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Income Taxes, Reconciliation of the Benefit From (Provision For) Income Taxes (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Reconciliation of the benefit from (provision for) income taxes [Abstract]      
Pre-Tax Net Book Income ("NBI") $ 5,697 $ 4,825 $ 3,762
Texas Margin Tax [1] (56) (42) (32)
State income tax benefit (provision), net of federal benefit [2] (1) (1) 9
Federal income tax benefit (provision) computed by applying the federal statutory rate to NBI of corporate entities (15) (13) 80
Federal benefit attributable to settlement of Liquidity Option Agreement [2] 0 0 68
Valuation allowance [3] (8) (14) 0
Other (2) 0 (1)
Total benefit from (provision for) income taxes $ (82) $ (70) $ 124
Effective income tax rate (1.40%) (1.50%) 3.30%
[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.
[2] The total benefit recognized in income tax expense on March 5, 2020 from settlement of the Liquidity Option was $72 million, which is comprised of $4 million of state income tax benefit and $68 million of federal income tax benefit.
[3] Management believes that it is more likely than not that the net deferred tax assets attributable to OTA will not be fully realizable.  Accordingly, we provided for a valuation allowance against OTA’s net deferred tax assets.