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Income Taxes, Reconciliation of the Benefit From (Provision For) Income Taxes (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
Reconciliation of the benefit from (provision for) income taxes [Abstract]      
Pre-Tax Net Book Income ("NBI") $ 4,825.3 $ 3,761.4 $ 4,732.7
Texas Margin Tax [1] (41.9) (32.1) (44.2)
State income tax benefit (provision), net of federal benefit [2] (1.3) 9.2 (0.5)
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities (13.1) 80.1 (0.9)
Federal benefit attributable to settlement of Liquidity Option Agreement [2] 0.0 67.8 0.0
Valuation allowance [3] (14.2) 0.0 0.0
Other 0.5 (0.7) 0.0
Total benefit from (provision for) income taxes $ (70.0) $ 124.3 $ (45.6)
Effective income tax rate (1.50%) 3.30% (1.00%)
[1] Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.
[2] The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72.2 million, which is comprised of $4.4 million of state income tax benefit and $67.8 million of federal income tax benefit.
[3] Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable; therefore, we have provided for a valuation allowance.