XML 54 R40.htm IDEA: XBRL DOCUMENT
v3.24.1.u1

Income Taxes (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2024
Income Taxes [Abstract] |
Federal and State Income Tax Provision | Our federal, state and foreign income tax benefit (provision) is summarized below:
|  | For the Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Current portion of income tax provision: |  |  |  |  |  |
Federal |  | $ | – |  |  | $ | 4 |
State |  |  | (12 | ) |  |  | (11 | )
Total current portion |  |  | (12 | ) |  |  | (7 | )
Deferred portion of income tax provision: |  |  |  |  |  |  |  |
Federal |  |  | (4 | ) |  |  | (7 | )
State |  |  | (5 | ) |  |  | 4 |
Total deferred portion |  |  | (9 | ) |  |  | (3 | )
Total provision for income taxes |  | $ | (21 | ) |  | $ | (10 | )
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 Three Months Ended March 31, |
|  | 2024 |  |  | 2023 |
Pre-Tax Net Book Income (“NBI”) |  | $ | 1,504 |  |  | $ | 1,432 |
Texas Margin Tax (1) |  |  | (17 | ) |  |  | (6 | )
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 |  |  | (1 | ) |  |  | – |
Provision for income taxes |  | $ | (21 | ) |  | $ | (10 | )
Effective income tax rate |  |  | (1.4 | )% |  |  | (0.7 | )%
(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:
|  | March 31, |  |  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax liabilities: |  |  |  |  |  |
Attributable to investment in OTA (1) |  | $ | 441 |  |  | $ | 436 |
Attributable to property, plant and equipment |  |  | 143 |  |  |  | 138 |
Attributable to investments in other entities |  |  | 5 |  |  |  | 4 |
Other |  |  | 83 |  |  |  | 83 |
Total deferred tax liabilities |  |  | 672 |  |  |  | 661 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating loss carryovers (2) |  |  | 48 |  |  |  | 46 |
Temporary differences related to Texas Margin Tax |  |  | 4 |  |  |  | 4 |
Total deferred tax assets |  |  | 52 |  |  |  | 50 |
Total net deferred tax liabilities |  | $ | 620 |  |  | $ | 611 |
(1) | Represents the deferred tax liability balance held by our wholly owned subsidiary, OTA Holdings, Inc. ("OTA"), which we acquired in March 2020.
(2) | The loss amount presented as of March 31, 2024 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 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration