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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of income tax expense

Components of income tax expense are as follows (in millions):

			Year Ended December 31,
			2020						2019						2018
Current income tax expense:
State income tax			$	—					$	3					$	3
Canadian federal and provincial income tax			51						109						63
Total current income tax expense			$	51					$	112					$	66
Deferred income tax expense/(benefit):
Federal income tax			$	(149)					$	89					$	90
State income tax			1						21						14
Canadian federal and provincial income tax			(70)						(46)						132
Total deferred income tax expense/(benefit)			$	(218)					$	64					$	236
Total income tax expense/(benefit)			$	(167)					$	176					$	302

Summary of differences between income tax expense based on the statutory federal income tax rate and the effective income tax expense

The difference between income tax expense based on the statutory federal income tax rate and our effective income tax expense is summarized as follows (in millions):

			Year Ended December 31,
			2020						2019						2018
Income/(loss) before tax			$	(2,607)					$	2,238					$	2,409
Net (income)/loss attributable to noncontrolling interests			1,872						(1,731)						(1,773)
Income taxes attributable to noncontrolling interests			19						(66)						(198)
			$	(716)					$	441					$	438
Federal statutory income tax rate			21		%				21		%				21		%
Income tax expense/(benefit) at statutory rate			$	(150)					$	93					$	92
Deferred tax rate adjustment			11						10						3
State income tax, net of federal benefit			(9)						7						9
Income taxes attributable to noncontrolling interests:
Canadian federal and provincial income tax			(19)						63						195
State income tax			—						3						3
Total income tax expense/(benefit)			$	(167)					$	176					$	302

Deferred tax assets and liabilities

Deferred tax assets and liabilities are aggregated by the applicable tax paying entity and jurisdiction and result from the following (in millions):

			December 31,
			2020						2019
Deferred tax assets:
Investment in partnerships			$	917					$	874
Net operating losses			527						406
Derivative instruments			45						—
Lease liabilities			39						55
Other			16						16
Total deferred tax assets			1,544						1,351
Deferred tax liabilities:
Property and equipment in excess of tax values			(475)						(472)
Derivative instruments			—						(22)
Lease assets			(38)						(53)
Other			(3)						(5)
Total deferred tax liabilities			(516)						(552)
Net deferred tax assets			$	1,028					$	799
Balance sheet classification of deferred tax assets/(liabilities):
Deferred tax asset			$	1,444					$	1,280
Other long-term liabilities and deferred credits			(416)						(481)
			$	1,028					$	799

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

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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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

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