Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The jurisdictional components of income before income taxes and non-controlling interest on our Consolidated Statements of Operations for the years ended December 31, 2021, 2020 and 2019 are as follows (in millions): 

	Year Ended December 31,
	2021		2020		2019
U.S.	$	(2,317)	$	720	$	289
International	39		(176)		426
Total income (loss) before income taxes and non-controlling interest	$	(2,278)	$	544	$	715

Schedule of Components of Income Tax Expense (Benefit)

Income tax provision (benefit) included in our reported net income consisted of the following (in millions): 

	Year Ended December 31,
	2021		2020		2019
Current:
Federal	$	—	$	—	$	—
State	3		—		—
Foreign	5		—		4
Total current	8		—		4
Deferred:
Federal	(633)		41		(475)
State	(89)		2		(46)
Foreign	1		—		—
Total deferred	(721)		43		(521)
Total income tax provision (benefit)	$	(713)	$	43	$	(517)

Schedule of Effective Income Tax Rate Reconciliation

Our income tax rates do not bear a customary relationship to statutory income tax rates. A reconciliation of the federal statutory income tax rate of 21% to our effective income tax rate is as follows: 

	Year Ended December 31,
	2021		2020		2019
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Non-controlling interest	7.2		(22.6)		(17.2)
State tax, net of federal benefit	(2.5)		—		(5.4)
Executive compensation	(0.5)		1.4		1.3
Nondeductible interest expense	—		8.0		5.0
Foreign earnings taxed in the U.S.	—		1.2		6.7
Foreign rate differential	(0.1)		(3.7)		(11.4)
Tax credits	0.6		(4.5)		(5.2)
Internal restructuring	—		7.0		—
Other	—		1.0		1.4
Valuation allowance	5.6		(0.9)		(68.5)
Effective tax rate as reported	31.3	%	7.9	%	(72.3)	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows (in millions): 

	December 31,
	2021		2020
Deferred tax assets
Net operating loss carryforwards and credits
Federal	$	3,231	$	3,084
Foreign	2		3
State	244		257
Federal and state tax credits	108		95
Derivative instruments	951		7
Other	584		283
Less: valuation allowance	(63)		(190)
Total deferred tax assets	5,057		3,539
Deferred tax liabilities
Investment in partnerships	(716)		(765)
Property, plant and equipment	(2,638)		(2,089)
Other	(499)		(196)
Total deferred tax liabilities	(3,853)		(3,050)
Net deferred tax assets	$	1,204	$	489

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of our unrecognized tax benefits for the years ended December 31, 2021 and 2020, is as follows (in millions): 

	Year Ended December 31,
	2021		2020
Balance at beginning of the year	$	62	$	61
Additions based on tax positions related to current year	3		1
Additions for tax positions of prior years	—		—
Reductions for tax positions of prior years	—		—
Settlements	—		—
U.S. tax reform rate change	—		—
Balance at end of the year	$	65	$	62