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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Taxes

Provision for Income Taxes

Our income tax expense consisted of the following for the year ended December 31 (in millions):

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Current:		​			​			​
Federal	​	$	436	​	$	114	​	$	204
State	​		132	​		91	​		94
Foreign	​		41	​	​	27	​	​	36
​	​		609	​	​	232	​	​	334
Deferred:	​			​	​		​	​
Federal	​		(55)	​	​	149	​	​	94
State	​		(22)	​	​	10	​	​	8
Foreign	​		—	​	​	6	​	​	(2)
​	​		(77)	​	​	165	​	​	100
Income tax expense	​	$	532	​	$	397	​	$	434

U.S. Federal Statutory Income Tax Rate Reconciled to Effective Rate

The U.S. federal statutory income tax rate is reconciled to the effective income tax rate for the year ended December 31 as follows:

​	​	​	​	​	​	​	​	​	​
​		2021			2020		​	2019
Income tax expense at U.S. federal statutory rate		21.00	%		21.00	%	​	21.00	%
State and local income taxes, net of federal income tax benefit		4.14			4.46		​	4.39	​
Federal tax credits		(2.69)			(3.78)		​	(4.38)	​
Taxing authority audit settlements and other tax adjustments		0.53			(0.17)		​	(0.74)	​
Tax impact of equity-based compensation transactions		(0.60)			(1.12)		​	(0.91)	​
Tax impact of impairments		(0.29)			(0.35)		​	0.72	​
Tax rate differential on foreign income		0.37			0.33		​	0.40	​
Other		0.16			0.57		​	0.13	​
Effective income tax rate		22.62	%		20.94	%	​	20.61	%

Summary of income source

For financial reporting purposes, income before income taxes by source for the year ended December 31 was as follows (in millions):

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Domestic	​	$	2,211	​	$	1,780	​	$	2,025
Foreign	​		138	​	​	113	​	​	80
Income before income taxes	​	$	2,349	​	$	1,893	​	$	2,105

Components of Net Deferred Tax Assets (Liabilities)

​

​	​	​	​	​	​	​
​		2021			2020(a)
Deferred tax assets:		​			​
Net operating loss, capital loss and tax credit carry-forwards	​	$	189	​	$	186
Landfill and environmental remediation liabilities	​		238	​		202
Operating lease liabilities	​		135	​		141
Miscellaneous and other reserves, net	​		113	​		103
Subtotal	​		675	​		632
Valuation allowance	​		(158)	​		(150)
Deferred tax liabilities:	​			​
Property and equipment	​		(1,064)	​		(1,137)
Goodwill and other intangibles	​		(1,027)	​		(1,027)
Operating lease right-of-use assets	​		(120)	​		(124)
Net deferred tax liabilities	​	$	(1,694)	​	$	(1,806)

(a) We have revised the classification between components of the net deferred tax liability as of December 31, 2020 in order to present the balances on a comparative basis with the classification as of December 31, 2021. These classification revisions were made as we finalized the integration of the Advanced Disposal tax processes.

Summary of unrecognized tax benefits

A reconciliation of the beginning and ending amount of gross unrecognized tax benefits, including accrued interest, is as follows (in millions):

​	​	​	​	​	​	​	​	​	​
​		2021			2020			2019
Balance as of January 1	​	$	37	​	$	40	​	$	36
Additions based on tax positions related to the current year	​		22	​		5	​		5
Additions based on tax positions of prior years	​		18	​		—	​		—
Accrued interest	​		3	​		2	​		2
Settlements	​		(12)	​		—	​		—
Lapse of statute of limitations	​		(4)	​		(10)	​		(3)
Balance as of December 31	​	$	64	​	$	37	​	$	40

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