Provision for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Provision for Income Taxes [Abstract]

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

	For the Year Ended December 31,
	2017			2016			2015
Current:
Federal	$	0.1		$	(0.5	)	$	0.9
State		18.5			16.7			15.5
Foreign		1.0			0.6			1.7
Total current		19.6			16.8			18.1
Deferred:
Federal		(1.8	)		1.1			(1.4	)
State		7.9			5.2			(19.2	)
Foreign		--			0.3			--
Total deferred		6.1			6.6			(20.6	)
Total provision for (benefit from) income taxes	$	25.7		$	23.4		$	(2.5	)

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,
	2017			2016		2015
Pre-Tax Net Book Income (“NBI”)	$	2,881.3		$	2,576.4	$	2,555.9

Texas Margin Tax (1)	$	26.4		$	22.1	$	(3.7	)
State income taxes (net of federal benefit)		0.5			0.2		0.7
Federal income taxes computed by applying the federal statutory rate to NBI of corporate entities		0.1			0.8		1.1
Other permanent differences		(1.3	)		0.3		(0.6	)
Provision for (benefit from) income taxes	$	25.7		$	23.4	$	(2.5	)

Effective income tax rate		0.9%			0.9%		(0.1)%

(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. During 2015, certain legislative changes were enacted to the Texas Margin Tax, which reduced the tax rate for business entities that operate within the state.

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:

	December 31,
	2017		2016
Deferred tax assets:
Net operating loss carryovers (1)	$	0.2	$	0.2
Accruals		1.4		1.6
Total deferred tax assets		1.6		1.8
Less: Deferred tax liabilities:
Property, plant and equipment		58.0		50.5
Equity investment in partnerships		2.1		3.7
Total deferred tax liabilities		60.1		54.2
Total net deferred tax liabilities	$	58.5	$	52.4

(1) These losses expire in various years between 2018 and 2033 and are subject to limitations on their utilization.