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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Summary of Income Tax Expense (Benefit) | Income tax expense is summarized as follows:
| Year Ended December 31,
(In millions) | 2024 |  | 2023 |  | 2022
Current |  |  |  |  |
Federal | $ | 343 |  |  | $ | 387 |  |  | $ | 791 |
State | 26 |  |  | 42 |  |  | 78 |
| 369 |  |  | 429 |  |  | 869 |
Deferred |  |  |  |  |
Federal | (72) |  |  | 52 |  |  | 217 |
State | (73) |  |  | 22 |  |  | 18 |
| (145) |  |  | 74 |  |  | 235 |
Income tax expense | $ | 224 |  |  | $ | 503 |  |  | $ | 1,104 |
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,
| 2024 |  | 2023 |  | 2022
(In millions, except rates) | Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
Computed “expected” federal income tax | $ | 283 |  |  | 21.00 | % |  | $ | 447 |  |  | 21.00 | % |  | $ | 1,085 |  |  | 21.00 | %
State income tax, net of federal income tax benefit | 10 |  |  | 0.71 | % |  | 29 |  |  | 1.35 | % |  | 93 |  |  | 1.80 | %
Deferred tax adjustment related to change in overall state tax rate | (26) |  |  | (1.96) | % |  | 16 |  |  | 0.73 | % |  | (23) |  |  | (0.45) | %
Valuation allowance | (42) |  |  | (3.09) | % |  | 3 |  |  | 0.13 | % |  | (66) |  |  | (1.28) | %
Excess executive compensation | 9 |  |  | 0.66 | % |  | 11 |  |  | 0.50 | % |  | 10 |  |  | 0.20 | %
Reserve on uncertain tax positions | (4) |  |  | (0.29) | % |  | 6 |  |  | 0.31 | % |  | 6 |  |  | 0.12 | %
Tax credits generated | (15) |  |  | (1.14) | % |  | (14) |  |  | (0.65) | % |  | (34) |  |  | (0.66) | %
Other, net | 9 |  |  | 0.77 | % |  | 5 |  |  | 0.27 | % |  | 33 |  |  | 0.62 | %
Income tax expense | $ | 224 |  |  | 16.66 | % |  | $ | 503 |  |  | 23.64 | % |  | $ | 1,104 |  |  | 21.35 | %
Schedule of Composition of Net Deferred Tax Liabilities | The composition of net deferred tax liabilities is as follows:
| December 31,
(In millions) | 2024 |  | 2023
Deferred Tax Assets |  |  |
Net operating losses | $ | 166 |  |  | $ | 173 |
Incentive compensation | 44 |  |  | 47 |
Deferred compensation | 1 |  |  | 5 |
Capital loss carryforward | — |  |  | 16 |
Leases | 19 |  |  | 96 |
Derivative instruments | 2 |  |  | — |
Other | 45 |  |  | 42 |
Less: valuation allowance | (72) |  |  | (114) |
Total | 205 |  |  | 265 |
Deferred Tax Liabilities |  |  |
Properties and equipment | 3,456 |  |  | 3,558 |
Leases | 22 |  |  | 98 |
Derivative instruments | — |  |  | 21 |
Other | 1 |  |  | 1 |
Total | 3,479 |  |  | 3,678 |
Net deferred tax liabilities | $ | 3,274 |  |  | $ | 3,413 |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of unrecognized tax benefits is as follows:
|  | Year Ended December 31,
(In millions) |  | 2024 |  | 2023 |  | 2022
Balance at beginning of period |  | $ | 20 |  |  | $ | 13 |  |  | $ | 7 |
Additions for tax positions of current period |  | 3 |  |  | 4 |  |  | 1 |
Additions for tax positions of prior periods |  | — |  |  | 3 |  |  | 5 |
Reductions for tax positions of prior periods |  | (7) |  |  | — |  |  | — |
Balance at end of period |  | $ | 16 |  |  | $ | 20 |  |  | $ | 13 |

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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://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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