XML 66 R23.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES (Notes) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The following table sets forth our provision for income taxes for the periods indicated:
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (Thousands of dollars)
Current tax expense (benefit) |  |  |  |  |  |
Federal |  | $ | 2,897 |  |  | $ | 980 |  |  | $ | (1,278) |
State |  | 9,544 |  |  | 1,797 |  |  | 963 |
Total current tax expense (benefit) |  | 12,441 |  |  | 2,777 |  |  | (315) |
Deferred tax expense |  |  |  |  |  |
Federal |  | 433,469 |  |  | 154,068 |  |  | 327,806 |
State |  | 38,588 |  |  | 32,662 |  |  | 44,923 |
Total deferred tax expense |  | 472,057 |  |  | 186,730 |  |  | 372,729 |
Total provision for income taxes |  | $ | 484,498 |  |  | $ | 189,507 |  |  | $ | 372,414 |
The following table is a reconciliation of our income tax provision for the periods indicated:
|  | Years Ended December 31,
|  | 2021 |  | 2020 |  | 2019
|  | (Thousands of dollars)
Income before income taxes |  | $ | 1,984,204 |  |  | $ | 802,316 |  |  | $ | 1,650,991 |
Federal statutory income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Provision for federal income taxes |  | 416,683 |  |  | 168,486 |  |  | 346,708 |
State income taxes, net of federal benefit |  | 40,092 |  |  | 13,580 |  |  | 34,545 |
Deferred tax rate change, inclusive of valuation allowance |  | 6,350 |  |  | 20,879 |  |  | 11,340 |
Excess tax benefits from share-based compensation |  | (1,968) |  |  | (7,380) |  |  | (20,983) |
Other, net (a) |  | 23,341 |  |  | (6,058) |  |  | 804 |
Income tax provision |  | $ | 484,498 |  |  | $ | 189,507 |  |  | $ | 372,414 |
(a) The year ended December 31, 2021, includes $19.4 million impact from previously recognized gains on certain benefit plan investments. The following table sets forth the tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and liabilities for the periods indicated:
|  | December 31, 2021 |  | December 31, 2020
Deferred tax assets |  | (Thousands of dollars)
Employee benefits and other accrued liabilities |  | $ | 95,952 |  |  | $ | 96,741 |
Federal net operating loss |  | 1,337,050 |  |  | 1,473,093 |
State net operating loss and benefits |  | 216,181 |  |  | 258,929 |
Derivative instruments |  | 118,063 |  |  | 134,499 |
Other |  | 4,863 |  |  | 12,894 |
Total deferred tax assets |  | 1,772,109 |  |  | 1,976,156 |
Valuation allowance for state net operating loss and tax credits |  |  |  |
Carryforward expected to expire prior to utilization |  | (84,755) |  |  | (121,212) |
Net deferred tax assets |  | 1,687,354 |  |  | 1,854,944 |
Deferred tax liabilities |  |  |  |
Excess of tax over book depreciation |  | 84,692 |  |  | 87,021 |
Investment in partnerships (a) |  | 2,769,352 |  |  | 2,437,620 |
Total deferred tax liabilities |  | 2,854,044 |  |  | 2,524,641 |
Net deferred tax assets (liabilities) |  | $ | (1,166,690) |  |  | $ | (669,697) |
(a) Due primarily to excess of tax over book depreciation. As of December 31, 2021, we have federal net operating loss carryforwards of $6.4 billion, the majority of which have an indefinite carry forward period. We expect to generate taxable income and utilize these net operating loss carryforwards in future periods. We also have loss and credit carryovers in multiple states, $2.8 billion of which have an indefinite carry forward period and $1.9 billion of which will expire between 2022 and 2038. We have deferred tax assets related to federal and state net operating loss and credit carryforwards of $1.6 billion and $1.7 billion in 2021 and 2020, respectively. We believe that it is more likely than not that the tax benefits of certain state carryforwards will not be utilized; therefore, we recorded a valuation allowance of $6.4 million, $20.9 million and $11.3 million through net income related to these tax benefits in 2021, 2020 and 2019, respectively.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration