Provision (Benefit) for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Provision (Benefit) for Income Taxes from Continuing Operations

The following table includes the provision (benefit) for income taxes from continuing operations.


	Years Ended December 31,
	2019		2018		2017
	(Millions)
Provision (benefit):
Current:
Federal	$	(19)	$	(38)	$	(18)
State	(1)		1		1

	(20)		(37)		(17)
Deferred:
Federal	81		107		(100)
State	9		4		(11)

	90		111		(111)
Total provision (benefit)	$	70	$	74	$	(128)

Reconciliations from Provision (Benefit) for Income Taxes from Continuing Operations at Federal Statutory Rate

The following table provides reconciliations from the provision (benefit) for income taxes from continuing operations at the federal statutory rate to the realized provision (benefit) for income taxes.


	Years Ended December 31,
	2019			2018			2017
	(Millions)
Federal Statutory Rate	21		%	21		%	35		%
Provision (benefit) at statutory rate	$	69		$	66		$	(36)
Increases (decreases) in taxes resulting from:
State income taxes (net of federal benefit)	2			(8)			(12)
Valuation allowance on state net operating losses and other assets (net of federal benefit)	14			17			17
Deferred state income tax rate change (net of federal benefit)	(10)			(5)			(12)
Reversal of valuation allowance on federal capital loss	(10)			—			—





Provisional impact of Tax Cuts and Jobs Act	—			—			(92)
Executive compensation deduction limitation	4			4			2
Other	1			—			5
Provision (benefit) for income taxes	$	70		$	74		$	(128)

Significant Components of Deferred Tax Liabilities and Deferred Tax Assets

The following table includes significant components of deferred tax liabilities and deferred tax assets.


	December 31,
	2019		2018
	(Millions)
Deferred tax liabilities:
Properties and equipment	$	938	$	797
Derivatives, net	—		33

Total deferred tax liabilities	938		830
Deferred tax assets:
Accrued liabilities and other	156		137
Alternative minimum tax credits	21		40
NOL and other carryovers	682		665
Derivatives, net	5		—

Total deferred tax assets	864		842
Less: valuation allowance	216		213
Total net deferred tax assets	648		629
Net deferred tax liabilities	$	290	$	201