Tax Receivable Agreement Obligation (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Tax Receivable Agreement Obligation

The following table summarizes the changes to the TRA obligation, reported as other current liabilities and Tax Receivable Agreement obligation in our consolidated balance sheets, for the years ended December 31, 2023, 2022 and 2021.


	Year Ended December 31,
	2023		2022		2021
TRA obligation at the beginning of the period	$	522	$	395	$	450
Accretion expense	82		64		62
Changes in tax assumptions impacting timing of payments (a)	82		64		(115)


Impacts of Tax Receivable Agreement	164		128		(53)
Payments	(9)		(1)		(2)
Repurchase of TRA Rights	(506)		—		—
TRA obligation at the end of the period	171		522		395
Less amounts due currently	(7)		(8)		(1)
Noncurrent TRA obligation at the end of the period	$	164	$	514	$	394

____________

(a)During the year ended December 31, 2023, we recorded an increase to the carrying value of the TRA obligation totaling $82 million as a result of adjustments to forecasted taxable income due to increases in longer-term commodity price forecasts. During the year ended December 31, 2022, we recorded an increase to the carrying value of the TRA obligation totaling approximately $64 million as a result of adjustments to forecasted book and taxable income due to increases in commodity price forecasts. During the year ended December 31, 2021, we recorded a decrease to the carrying value of the TRA obligation totaling $115 million as a result of adjustments to forecasted taxable income, including the financial impacts of Winter Storm Uri, and anticipated tax benefits available under current tax laws for planned additional renewable development projects.