XML 58 R42.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income tax provision from continuing operations
The income tax provision consisted of the following amounts:
 Year Ended December 31,
 202120202019
 (In millions)
Deferred   
U.S. Federal$(2)$$(4)
State14 (4)
Total — deferred12 (8)
Total income tax expense (benefit)$12 $$(8)
Reconciliation of the U.S. federal statutory rate to the Company's effective rate
A reconciliation of the U.S. federal statutory rate of 21% to the Company's effective rate is as follows:
 Year Ended December 31,
 202120202019
 (In millions, except percentages)
Income Before Income Taxes$(63)$(54)$(104)
Tax at 21%(13)(11)(22)
State taxes, net of federal benefit(4)(4)(7)
Impact of non-taxable equity earnings34 24 24 
Valuation allowance(14)— — 
Investment tax credits— — (1)
Production tax credits, including prior year true-up(1)(1)(1)
Rate Change (2)— 
Partnership state basis— — 
State taxes assessed at subsidiaries— — 
Other (2)(1)
Income tax expense (benefit)$12 $$(8)
Effective income tax rate(19.0)%(14.8)%7.7 %
Company's deferred tax assets and liabilities
The temporary differences, which gave rise to the Company's deferred tax assets, consisted of the following:
 As of December 31,
 20212020
 (In millions)
Deferred tax liabilities:
Investment in projects$267 $226 
Total deferred tax liabilities267 226 
Deferred tax assets: 
Interest expense disallowance carryforward - Investment in Projects 11 
Production tax credits 10 
Investment tax credits
U.S. Federal net operating loss carryforwards277 260 
Capital loss carryforwards— 12 
State net operating loss carryforwards51 48 
Total deferred tax assets350 345 
Valuation allowance(1)(15)
Total deferred tax assets, net of valuation allowance349 330 
Net deferred noncurrent tax asset$82 $104