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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

INCOME TAXES

Provision (benefit) for federal, state and local income taxes

For the years ended December 31,		United States Federal			State and Local			Total
					(in millions)
2015
Current		$	255		$	81		$	336
Deferred		(1,961)			(297)			(2,258)
		$	(1,706)		$	(216)		$	(1,922)
2014
Current		$	66		$	99		$	165
Deferred		(840)			(312)			(1,152)
		$	(774)		$	(213)		$	(987)
2013
Current		$	227		$	91		$	318
Deferred		222			38			260
		$	449		$	129		$	578

Reconciliation of the United States federal statutory income tax rate to our effective tax rate stated as a percentage of pre-tax income or loss

		For the years ended December 31,
		2015		2014		2013
United States federal statutory tax rate		35%		35%		35%
State income taxes, net of federal provision		5		6		6
Valuation allowance		(5)
Other		—		—		(1)
Effective tax rate		35%		41%		40%

Tax effects of temporary differences resulting in deferred income taxes

		2015						2014
		Deferred Tax Assets			Deferred Tax Liabilities			Deferred Tax Assets			Deferred Tax Liabilities
		(in millions)
Long-term debt		$	608		$	—		$	—		$	—
Property, plant and equipment differences		132			(427)			—			(2,437)
Postretirement benefit accruals		41			—			39			—
Deferred compensation and benefits		75			—			62			—
Asset retirement obligations		156			—			184			—
Federal effect of state income taxes		28			(24)			68			—
Net operating loss carryforward		7			—			64			—
All other		47			(3)			27			(1)
Subtotal		1,094			(454)			444			(2,438)
Valuation allowance		(382)			—			—			—
Total net deferred taxes		$	712		$	(454)		$	444		$	(2,438)

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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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319

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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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32687-109319

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