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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

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

			Year Ended December 31,
			2024						2023						2022
Current income tax expense:
State income tax			$	2					$	2					$	1
Canadian federal and provincial income and withholding taxes			193						143						83
Total current income tax expense			$	195					$	145					$	84
Deferred income tax expense/(benefit):
Federal income tax			$	31					$	55					$	46
State income tax			6						13						11
Canadian federal and provincial income tax			(28)						(24)						105
Total deferred income tax expense			$	9					$	44					$	162
Total income tax expense			$	204					$	189					$	246

Schedule of Differences Between 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,
			2024						2023						2022
Income before tax			$	1,274					$	1,614					$	1,409
Net income attributable to noncontrolling interests			(967)						(1,227)						(995)
Income taxes attributable to noncontrolling interests			(167)						(121)						(189)
			$	140					$	266					$	225
Federal statutory income tax rate			21		%				21		%				21		%
Income tax expense at statutory rate			$	29					$	56					$	47
Deferred tax rate adjustment			6						9						7
State income tax, net of federal benefit			2						3						3
Income taxes attributable to noncontrolling interests:
Canadian federal and provincial income tax			113						119						188
Canadian withholding tax			52						—						—
State income tax			2						2						1
Total income tax expense			$	204					$	189					$	246

Schedule of 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,
			2024						2023
Deferred tax assets:
Investment in partnerships			$	436					$	523
Net operating losses			784						716
Derivative instruments			19						—
Lease liabilities			46						40
Other			43						45
Total deferred tax assets			1,328						1,324
Deferred tax liabilities:
Property and equipment in excess of tax values			(525)						(573)
Derivative instruments			—						(6)
Lease assets			(44)						(38)
Other			(3)						(3)
Total deferred tax liabilities			(572)						(620)
Net deferred tax assets			$	756					$	704
Balance sheet classification of deferred tax assets/(liabilities):
Deferred tax asset			$	1,220					$	1,239
Other long-term liabilities and deferred credits			(464)						(535)
			$	756					$	704

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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
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

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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://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

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