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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of components of income tax (benefit) expense for income tax | The components of the income tax (benefit) expense are as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Income tax (benefit) expense: |  |  |  |  |
Federal |  |  |  |  |
Current | $ | 87 |  |  | 7 |  |  | 838 |
Deferred | (251) |  |  | (2) |  |  | (332) |
State |  |  |  |  |
Current | (29) |  |  | (6) |  |  | 283 |
Deferred | 15 |  |  | 55 |  |  | (191) |
Foreign |  |  |  |  |
Current | 2 |  |  | — |  |  | 32 |
Deferred | 1 |  |  | 7 |  |  | (73) |
Total income tax (benefit) expense | $ | (175) |  |  | 61 |  |  | 557 |
Income tax (benefit) expense was allocated as follows:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Dollars in millions)
Income tax (benefit) expense in the consolidated statements of operations: |  |  |  |  |
Attributable to income | $ | (175) |  |  | 61 |  |  | 557 |
Stockholders' equity: |  |  |  |  |
Tax effect of the change in accumulated other comprehensive loss | $ | 26 |  |  | (21) |  |  | 297 |
Schedule of reconciliation of the statutory federal income tax rate to effective income tax rate | The following is a reconciliation from the statutory federal income tax rate to our effective income tax rate:
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
| (Percentage of pre-tax loss)
Statutory federal income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal income tax benefit | 4.1 | % |  | (0.2) | % |  | (8.8) | %
Goodwill impairment | — | % |  | (21.9) | % |  | (68.9) | %
Change in liability for unrecognized tax position | (16.8) | % |  | (0.1) | % |  | (0.2) | %
Legislative changes to Global Intangible Low-Taxes Income ("GILTI") | (1.2) | % |  | — | % |  | — | %
Nondeductible executive stock compensation | (4.9) | % |  | — | % |  | (0.1) | %
Change in valuation allowance | 2.3 | % |  | 1.3 | % |  | 0.9 | %
Net foreign income taxes | (2.3) | % |  | — | % |  | 3.0 | %
Research and development credits | 6.5 | % |  | 0.1 | % |  | 1.1 | %
Divestitures of businesses(1) | — | % |  | (0.4) | % |  | (4.0) | %
Indemnification refunds | 11.2 | % |  | — | % |  | — | %
Cancellation of debt income | 59.3 | % |  | — | % |  | — | %
Other, net | (3.1) | % |  | (0.4) | % |  | (0.2) | %
Effective income tax rate | 76.1 | % |  | (0.6) | % |  | (56.2) | %
_______________________________________________________________________________ (1)Includes GILTI incurred as a result of the sale of our Latin American business.
Schedule of components of deferred tax assets and deferred tax liabilities | The tax effects of temporary differences that gave rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows:
| As of December 31,
| 2024 |  | 2023
| (Dollars in millions)
Deferred tax assets |  |  |
Post-retirement and pension benefit costs | $ | 583 |  |  | 659 |
Net operating loss carryforwards | 649 |  |  | 794 |
Other employee benefits | 22 |  |  | 23 |
Other | 744 |  |  | 511 |
Gross deferred tax assets | 1,998 |  |  | 1,987 |
Less valuation allowance | (343) |  |  | (399) |
Net deferred tax assets | 1,655 |  |  | 1,588 |
Deferred tax liabilities |  |  |
Property, plant and equipment, primarily due to depreciation differences | (3,447) |  |  | (3,332) |
Goodwill and other intangible assets | (1,002) |  |  | (1,271) |
Gross deferred tax liabilities | (4,449) |  |  | (4,603) |
Net deferred tax liability | $ | (2,794) |  |  | (3,015) |
Schedule of the reconciliation of the change in gross unrecognized tax benefits | A reconciliation of the change in our gross unrecognized tax benefits (excluding both interest and any related federal benefit) for the years ended December 31, 2024 and 2023 is as follows:
| 2024 |  | 2023
| (Dollars in millions)
Unrecognized tax benefits at beginning of year | $ | 1,424 |  |  | 1,318 |
Decrease in tax positions of prior periods netted against deferred tax assets | (4) |  |  | (411) |
Decrease in tax positions taken in the current year | (64) |  |  | (73) |
Increase in tax positions taken in the prior year | 65 |  |  | 752 |
Decrease due to payments/settlements | — |  |  | (1) |
Decrease from the lapse of statute of limitations | (158) |  |  | (52) |
Decrease related to divestitures of businesses | — |  |  | (109) |
Unrecognized tax benefits at end of year | $ | 1,263 |  |  | 1,424 |

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