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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of components of earnings before income taxes and equity in earnings of non-operating affiliates

The components of earnings before income taxes and the components of our income tax provision are as follows:

			Year ended December 31,
			2024						2023						2022
			(in millions)
Domestic			$	1,533					$	2,248					$	4,699
Non-U.S.			229						—						396
Earnings before income taxes			$	1,762					$	2,248					$	5,095

Schedule of components of Income tax provision

Current
Federal			$	312					$	271					$	702
Foreign			42						(26)						395
State			46						84						168
			400						329						1,265
Deferred
Federal			(89)						108						(102)
Foreign			3						(5)						(18)
State			(29)						(22)						13
			(115)						81						(107)
Income tax provision			$	285					$	410					$	1,158

Summary of differences in expected income tax provision based on statutory rates applied to earnings before income taxes and income tax provision reflected in the consolidated statements of operations

Differences in the expected income tax provision based on statutory rates applied to earnings before income taxes and the income tax provision reflected in the consolidated statements of operations are summarized below.

			Year ended December 31,
			2024												2023												2022
			(in millions, except percentages)
Earnings before income taxes			$	1,762											$	2,248											$	5,095
Expected tax provision at U.S. statutory rate of 21%			$	370											$	472											$	1,070
State income taxes, net of federal			8												44												143
Net earnings attributable to noncontrolling interest			(54)												(66)												(124)
Foreign tax rate differential			6												(1)												(9)
U.S. tax on foreign earnings			1												4												3
Foreign-derived intangible income deduction			(27)												(20)												(48)
Transfer pricing arbitration			—												—												69
Other			(19)												(23)												54
Income tax provision			$	285											$	410											$	1,158
Effective tax rate			16.2		%										18.3		%										22.7		%

Schedule of deferred tax assets and deferred tax liabilities

Deferred tax assets and deferred tax liabilities are as follows:

			December 31,
			2024						2023
			(in millions)
Deferred tax assets:
Net operating loss and capital loss carryforwards, state			$	56					$	68
Net operating loss and capital loss carryforwards, foreign			49						116
Retirement and other employee benefits			2						14
Foreign tax credits			57						55
State tax credits			11						16
Operating lease liabilities			66						63
Other			34						38
			275						370
Valuation allowance			(107)						(194)
			168						176
Deferred tax liabilities:
Depreciation and amortization			(273)						(300)
Investments in partnerships			(659)						(780)
Operating lease right-of-use assets			(63)						(63)
Foreign earnings			(14)						(9)
Other			(30)						(23)
			(1,039)						(1,175)
Net deferred tax liability			$	(871)					$	(999)

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)
Unrecognized tax benefits:
Balance as of January 1			$	222					$	181
Additions for tax positions taken during the current year			1						5
Additions for tax positions taken during prior years			7						69
Reductions related to lapsed statutes of limitations			—						—
Reductions related to settlements with tax jurisdictions			—						(33)
Balance as of December 31			$	230					$	222

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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.

+ References

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-Topic 740
-SubTopic 10
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-Section 50
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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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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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