Taxes on Income (Tables)

12 Months Ended

Dec. 31, 2015

The following table provides a summary of the current and deferred components of income tax expense (benefit) from continuing operations:

The differences between the Company’s effective income tax rate and the U.S. federal income tax statutory rate were as follows:



	Years Ended December 31,
	2015			2014			2013
	(Restated)			(Restated)
Computed statutory income tax expense (benefit) at 35%	$	55		$	50		$	(165	)
Changes in income taxes resulting from:
Premium on debt retirement	—			(10		)	—
State income taxes, net of federal income tax benefit	9			36			21
Non-deductible goodwill impairment	—			—			241
Non-deductible goodwill included in the Lake Charles LNG Transaction	—			105			—
Audit settlements	(7		)	—			—
Other	(5		)	1			1
Income tax expense	$	52		$	182		$	98

The table below summarizes the principal components of the Company’s deferred tax assets (liabilities) as follows:



	December 31,
	2015			2014
	(Restated)			(Restated)
Deferred income tax assets:
Other postretirement benefits	$	5		$	5
Debt amortization	57			41
Other	32			27
Total deferred income tax assets	94			73
Valuation allowance	(2		)	(2		)
Net deferred income tax assets (included within other non-current assets, net)	$	92		$	71

Deferred income tax liabilities:
Property, plant and equipment	$	(796	)	$	(794	)
Investment in unconsolidated affiliates	(20		)	(810		)
Other	(1		)	(6		)
Total deferred income tax liabilities	(817		)	(1,610		)
Net deferred income tax liability	$	(725	)	$	(1,539	)