Provision for Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Provision for Income Taxes [Abstract]

Federal and State Income Tax Provision

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

	For the Year Ended December 31,
	2018			2017			2016
Current:
Federal	$	5.3		$	0.1		$	(0.5	)
State		33.1			18.5			16.7
Foreign		0.5			1.0			0.6
Total current		38.9			19.6			16.8
Deferred:
Federal		(0.3	)		(1.8	)		1.1
State		21.7			7.9			5.2
Foreign		--			--			0.3
Total deferred		21.4			6.1			6.6
Total provision for income taxes	$	60.3		$	25.7		$	23.4

Reconciliation of Provision for Income Taxes

A reconciliation of the provision for 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,
	2018		2017			2016
Pre-Tax Net Book Income (“NBI”)	$	4,298.8	$	2,881.3		$	2,576.4
Texas Margin Tax (1)	$	54.8	$	26.4		$	22.1
State income taxes (net of federal benefit)		0.2		0.5			0.2
Federal income taxes computed by applying the federal  statutory rate to NBI of corporate entities		2.1		0.1			0.8
Other permanent differences		3.2		(1.3	)		0.3
Provision for income taxes	$	60.3	$	25.7		$	23.4
Effective income tax rate		1.4%		0.9%			0.9%
(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:

	December 31,
	2018		2017
Deferred tax assets:
Net operating loss carryovers (1)	$	0.1	$	0.2
Accruals		2.6		1.4
Total deferred tax assets		2.7		1.6
Less:  Deferred tax liabilities:
Property, plant and equipment		80.8		58.0
Equity investment in partnerships		2.3		2.1
Total deferred tax liabilities		83.1		60.1
Total net deferred tax liabilities	$	80.4	$	58.5
(1)These losses expire in various years between 2019 and 2033 and are subject to limitations on their utilization.