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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

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,
						2022						2021						2020
						(Thousands of dollars)
Current tax expense
Federal						$	52,012					$	2,897					$	980
State						11,993						9,544						1,797
Total current tax expense						64,005						12,441						2,777
Deferred tax expense
Federal						422,577						433,469						154,068
State						40,842						38,588						32,662
Total deferred tax expense						463,419						472,057						186,730
Total provision for income taxes						$	527,424					$	484,498					$	189,507

Reconciliation of Income Tax Provision

The following table is a reconciliation of our income tax provision for the periods indicated:

						Years Ended December 31,
						2022						2021						2020
						(Thousands of dollars)
Income before income taxes						$	2,249,645					$	1,984,204					$	802,316
Federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Provision for federal income taxes						472,425						416,683						168,486
State income taxes, net of federal benefit						54,217						40,092						13,580
Deferred tax rate change, inclusive of valuation allowance						(1,382)						6,350						20,879
Excess tax benefits from share-based compensation						(1,324)						(1,968)						(7,380)
Other, net (a)						3,488						23,341						(6,058)
Income tax provision						$	527,424					$	484,498					$	189,507

(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, 2022						December 31, 2021
Deferred tax assets						(Thousands of dollars)
Employee benefits and other accrued liabilities						$	82,194					$	95,952
Federal net operating loss						1,104,617						1,337,050
State net operating loss and benefits						196,369						216,181
Derivative instruments						18,759						118,063
Other (a)						30,048						4,863
Total deferred tax assets						1,431,987						1,772,109
Valuation allowance for state net operating loss and tax credits
Carryforward expected to expire prior to utilization						(74,997)						(84,755)
Net deferred tax assets						1,356,990						1,687,354
Deferred tax liabilities
Excess of tax over book depreciation						94,815						84,692
Investment in partnerships (b)						3,000,700						2,769,352
Total deferred tax liabilities						3,095,515						2,854,044
Net deferred tax liabilities						$	1,738,525					$	1,166,690

(a) The year ended December 31, 2022, includes an indefinite-lived interest limitation carryforward of $24.7 million.

(b) Due primarily to excess of tax over book depreciation.

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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

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-Name Accounting Standards Codification
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-Section 50
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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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-SubTopic 10
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