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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | Income tax expense is summarized as follows:
| Year Ended December 31,
(In millions) | 2021 |  | 2020 |  | 2019
Current |  |  |  |  |
Federal | $ | 207 |  |  | $ | (32) |  |  | $ | (29) |
State | 11 |  |  | 1 |  |  | 4 |
| 218 |  |  | (31) |  |  | (25) |
Deferred |  |  |  |  |
Federal | 119 |  |  | 68 |  |  | 233 |
State | 7 |  |  | 4 |  |  | 11 |
| 126 |  |  | 72 |  |  | 244 |
Income tax expense | $ | 344 |  |  | $ | 41 |  |  | $ | 219 |
Schedule of Reconciliation of Income Tax Expense Computed by Applying Statutory Federal Income Tax Rate | Income tax expense was different than the amounts computed by applying the statutory federal income tax rate as follows:
| Year Ended December 31,
| 2021 |  | 2020 |  | 2019
(In millions, except rates) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Computed “expected” federal income tax | $ | 315 |  |  | 21.00 | % |  | $ | 51 |  |  | 21.00 | % |  | $ | 189 |  |  | 21.00 | %
State income tax, net of federal income tax benefit | 24 |  |  | 1.59 | % |  | 5 |  |  | 1.86 | % |  | 15 |  |  | 1.64 | %
Deferred tax adjustment related to change in overall state tax rate | (7) |  |  | (0.46) | % |  | 1 |  |  | 0.50 | % |  | (1) |  |  | (0.07) | %
Valuation allowance | 3 |  |  | 0.22 | % |  | (4) |  |  | (1.58) | % |  | 18 |  |  | 1.96 | %
Excess executive compensation | 15 |  |  | 1.03 | % |  | 5 |  |  | 2.18 | % |  | 2 |  |  | 0.21 | %
Reserve on uncertain tax positions | 1 |  |  | 0.05 | % |  | 6 |  |  | 2.47 | % |  | — |  |  | — | %
Tax credits generated | (6) |  |  | (0.39) | % |  | (23) |  |  | (9.63) | % |  | — |  |  | — | %
Other, net | (1) |  |  | (0.14) | % |  | — |  |  | 0.04 | % |  | (4) |  |  | (0.40) | %
Income tax expense | $ | 344 |  |  | 22.90 | % |  | $ | 41 |  |  | 16.84 | % |  | $ | 219 |  |  | 24.34 | %
Schedule of Composition of Net Deferred Tax Liabilities | The composition of net deferred tax liabilities is as follows:
| December 31,
(In millions) | 2021 |  | 2020
Deferred Tax Assets |  |  |
Net operating losses | $ | 388 |  |  | $ | 22 |
Incentive compensation | 23 |  |  | 16 |
Deferred compensation | 22 |  |  | 6 |
Post-retirement benefits | 8 |  |  | 7 |
Capital loss carryforward | 30 |  |  | 17 |
Other credit carryforwards | 10 |  |  | — |
Leases | 11 |  |  | 8 |
Derivative instruments | 35 |  |  | — |
Other | 18 |  |  | 3 |
Less: valuation allowance | (177) |  |  | (28) |
Total | 368 |  |  | 51 |
Deferred Tax Liabilities |  |  |
Properties and equipment | 3,459 |  |  | 810 |
Equity method investments | 1 |  |  | 1 |
Leases | 9 |  |  | 8 |
Derivative instruments | — |  |  | 6 |
Total | 3,469 |  |  | 825 |
Net deferred tax liabilities | $ | 3,101 |  |  | $ | 774 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows:
|  | Year Ended December 31,
(In millions) |  | 2021 |  | 2020 |  | 2019
Balance at beginning of period |  | $ | 6 |  |  | $ | 1 |  |  | $ | 17 |
Additions for tax positions of current period |  | 1 |  |  | — |  |  | — |
Additions for tax positions of prior periods |  | — |  |  | 5 |  |  | — |
Reductions for tax positions of prior periods |  | — |  |  | — |  |  | (16) |
Balance at end of period |  | $ | 7 |  |  | $ | 6 |  |  | $ | 1 |

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