XML 58 R37.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | The components of “Income Before Income Taxes” are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
U.S. | $ | 3,192 |  |  | $ | 3,318 |  |  | $ | 2,217 |
Foreign | 9 |  |  | 17 |  |  | 2 |
Total Income Before Income Taxes | $ | 3,201 |  |  | $ | 3,335 |  |  | $ | 2,219 |
Schedule of Components of Income Tax Provision | Components of the income tax provision applicable for federal, foreign and state taxes are as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions)
Current tax expense |  |  |  |  |
State | $ | 5 |  |  | $ | 14 |  |  | $ | 11 |
Foreign | — |  |  | 4 |  |  | 3 |
Total | 5 |  |  | 18 |  |  | 14 |
Deferred tax expense |  |  |  |  |
Federal | 619 |  |  | 642 |  |  | 334 |
State | 91 |  |  | 50 |  |  | 21 |
Total | 710 |  |  | 692 |  |  | 355 |
Total tax provision | $ | 715 |  |  | $ | 710 |  |  | $ | 369 |
Schedule of Effective Income Tax Rate Reconciliation | The difference between the statutory federal income tax rate and our effective income tax rate is summarized as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
| (In millions, except percentages)
Federal income tax | $ | 672 |  |  | 21.0 | % |  | $ | 700 |  |  | 21.0 | % |  | $ | 466 |  |  | 21.0 | %
Increase (decrease) as a result of: |  |  |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit | 64 |  |  | 2.0 | % |  | 69 |  |  | 2.0 | % |  | 50 |  |  | 2.2 | %
Dividend received deduction | (34) |  |  | (1.1) | % |  | (36) |  |  | (1.1) | % |  | (46) |  |  | (2.1) | %
Release of valuation allowance | — |  |  | — | % |  | — |  |  | — | % |  | (38) |  |  | (1.7) | %
General business credit | (1) |  |  | — | % |  | — |  |  | — | % |  | (36) |  |  | (1.6) | %
Other | 14 |  |  | 0.4 | % |  | (23) |  |  | (0.7) | % |  | (27) |  |  | (1.2) | %
Total | $ | 715 |  |  | 22.3 | % |  | $ | 710 |  |  | 21.2 | % |  | $ | 369 |  |  | 16.6 | %
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from the following:
| December 31,
| 2023 |  | 2022
| (In millions)
Deferred tax assets |  |  |
Employee benefits | $ | 114 |  |  | $ | 116 |
Net operating loss carryforwards | 2,024 |  |  | 2,007 |
Tax credit carryforwards | 300 |  |  | 303 |
Interest expense limitation | 266 |  |  | 82 |
Other | 181 |  |  | 192 |
Valuation allowances | (77) |  |  | (79) |
Total deferred tax assets | 2,808 |  |  | 2,621 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 215 |  |  | 163 |
Investments(a) | 3,951 |  |  | 3,056 |
Other | 30 |  |  | 25 |
Total deferred tax liabilities | 4,196 |  |  | 3,244 |
Net deferred tax liability | $ | (1,388) |  |  | $ | (623) |
(a)Amounts as of December 31, 2023 and 2022 are primarily associated with KMI’s investment in KMP.
Summary of Valuation Allowance | A reconciliation of our valuation allowances for the year ended December 31, 2023 is as follows:
|  | Year Ended December 31, 2023 |  |  |  |
|  | (In millions)
Balance at beginning of period |  | $ | 79 |  |  |  |  |
Statute expirations for state NOL and foreign tax credits |  | (5) |  |  |  |  |
Currency fluctuation |  | 3 |  |  |  |  |
Balance at end of period |  | $ | 77 |  |  |  |  |
Summary of Operating Loss Carryforwards | The following table provides details related to our deferred tax assets and valuation allowances as of December 31, 2023:
|  | Unused Amount |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration Period
|  | (In millions) |  |
Net Operating Loss |  |  |  |  |  |  |  |
U.S. federal net operating loss |  | $ | 6,565 |  |  | $ | 1,379 |  |  | $ | — |  |  | Indefinite
U.S. federal net operating loss |  | 1,716 |  |  | 360 |  |  | — |  |  | 2035 - 2037
State losses |  | 5,293 |  |  | 254 |  |  | (46) |  |  | 2024 - 2043
Foreign losses |  | 90 |  |  | 31 |  |  | (31) |  |  | Indefinite
Tax Credits |  |  |  |  |  |  |  |
General business credits |  | 300 |  |  | 300 |  |  | — |  |  | 2036 - 2042
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of our gross unrecognized tax benefit excluding interest and penalties is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (In millions)
Balance at beginning of period |  | $ | 23 |  |  | $ | 21 |  |  | $ | 18 |
Reductions based on statute expirations |  | (5) |  |  | (5) |  |  | — |
Audit settlement |  | (1) |  |  | — |  |  | — |
Additions to state reserves for prior years |  | 1 |  |  | 7 |  |  | 3 |
Balance at end of period |  | $ | 18 |  |  | $ | 23 |  |  | $ | 21 |
Amounts which, if recognized, would affect the effective tax rate |  | $ | 18 |  |  |  |  |
Summary of Income Tax Examinations | The following table summarizes information of our open tax years:
Jurisdiction |  | Open Tax Year
U.S. |  | 2019 - 2023
Various states |  | 2012 - 2023
Foreign |  | 2008 - 2023

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

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income tax examinations that an enterprise is currently subject to or that have been completed in the current period typically including a description of the examination, the jurisdiction conducting the examination, the tax year(s) under examination, the likelihood of an unfavorable settlement, the range of possible losses, the liability recorded, the increase or decrease in the liability from the prior period, and any penalties and interest that have been recorded. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482663/740-10-55-217 + Details
Name: | us-gaap_SummaryOfIncomeTaxExaminationsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-3 + Details
Name: | us-gaap_SummaryOfOperatingLossCarryforwardsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration