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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

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