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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Effective Income Tax Rate Reconciliation

Our total Income Tax Expense varied from the statutory federal income tax rate for the following reasons:

			Year Ended December 31,
			2023						2022						2021
			(millions)
Income Before Income Taxes			$	500					$	482					$	422
Income tax expense at statutory rate			105						101						89
State and local income taxes, net of federal benefit			18						24						17
State tax rate changes			(18)						(25)						(3)
Other, net			(1)						—						1
Income Tax Expense			$	104					$	100					$	104
Effective income tax rate			20.9		%				20.7		%				24.7		%

Schedule of Income Tax Expense

Components of Income Tax Expense were as follows:

			Year Ended December 31,
			2023						2022						2021
			(millions)
Current income tax expense
Federal			$	(4)					$	16					$	1
State and other income tax			(2)						14						(1)
Total current income taxes			(6)						30						—
Deferred income tax expense
Federal			109						86						85
State and other income tax			1						(16)						19
Total deferred income tax			110						70						104
			$	104					$	100					$	104

Schedule of Deferred Tax Assets (Liabilities)

Deferred tax assets (liabilities) were comprised of the following:

			December 31,
			2023						2022
			(millions)
Deferred income tax balance components
Property, plant, and equipment			$	(369)					$	(336)
Federal net operating loss carry-forward			184						129
State and local net operating loss carry-forward, net of federal			102						79
Investment in equity method investees and partnerships			(979)						(811)
Other			31						16
Net deferred income tax asset / (liability)			$	(1,031)					$	(923)
Total deferred income tax assets and liabilities
Deferred income tax assets			$	319					$	234
Deferred income tax liabilities			(1,350)						(1,157)
Net deferred income tax asset / (liability)			$	(1,031)					$	(923)

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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://fasb.org/us-gaap/role/ref/legacyRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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- Definition

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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-2

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- Definition

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.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 12
-Section 50
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