Income Taxes (Notes) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Taxes | Income Taxes Income tax expense included in our accompanying consolidated statements of income were as follows (in millions, except percentages):
The effective tax rate for the three months ended June 30, 2016 is higher than the statutory federal rate of 35% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investment in Florida Gas Pipeline (Citrus) and Plantation Pipe Line, and the change in the effective state tax rate. The effective tax rate for the six months ended June 30, 2016 is slightly lower than the statutory federal rate of 35% primarily due to dividend-received deductions from our investment in Citrus and Plantation Pipe Line, and adjustments to our income tax reserve for uncertain tax positions, partially offset by state and foreign income taxes. The effective tax rate for the three months ended June 30, 2015 is slightly higher than the statutory federal rate of 35% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investment in Citrus. The effective tax rate for the six months ended June 30, 2015 is marginally higher than the statutory federal rate of 35% primarily due to state and foreign income taxes, partially offset by dividend-received deductions from our investment in Citrus and the change in the effective state tax rate as a result of the Hiland acquisition. As of June 30, 2016, the total amount of unrecognized tax benefits including interest and penalties relating to uncertain tax positions is $144 million, a decrease of $29 million from the December 31, 2015 balance of $173 million. This $29 million decrease in unrecognized tax benefits resulted primarily from the settlement of a state tax audit and a certain statute of limitations expiration on another matter. |
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