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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Provision for Income Taxes | Our income tax expense consisted of the following for the year ended December 31 (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Current: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 477 | ​ | $ | 456 | ​ | $ | 436
State | ​ |  | 151 | ​ |  | 130 | ​ |  | 132
Foreign | ​ |  | 34 | ​ | ​ | 43 | ​ | ​ | 41
​ | ​ |  | 662 | ​ | ​ | 629 | ​ | ​ | 609
Deferred: | ​ |  |  | ​ | ​ |  | ​ | ​ |
Federal | ​ |  | 73 | ​ | ​ | 20 | ​ | ​ | (55)
State | ​ |  | 2 | ​ | ​ | 30 | ​ | ​ | (22)
Foreign | ​ |  | 8 | ​ | ​ | (1) | ​ | ​ | —
​ | ​ |  | 83 | ​ | ​ | 49 | ​ | ​ | (77)
Income tax expense | ​ | $ | 745 | ​ | $ | 678 | ​ | $ | 532
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:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  |  | 2022 |  | ​ | 2021 |
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 |  | 4.15 |  |  | 4.16 |  | ​ | 4.14 | ​
Federal tax credits |  | (3.23) |  |  | (2.81) |  | ​ | (2.69) | ​
Taxing authority audit settlements and other tax adjustments |  | (0.02) |  |  | 0.54 |  | ​ | 0.53 | ​
Tax impact of equity-based compensation transactions |  | (0.35) |  |  | (0.45) |  | ​ | (0.60) | ​
Tax impact of impairments |  | 1.87 |  |  | 0.02 |  | ​ | (0.29) | ​
Tax rate differential on foreign income |  | 0.21 |  |  | 0.27 |  | ​ | 0.37 | ​
Other |  | 1.03 |  |  | 0.51 |  | ​ | 0.16 | ​
Effective income tax rate |  | 24.66 | % |  | 23.24 | % | ​ | 22.62 | %
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Domestic | ​ | $ | 2,878 | ​ | $ | 2,779 | ​ | $ | 2,211
Foreign | ​ |  | 143 | ​ | ​ | 139 | ​ | ​ | 138
Income before income taxes | ​ | $ | 3,021 | ​ | $ | 2,918 | ​ | $ | 2,349
Components of Net Deferred Tax Assets (Liabilities) | The components of net deferred tax liabilities as of December 31 are as follows (in millions):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
Deferred tax assets: |  | ​ |  |  | ​ |
Net operating loss, capital loss and tax credit carry-forwards | ​ | $ | 137 | ​ | $ | 155
Landfill and environmental remediation liabilities | ​ |  | 195 | ​ |  | 216
Operating lease liabilities | ​ |  | 128 | ​ |  | 131
Miscellaneous and other reserves, net | ​ |  | 143 | ​ |  | 117
Subtotal | ​ |  | 603 | ​ |  | 619
Valuation allowance | ​ |  | (181) | ​ |  | (143)
Deferred tax liabilities: | ​ |  |  | ​ |  |
Property and equipment | ​ |  | (1,091) | ​ |  | (1,061)
Goodwill and other intangibles | ​ |  | (1,046) | ​ |  | (1,034)
Operating lease right-of-use assets | ​ |  | (111) | ​ |  | (114)
Net deferred tax liabilities | ​ | $ | (1,826) | ​ | $ | (1,733)
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):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Balance as of January 1 | ​ | $ | 64 | ​ | $ | 64 | ​ | $ | 37
Additions based on tax positions related to the current year | ​ |  | 6 | ​ |  | 5 | ​ |  | 22
Additions based on tax positions of prior years | ​ |  | — | ​ |  | — | ​ |  | 18
Accrued interest | ​ |  | 2 | ​ |  | 1 | ​ |  | 3
Settlements | ​ |  | — | ​ |  | — | ​ |  | (12)
Lapse of statute of limitations | ​ |  | (6) | ​ |  | (6) | ​ |  | (4)
Balance as of December 31 | ​ | $ | 66 | ​ | $ | 64 | ​ | $ | 64

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