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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Taxes

Provision for Income Taxes

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

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Current:		​			​			​
Federal	​	$	456	​	$	436	​	$	114
State	​		130	​		132	​		91
Foreign	​		43	​	​	41	​	​	27
​	​		629	​	​	609	​	​	232
Deferred:	​			​	​		​	​
Federal	​		20	​	​	(55)	​	​	149
State	​		30	​	​	(22)	​	​	10
Foreign	​		(1)	​	​	—	​	​	6
​	​		49	​	​	(77)	​	​	165
Income tax expense	​	$	678	​	$	532	​	$	397

​

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:

​	​	​	​	​	​	​	​	​	​
​		2022			2021		​	2020
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		4.16			4.14		​	4.46	​
Federal tax credits		(2.81)			(2.69)		​	(3.78)	​
Taxing authority audit settlements and other tax adjustments		0.54			0.53		​	(0.17)	​
Tax impact of equity-based compensation transactions		(0.45)			(0.60)		​	(1.12)	​
Tax impact of impairments		0.02			(0.29)		​	(0.35)	​
Tax rate differential on foreign income		0.27			0.37		​	0.33	​
Other		0.51			0.16		​	0.57	​
Effective income tax rate		23.24	%		22.62	%	​	20.94	%

​

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):

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Domestic	​	$	2,779	​	$	2,211	​	$	1,780
Foreign	​		139	​	​	138	​	​	113
Income before income taxes	​	$	2,918	​	$	2,349	​	$	1,893

​

Components of Net Deferred Tax Assets (Liabilities)

The components of net deferred tax liabilities as of December 31 are as follows (in millions):

​	​	​	​	​	​	​
​		2022			2021
Deferred tax assets:		​			​
Net operating loss, capital loss and tax credit carry-forwards	​	$	155	​	$	189
Landfill and environmental remediation liabilities	​		216	​		238
Operating lease liabilities	​		131	​		135
Miscellaneous and other reserves, net	​		117	​		113
Subtotal	​		619	​		675
Valuation allowance	​		(143)	​		(158)
Deferred tax liabilities:	​			​
Property and equipment	​		(1,061)	​		(1,064)
Goodwill and other intangibles	​		(1,034)	​		(1,027)
Operating lease right-of-use assets	​		(114)	​		(120)
Net deferred tax liabilities	​	$	(1,733)	​	$	(1,694)

​

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):

​	​	​	​	​	​	​	​	​	​
​		2022			2021			2020
Balance as of January 1	​	$	64	​	$	37	​	$	40
Additions based on tax positions related to the current year	​		5	​		22	​		5
Additions based on tax positions of prior years	​		—	​		18	​		—
Accrued interest	​		1	​		3	​		2
Settlements	​		—	​		(12)	​		—
Lapse of statute of limitations	​		(6)	​		(4)	​		(10)
Balance as of December 31	​	$	64	​	$	64	​	$	37

​

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