v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Components of the Provision for Income Taxes
The components of the provision for income taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:

Year Ended December 31,
202520242023
(In millions)
Current income tax provision (benefit):
Federal$60 $47 $50 
State4 2 3 
Total current income tax provision (benefit)64 49 53 
Deferred income tax provision (benefit):
Federal(78)(148)(7)
State(5)(1)— 
Total deferred income tax provision (benefit)(83)(149)(7)
Total provision (benefit) from income taxes$(19)$(100)$46 
Schedule of Reconciliation of the Statutory Federal Income Tax
A reconciliation of the statutory federal income tax amount to the recorded expense is as follows:

Year Ended December 31,
202520242023
Amount
(In millions)
Percentage of Income (Loss) Before Income Taxes
Amount
(In millions)
Percentage of Income (Loss) Before Income Taxes
Amount
(In millions)
Percentage of Income (Loss) Before Income Taxes
Income tax expense (benefit) at the federal statutory rate (21%)$(47)21 %$106 21 %$115 21 %
State income tax, net of federal income tax effect(1)
(1)— %2 — %2 — %
Changes in valuation allowances— — %(156)(31)%(8)(1)%
Nontaxable or nondeductible items:
Impact of nontaxable noncontrolling interest29 (13)%(52)(10)%(63)(12)%
Provision for (benefit from) income taxes$(19)8 %$(100)(20)%$46 8 %
(1)State taxes in Texas make up the majority (greater than 50%) of the tax effect in this category.
Schedule of Deferred Tax Assets and Liabilities
The components of the Company’s deferred tax assets and liabilities as of December 31, 2025 and 2024 are as follows:

Year Ended December 31,
20252024
(In millions)
Deferred tax assets:
Net operating loss and capital loss carryforwards$5 $— 
Investment in the Operating Company28 185 
Total deferred tax assets33 185 
Valuation allowance— — 
Net deferred tax assets33 185 
Net deferred tax assets (liabilities)$33 $185