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Income Taxes (Tables)

12 Months Ended

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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