Annual report [Section 13 and 15(d), not S-K Item 405]

Income Taxes - Components of Deferred Tax Assets and Liabilities (Details)

v3.25.4
Income Taxes - Components of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Net operating loss carryforwards and credits      
U.S. federal $ 245 $ 313  
State 119 119  
CAMT carryforward 0 383  
Other tax credits 50 40  
Operating lease liabilities 566 562  
Other 447 306  
Less: valuation allowance [1] (170) (110)  
Total deferred tax assets 1,257 1,613  
Deferred tax liabilities      
Investment in partnerships (375) (305)  
Property, plant and equipment (3,277) (2,459)  
Operating lease assets (553) (548)  
Derivative instruments (696) (108)  
Other (42) (30)  
Total deferred tax liabilities (4,943) (3,450)  
Deferred Tax Liabilities, Net (3,686) (1,837)  
Increase (decrease) in valuation allowance $ 60 $ (37) $ 4
[1] Valuation allowance primarily relates to a valuation allowance recorded on U.S. federal capital loss carryforwards and state NOL carryforwards and increased by $60 million during the year ended December 31, 2025 primarily due to a capital loss carryforward generated in the current year that we do not expect to realize before expiration. The valuation allowance decreased by $37 million during the year ended December 31, 2024 and increased by $4 million during the year ended December 31, 2023.