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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Provisions for Income Taxes |
| 2024 |  | 2023 |  | 2022
| ($ in millions)
Current: |  |  |  |  |
Federal | $ | 445 |  |  | $ | 437 |  |  | $ | 645 |
State | 86 |  |  | 105 |  |  | 132 |
Total current taxes | 531 |  |  | 542 |  |  | 777 |
Deferred: |  |  |  |  |
Federal | 198 |  |  | (27) |  |  | 206 |
State | (22) |  |  | (22) |  |  | (123) |
Total deferred taxes | 176 |  |  | (49) |  |  | 83 |
Income taxes | $ | 707 |  |  | $ | 493 |  |  | $ | 860 |
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:
| 2024 |  | 2023 |  | 2022
| Amount |  | % |  | Amount |  | % |  | Amount |  | %
| ($ in millions)
Federal income tax at statutory rate | $ | 699 |  |  | 21.0 |  |  | $ | 487 |  |  | 21.0 |  |  | $ | 867 |  |  | 21.0 |
State income taxes, net of federal tax effect | 66 |  |  | 2.0 |  |  | 65 |  |  | 2.9 |  |  | 143 |  |  | 3.5 |
Tax credits | (14) |  |  | (0.4) |  |  | (27) |  |  | (1.2) |  |  | (10) |  |  | (0.2) |
State law changes | (15) |  |  | (0.4) |  |  | — |  |  | — |  |  | (136) |  |  | (3.3) |
Other, net | (29) |  |  | (1.0) |  |  | (32) |  |  | (1.4) |  |  | (4) |  |  | (0.2) |
Income taxes | $ | 707 |  |  | 21.2 |  |  | $ | 493 |  |  | 21.3 |  |  | $ | 860 |  |  | 20.8 |
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,
| 2024 |  | 2023
| ($ in millions)
Deferred tax assets: |  |  |
Accruals, including casualty and other claims | $ | 289 |  |  | $ | 360 |
Compensation and benefits, including postretirement benefits | 21 |  |  | 55 |
Other | 157 |  |  | 155 |
Total gross deferred tax assets | 467 |  |  | 570 |
Less valuation allowance | (42) |  |  | (31) |
Net deferred tax assets | 425 |  |  | 539 |
Deferred tax liabilities: |  |  |
Property | (7,397) |  |  | (7,218) |
Other | (448) |  |  | (546) |
Total deferred tax liabilities | (7,845) |  |  | (7,764) |
Deferred income taxes | $ | (7,420) |  |  | $ | (7,225) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| December 31,
| 2024 |  | 2023
| ($ in millions)
Balance at beginning of year | $ | 55 |  |  | $ | 22 |
Additions based on tax positions related to the current year | 26 |  |  | 30 |
Additions for tax positions of prior years | 3 |  |  | 9 |
Reductions for tax positions of prior years | (1) |  |  | (1) |
Lapse of statutes of limitations | (1) |  |  | (5) |
Balance at end of year | $ | 82 |  |  | $ | 55 |

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