Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The jurisdictional components of book income (loss) before income taxes and non-controlling interest on our Consolidated Statements of Operations are as follows (in millions):

	Year Ended December 31,
	2022		2021		2020
U.S.	$	(1,575)	$	(2,317)	$	720
International	4,669		39		(176)
Total income (loss) before income taxes and non-controlling interest	$	3,094	$	(2,278)	$	544

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,
	2022		2021		2020
Current:
Federal	$	6	$	—	$	—
State	2		3		—
Foreign	11		5		—
Total current	19		8		—
Deferred:
Federal	320		(633)		41
State	118		(89)		2
Foreign	2		1		—
Total deferred	440		(721)		43
Total income tax provision (benefit)	$	459	$	(713)	$	43

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,
	2022		2021		2020
U.S. federal statutory tax rate	21.0	%	21.0	%	21.0	%
Non-controlling interest	(8.2)		7.2		(22.6)
State tax, net of federal benefit	0.5		(2.5)		—
Foreign-derived intangible income deduction	(1.2)		—		—
Executive compensation	0.8		(0.5)		1.4
Nondeductible interest expense	—		—		8.0
Foreign earnings taxed in the U.S.	—		—		1.2
Foreign rate differential	0.2		(0.1)		(3.7)
Tax credits	(0.6)		0.6		(4.5)
Internal restructuring	—		—		7.0
Valuation allowance	2.6		5.6		(0.9)
Other	(0.3)		—		1.0
Effective tax rate as reported	14.8	%	31.3	%	7.9	%

Schedule of Deferred Tax Assets and Liabilities

Significant components of our deferred tax assets and liabilities are as follows (in millions): 

	December 31,
	2022		2021
Deferred tax assets
Net operating loss (“NOL”) carryforwards
Federal	$	1,968	$	3,231
Foreign	—		2
State	177		244
Federal and state tax credits	66		108
Derivative instruments	1,345		951
Operating lease liabilities	542		438
Other	311		146
Less: valuation allowance	(143)		(63)
Total deferred tax assets	4,266		5,057
Deferred tax liabilities
Investment in partnerships	(211)		(716)
Property, plant and equipment	(2,646)		(2,638)
Operating lease assets	(536)		(431)
Other	(9)		(68)
Total deferred tax liabilities	(3,402)		(3,853)
Net deferred tax assets	$	864	$	1,204

Summary of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of our unrecognized tax benefits is as follows (in millions): 

	Year Ended December 31,
	2022		2021
Balance at beginning of the year	$	65	$	62
Additions based on tax positions related to current year	10		3
Additions for tax positions of prior years	—		—
Reductions for tax positions of prior years	(1)		—
Settlements	—		—
Balance at end of the year	$	74	$	65