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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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