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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Income Before Income Taxes | The components of “Income Before Income Taxes” are as follows:
| Year Ended December 31,
| 2024 |  | 2023 |  | 2022
| (In millions)
U.S. | $ | 3,402 |  |  | $ | 3,192 |  |  | $ | 3,318 |
Foreign | 5 |  |  | 9 |  |  | 17 |
Total Income Before Income Taxes | $ | 3,407 |  |  | $ | 3,201 |  |  | $ | 3,335 |
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,
| 2024 |  | 2023 |  | 2022
| (In millions)
Current tax expense |  |  |  |  |
Federal | $ | 11 |  |  | $ | — |  |  | $ | — |
State | 26 |  |  | 5 |  |  | 14 |
Foreign | 3 |  |  | — |  |  | 4 |
Total | 40 |  |  | 5 |  |  | 18 |
Deferred tax expense |  |  |  |  |
Federal | 602 |  |  | 619 |  |  | 642 |
State | 45 |  |  | 91 |  |  | 50 |
Total | 647 |  |  | 710 |  |  | 692 |
Total tax provision | $ | 687 |  |  | $ | 715 |  |  | $ | 710 |
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,
| 2024 |  | 2023 |  | 2022
| (In millions, except percentages)
Federal income tax | $ | 716 |  |  | 21.0 | % |  | $ | 672 |  |  | 21.0 | % |  | $ | 700 |  |  | 21.0 | %
Increase (decrease) as a result of: |  |  |  |  |  |  |  |  |  |  |
State income tax, net of federal benefit | 71 |  |  | 2.1 | % |  | 64 |  |  | 2.0 | % |  | 69 |  |  | 2.0 | %
Dividend received deduction | (34) |  |  | (1.0) | % |  | (34) |  |  | (1.1) | % |  | (36) |  |  | (1.1) | %
General business credit(a) | (42) |  |  | (1.2) | % |  | (1) |  |  | — | % |  | — |  |  | — | %
Other | (24) |  |  | (0.7) | % |  | 14 |  |  | 0.4 | % |  | (23) |  |  | (0.7) | %
Total | $ | 687 |  |  | 20.2 | % |  | $ | 715 |  |  | 22.3 | % |  | $ | 710 |  |  | 21.2 | %
(a)Recognition of investment tax credits generated by biogas projects.
Schedule of Deferred Tax Assets and Liabilities | Deferred tax assets and liabilities result from the following:
| December 31,
| 2024 |  | 2023
| (In millions)
Deferred tax assets |  |  |
Employee benefits | $ | 81 |  |  | $ | 114 |
Net operating loss carryforwards | 1,416 |  |  | 2,024 |
Tax credit carryforwards | 312 |  |  | 300 |
Interest expense limitation | 372 |  |  | 266 |
Other | 179 |  |  | 181 |
Valuation allowances | (64) |  |  | (77) |
Total deferred tax assets | 2,296 |  |  | 2,808 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 217 |  |  | 215 |
Investments(a) | 4,124 |  |  | 3,951 |
Other | 25 |  |  | 30 |
Total deferred tax liabilities | 4,366 |  |  | 4,196 |
Net deferred tax liability | $ | (2,070) |  |  | $ | (1,388) |
(a)Amounts as of December 31, 2024 and 2023 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, 2024 is as follows:
|  | Year Ended December 31, 2024 |  |  |  |
|  | (In millions)
Balance at beginning of period |  | $ | 77 |  |  |  |  |
Addition for state NOL |  | 4 |  |  |  |  |
State rate changes |  | (10) |  |  |  |  |
Currency fluctuation |  | (7) |  |  |  |  |
Balance at end of period |  | $ | 64 |  |  |  |  |
Summary of Operating Loss Carryforwards | The following table provides details related to our deferred tax assets and valuation allowances as of December 31, 2024:
|  | Unused Amount |  | Deferred Tax Asset |  | Valuation Allowance |  | Expiration Period
|  | (In millions) |  |
Net Operating Loss |  |  |  |  |  |  |  |
U.S. federal net operating loss |  | $ | 5,707 |  |  | $ | 1,198 |  |  | $ | — |  |  | Indefinite
State losses |  | 4,560 |  |  | 194 |  |  | (40) |  |  | 2024 - 2044
Foreign losses |  | 70 |  |  | 24 |  |  | (24) |  |  | Indefinite
Tax Credits |  |  |  |  |  |  |  |
General business credits |  | 312 |  |  | 312 |  |  | — |  |  | 2036 - 2044
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,
|  | 2024 |  | 2023 |  | 2022
|  | (In millions)
Balance at beginning of period |  | $ | 18 |  |  | $ | 23 |  |  | $ | 21 |
Reductions based on statute expirations |  | (3) |  |  | (5) |  |  | (5) |
Audit settlement |  | — |  |  | (1) |  |  | — |
Additions to state reserves for prior years |  | 4 |  |  | 1 |  |  | 7 |
Balance at end of period |  | $ | 19 |  |  | $ | 18 |  |  | $ | 23 |
Amounts which, if recognized, would affect the effective tax rate |  | $ | 19 |  |  |  |  |
Summary of Income Tax Examinations | The following table summarizes information of our open tax years:
Jurisdiction |  | Open Tax Year
U.S. |  | 2020 - 2024
Various states |  | 2012 - 2024
Foreign |  | 2020 - 2024

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