XML 87 R25.htm IDEA: XBRL DOCUMENT
v3.25.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES The following table sets forth our provision for income taxes for the periods indicated:
|  | Years Ended Dec. 31,
|  | 2024 |  | 2023 |  | 2022 |
|  | (Millions of dollars)
Current tax expense (benefit) |  |  |  |  |  |  |
Federal |  | $ | 89 |  |  | $ | (3) |  |  | $ | 52 |  |
State |  | 20 |  |  | 12 |  |  | 12 |  |
Total current tax expense |  | 109 |  |  | 9 |  |  | 64 |  |
Deferred tax expense |  |  |  |  |  |  |
Federal |  | 792 |  |  | 739 |  |  | 423 |  |
State |  | 97 |  |  | 90 |  |  | 41 |  |
Total deferred tax expense |  | 889 |  |  | 829 |  |  | 464 |  |
Total provision for income taxes |  | $ | 998 |  |  | $ | 838 |  |  | $ | 528 |  |
The following table is a reconciliation of our income tax provision for the periods indicated:
|  | Years Ended Dec. 31,
|  | 2024 |  | 2023 |  | 2022 |
|  | (Millions of dollars)
Income before income taxes |  | $ | 4,110 |  |  | $ | 3,497 |  |  | $ | 2,250 |  |
Federal statutory income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | % |
Provision for federal income taxes |  | 863 |  |  | 734 |  |  | 472 |  |
State income taxes, net of federal benefit |  | 93 |  |  | 100 |  |  | 54 |  |
Change in valuation allowance |  | 12 |  |  | 2 |  |  | (1) |  |
Deferred tax rate change |  | 20 |  |  | — |  |  | — |  |
Excess tax benefits from share-based compensation |  | (13) |  |  | 1 |  |  | (1) |  |
Other, net |  | 23 |  |  | 1 |  |  | 4 |  |
Income tax provision |  | $ | 998 |  |  | $ | 838 |  |  | $ | 528 |  |
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:
|  | Dec. 31, 2024 |  | Dec. 31, 2023 |  |
Deferred tax assets |  | (Millions of dollars)
Employee benefits and other accrued liabilities |  | $ | 99 |  |  | $ | 88 |  |  |
Federal net operating loss |  | 2,818 |  |  | 2,534 |  |  |
State net operating loss and benefits |  | 515 |  |  | 492 |  |  |
Derivative instruments |  | 15 |  |  | — |  |  |
Interest expense limitation |  | 407 |  |  | 210 |  |  |
Other |  | 39 |  |  | 20 |  |  |
Total deferred tax assets |  | 3,893 |  |  | 3,344 |  |  |
Valuation allowance for state net operating loss and tax credits |  |  |  |  |  |
Carryforward expected to expire prior to utilization |  | (252) |  |  | (240) |  |  |
Net deferred tax assets |  | 3,641 |  |  | 3,104 |  |  |
Deferred tax liabilities |  |  |  |  |  |
Excess of tax over book depreciation |  | 58 |  |  | 104 |  |  |
Derivative instruments |  | — |  |  | 7 |  |  |
Investment in partnerships (a) |  | 9,034 |  |  | 5,587 |  |  |
Total deferred tax liabilities |  | 9,092 |  |  | 5,698 |  |  |
Net deferred tax liabilities |  | $ | 5,451 |  |  | $ | 2,594 |  |  |
(a) Due primarily to excess of tax over book depreciation. On Oct. 15, 2024, we completed the EnLink Controlling Interest Acquisition resulting in a difference between the carrying value of the underlying assets acquired and the carryover tax basis in the assets, which resulted in a deferred tax liability of $2.0 billion recorded as part of the purchase price allocation. Subsequent event - On Jan. 31, 2025, we completed the EnLink Acquisition by acquiring all of the remaining and outstanding publicly held EnLink Units. EnLink is now a wholly owned subsidiary and included in our consolidated income tax returns. As of Dec. 31, 2024, we have federal net operating loss carryforwards of $13.4 billion, the majority of which have an indefinite carryforward 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, $11.0 billion of which, have an indefinite carryforward period and $2.3 billion of which will expire between 2026 and 2044. We have deferred tax assets related to federal and state net operating loss and credit carryforwards of $3.3 billion and $3.0 billion in 2024 and 2023, 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, which was increased by $12 million and $165 million in 2024 and 2023, respectively, a nd reduced by $1 million in 2022 through net income.

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 tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration