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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Provision for 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 |
Reconciliation of Income Tax Provision | 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.
Schedule of Deferred Tax Assets and Liabilities | 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.

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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