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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2023						2022						2021
						(Millions of dollars)
Current tax expense (benefit)
Federal						$	(3)					$	52					$	3
State						12						12						9
Total current tax expense						9						64						12
Deferred tax expense
Federal						739						423						433
State						90						41						39
Total deferred tax expense						829						464						472
Total provision for income taxes						$	838					$	528					$	484

Reconciliation of Income Tax Provision

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

						Years Ended December 31,
						2023						2022						2021
						(Millions of dollars)
Income before income taxes						$	3,497					$	2,250					$	1,984
Federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Provision for federal income taxes						734						472						417
State income taxes, net of federal benefit						100						54						40
Deferred tax rate change, inclusive of valuation allowance						2						(1)						6
Excess tax benefits from share-based compensation						1						(1)						(2)
Other, net (a)						1						4						23
Income tax provision						$	838					$	528					$	484

(a) The year ended December 31, 2021, includes $19 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 as of the dates indicated:

						December 31, 2023						December 31, 2022
Deferred tax assets						(Millions of dollars)
Employee benefits and other accrued liabilities						$	88					$	82
Federal net operating loss						2,534						1,105
State net operating loss and benefits						492						196
Derivative instruments						—						19
Interest expense limitation						210						25
Other						20						5
Total deferred tax assets						3,344						1,432
Valuation allowance for state net operating loss and tax credits
Carryforward expected to expire prior to utilization						(240)						(75)
Net deferred tax assets						3,104						1,357
Deferred tax liabilities
Excess of tax over book depreciation						104						95
Derivative instruments						7						—
Investment in partnerships (a)						5,587						3,001
Total deferred tax liabilities						5,698						3,096
Net deferred tax liabilities						$	2,594					$	1,739

(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.

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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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