Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The components of our income tax expense (benefit) are as follows:

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Current:
U.S. Federal	$	2	$	(1)	$	2
State	46		52		7
Total current	48		51		9
Deferred:
U.S. Federal	561		421		(304)
State	46		36		(55)
Total deferred	607		457		(359)
Total	$	655	$	508	$	(350)

Schedule of Effective Income Tax Rate Reconciliation

Reconciliation of income taxes computed at the U.S. federal statutory rate to income tax expense (benefit) recorded:

	Year Ended December 31,
	2024			2023			2022
	(in millions)
Income (loss) before income taxes	$	3,467		$	2,000		$	(1,560)
U.S. federal statutory rate	21		%	21		%	21		%
Income taxes at the U.S. federal statutory rate	728			420			(328)
State tax, net of federal benefit	80			86			(19)
Nondeductible TRA accretion	2			41			18
Transferable PTC revenues	(115)			(2)			—
Equity awards	(53)			(3)			(3)
Valuation allowance	(2)			(20)			(8)
Release of Uncertain Tax Positions	—			(35)			—
Other	15			21			(10)
Income tax expense (benefit)	$	655		$	508		$	(350)
Effective tax rate	18.9		%	25.4		%	22.4		%

Schedule of Deferred Tax Assets and Liabilities

Deferred income taxes provided for temporary differences based on tax laws in effect at December 31, 2024 and 2023 are as follows:

	December 31,
	2024		2023
	(in millions)
Noncurrent Deferred Income Tax Assets
Tax credit carryforwards	$	86	$	84
Loss carryforwards	949		1,081
Identifiable intangible assets	340		380
Long-term debt	225		173
Employee benefit obligations	133		117
Commodity contracts and interest rate swaps	383		664
Other	36		33
Total deferred tax assets	$	2,152	$	2,532
Noncurrent Deferred Income Tax Liabilities
Property, plant, and equipment	2,765		1,264
Total deferred tax liabilities	2,765		1,264
Valuation allowance	75		46
Net Deferred Income Tax Asset (Liability)	$	(688)	$	1,222

Schedule of Unrecognized Tax Benefits Roll Forward

The following table summarizes the changes to the uncertain tax positions, reported in accumulated deferred income taxes and other current liabilities in the consolidated balance sheets for the years ended December 31, 2024, 2023, and 2022.

	Year Ended December 31,
	2024		2023		2022
	(in millions)
Balance at beginning of period, excluding interest and penalties	$	—	$	36	$	38
Additions based on tax positions related to prior years	4		—		—
Reductions based on tax positions related to prior years	—		—		(1)
Reductions related to the lapse of the tax statute of limitations	—		(35)		—
Settlements with taxing authorities	—		(1)		(1)
Balance at end of period, excluding interest and penalties	$	4	$	—	$	36