Provision for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Provision for Income Taxes [Abstract]

Our federal and state income tax provision (benefit) is summarized below:

	For the Year Ended December 31,
	2014		2013			2012
Current:
Federal	$	2.2	$	(0.5	)	$	18.9
State		13.4		19.3			28.9
Foreign		1.4		0.8			1.2
Total current		17.0		19.6			49.0
Deferred:
Federal		2.2		(0.5	)		(64.7	)
State		3.5		38.9			(1.4	)
Foreign		0.4		(0.5	)		(0.1	)
Total deferred		6.1		37.9			(66.2	)
Total provision for (benefit from) income taxes	$	23.1	$	57.5		$	(17.2	)

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for (benefit from) income taxes with amounts determined by applying the statutory U.S. federal income tax rate to income before income taxes is as follows:

	For the Year Ended December 31,
	2014			2013			2012
Pre-Tax Net Book Income ("NBI")	$	2,856.6		$	2,664.6		$	2,410.8

Texas Margin Tax (1)	$	17.5		$	58.3		$	23.5
State income taxes (net of federal benefit)		0.2			(0.1	)		5.3
Federal income taxes computed by applying the federal statutory rate to NBI of corporate entities		1.5			(1.4	)		(1.6	)
Valuation allowance					--			(2.0	)
Expiration of tax net operating loss		--			0.1			2.4
Tax gain on conversion of corporate subsidiaries into limited liability companies		--			--			(45.3	)
Other permanent differences		3.9			0.6			0.5
Provision for (benefit from) income taxes	$	23.1		$	57.5		$	(17.2	)

Effective income tax rate		0.8	%		2.2	%		(0.7	)%

(1) Although the Texas Margin Tax is not considered a state income tax, it has the characteristics of an income tax since it is determined by applying a tax rate to a base that considers our Texas-sourced revenues and expenses.

Components of Deferred Tax Assets and Liabilities

The following table presents the significant components of deferred tax assets and deferred tax liabilities at the dates indicated:

	At December 31,
	2014		2013
Deferred tax assets:
Net operating loss carryovers (1)	$	0.3	$	0.1
Employee benefit plans		0.3		0.2
Accruals		1.5		2.0
Total deferred tax assets		2.1		2.3
Less: Deferred tax liabilities:
Property, plant and equipment		64.4		59.8
Equity investment in partnerships		4.1		2.9
Total deferred tax liabilities		68.5		62.7
Total net deferred tax liabilities	$	66.4	$	60.4

Current portion of total net deferred tax assets	$	0.2	$	0.4
Long-term portion of total net deferred tax liabilities	$	66.6	$	60.8

(1) These losses expire in various years between 2015 and 2028 and are subject to limitations on their utilization.