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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of Provision for 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 |  |
Schedule of Reconciliation of Income Tax Provision | 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 |  |
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:
|  | 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.

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