Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Schedule of pretax income (loss) from continuing operations and the components of income tax expense (benefit) from continuing operations

	Successor					Predecessor
	Year ended December 31, 2013		March 23 (inception) to December 31, 2012			January 1 to May 24, 2012			Year ended December 31, 2011
	(in millions)
Pretax Income (Loss)
U.S.	$	39	$	(299	)	$	384		$	629
Foreign	—		—			(63		)	(1		)
	$	39	$	(299	)	$	321		$	628
Components of Income Tax Expense (Benefit)
Current
Federal	$	—	$	—		$	(62	)	$	(79	)
State	—		—			(3		)	1
	—		—			(65		)	(78		)
Deferred
Federal	—		—			188			302
State	—		—			11			19
	—		—			199			321
Total income tax expense	$	—	$	—		$	134		$	243

Schedule of effective tax rate reconciliation

	Successor						Predecessor
	Year ended December 31, 2013			March 23 (inception) to December 31, 2012			January 1 to May 24, 2012			Year ended December 31, 2011
	(in millions, except rates)
Income taxes at the statutory federal rate of 35%	$	14		$	(105	)	$	112		$	220
Increase (decrease)
State income taxes, net of federal income tax effect	—			—			5			12
Partnership earnings not subject to tax	(14		)	105			—			—
Earnings from unconsolidated affiliates where we received or will receive dividends	—			—			(2		)	(8		)
Valuation allowances	—			—			—			15
Foreign income (loss) taxed at different rates	—			—			22			4
Other	—			—			(3		)	—
Income tax expense (benefit)	$	—		$	—		$	134		$	243
Effective tax rate	—		%	—		%	42		%	39		%