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INCOME TAXES (Tables)

12 Months Ended

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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- 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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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-Topic 740
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-Name Accounting Standards Codification
-Section 55
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