  | $ | (10 | ) |  | $ | (19 | )
Effective income tax rate |  |  | (0.7 | )% |  |  | (1.4 | )%
(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.
The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:
|  | March 31, |  |  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax liabilities: |  |  |  |  |  |
Attributable to investment in OTA |  | $ | 415 |  |  | $ | 406 |
Attributable to property, plant and equipment |  |  | 127 |  |  |  | 133 |
Attributable to investments in other entities |  |  | 5 |  |  |  | 5 |
Other |  |  | 60 |  |  |  | 60 |
Total deferred tax liabilities |  |  | 607 |  |  |  | 604 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryovers (1) |  |  | 22 |  |  |  | 22 |
Temporary differences related to Texas Margin Tax |  |  | 4 |  |  |  | 4 |
Total deferred tax assets |  |  | 26 |  |  |  | 26 |
Valuation allowance |  |  | 22 |  |  |  | 22 |
Total deferred tax assets, net of valuation allowance |  |  | 4 |  |  |  | 4 |
Total net deferred tax liabilities |  | $ | 603 |  |  | $ | 600 |
(1) | The loss amount presented as of March 31, 2023 has an indefinite carryover period. All losses are subject to limitations on their utilization.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration