XML 51 R34.htm IDEA: XBRL DOCUMENT v3.20.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2020
Income Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense (Benefit)
The components of our income tax expense are as follows (in millions):
Year Ended December 31,
202020192018
Current income tax expense$(1.1)$— $(1.9)
Deferred tax expense(142.1)(6.9)(16.3)
Total income tax expense$(143.2)$(6.9)$(18.2)
Reconciliation of Total Income Tax Expense to Income before Income Taxes
The following schedule reconciles total income tax expense and the amount calculated by applying the statutory U.S. federal tax rate to income before income taxes (in millions):
Year Ended December 31,
202020192018
Expected income tax benefit (expense) based on federal statutory tax rate$58.5 $233.6 $(1.0)
State income tax benefit (expense), net of federal benefit6.5 27.0 (0.1)
Unit-based compensation (1)(6.0)(2.2)(0.7)
Non-deductible expense related to impairments(43.4)(264.5)(10.7)
Change in valuation allowance(153.3)— — 
Other(5.5)(0.8)(5.7)
Total income tax expense$(143.2)$(6.9)$(18.2)
____________________________
(1)Related to book-to-tax differences recorded upon the vesting of restricted incentive units.
Schedule of Deferred Tax Assets and Liabilities Our deferred income tax assets and liabilities as of December 31, 2020 and 2019 are as follows (in millions):
December 31, 2020December 31, 2019
Deferred income tax assets:
Federal net operating loss carryforward$488.3 $341.4 
State net operating loss carryforward61.0 44.8 
Total deferred tax assets, gross549.3 386.2 
Valuation allowance(153.3)— 
Total deferred tax assets, net of valuation allowance396.0 386.2 
Deferred tax liabilities:
Property, plant, equipment, and intangible assets (1)504.6 (354.0)
Total deferred tax liabilities504.6 (354.0)
Deferred tax asset (liability), net$(108.6)$32.2 
____________________________
(1)Includes our investment in ENLK and primarily relates to differences between the book and tax bases of property and equipment.