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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Provisions for Income Taxes |
| 2023 |  | 2022 |  | 2021
| ($ in millions)
Current: |  |  |  |  |
Federal | $ | 437 |  |  | $ | 645 |  |  | $ | 553 |
State | 105 |  |  | 132 |  |  | 136 |
Total current taxes | 542 |  |  | 777 |  |  | 689 |
Deferred: |  |  |  |  |
Federal | (27) |  |  | 206 |  |  | 186 |
State | (22) |  |  | (123) |  |  | (2) |
Total deferred taxes | (49) |  |  | 83 |  |  | 184 |
Income taxes | $ | 493 |  |  | $ | 860 |  |  | $ | 873 |
Reconciliation of Statutory Rate to Effective Rate | “Income taxes” on the Consolidated Statements of Income differs from the amounts computed by applying the statutory federal corporate tax rate as follows:
| 2023 |  | 2022 |  | 2021
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
| ($ in millions)
Federal income tax at statutory rate | $ | 487 |  |  | 21.0 |  |  | $ | 867 |  |  | 21.0 |  |  | $ | 814 |  |  | 21.0 |
State income taxes, net of federal tax effect | 65 |  |  | 2.9 |  |  | 143 |  |  | 3.5 |  |  | 139 |  |  | 3.6 |
Tax credits | (27) |  |  | (1.2) |  |  | (10) |  |  | (0.2) |  |  | (10) |  |  | (0.3) |
State law changes | — |  |  | — |  |  | (136) |  |  | (3.3) |  |  | (34) |  |  | (0.8) |
Other, net | (32) |  |  | (1.4) |  |  | (4) |  |  | (0.2) |  |  | (36) |  |  | (1.0) |
Income taxes | $ | 493 |  |  | 21.3 |  |  | $ | 860 |  |  | 20.8 |  |  | $ | 873 |  |  | 22.5 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities are as follows:
| December 31,
| 2023 |  | 2022
| ($ in millions)
Deferred tax assets: |  |  |
Accruals, including casualty and other claims | $ | 360 |  |  | $ | 110 |
Compensation and benefits, including postretirement benefits | 55 |  |  | 99 |
Other | 155 |  |  | 164 |
Total gross deferred tax assets | 570 |  |  | 373 |
Less valuation allowance | (31) |  |  | (41) |
Net deferred tax assets | 539 |  |  | 332 |
Deferred tax liabilities: |  |  |
Property | (7,218) |  |  | (7,050) |
Other | (546) |  |  | (547) |
Total deferred tax liabilities | (7,764) |  |  | (7,597) |
Deferred income taxes | $ | (7,225) |  |  | $ | (7,265) |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
| 2023 |  | 2022
| ($ in millions)
Balance at beginning of year | $ | 22 |  |  | $ | 21 |
Additions based on tax positions related to the current year | 30 |  |  | 3 |
Additions for tax positions of prior years | 9 |  |  | 1 |
Reductions for tax positions of prior years | (1) |  |  | — |
Settlements with taxing authorities | — |  |  | (2) |
Lapse of statutes of limitations | (5) |  |  | (1) |
Balance at end of year | $ | 55 |  |  | $ | 22 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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