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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income taxes receivable (payable) | TDS’ current income taxes balances at December 31, 2024 and 2023, were as follows:
December 31, | 2024 |  | 2023
(Dollars in millions) |  |  |
Federal income taxes receivable (payable) | $ | (1) |  |  | $ | 1 |
Net state income taxes receivable | 2 |  |  | 3 |
Income tax expense (benefit) | Income tax expense (benefit) is summarized as follows:
Year Ended December 31, | 2024 |  | 2023 |  | 2022
(Dollars in millions) |  |  |  |  |
Current |  |  |  |  |
Federal | $ | 3 |  |  | $ | (1) |  |  | $ | 1 |
State | — |  |  | 3 |  |  | 5 |
Deferred |  |  |  |  |
Federal | (5) |  |  | (10) |  |  | 32 |
State | 8 |  |  | 18 |  |  | 15 |
Total income tax expense (benefit) | $ | 6 |  |  | $ | 10 |  |  | $ | 53 |
Income tax reconciliation | A reconciliation of TDS’ income tax expense computed at the statutory rate to the reported income tax expense, and the statutory federal income tax rate to TDS’ effective income tax rate is as follows:
Year Ended December 31, | 2024 |  | 2023 |  | 2022
| Amount |  | Rate |  | Amount |  | Rate |  | Amount |  | Rate
(Dollars in millions) |  |  |  |  |  |  |  |  |  |  |
Statutory federal income tax expense and rate | $ | (4) |  |  | 21.0 | % |  | $ | (100) |  |  | 21.0 | % |  | $ | 26 |  |  | 21.0 | %
State income taxes, net of federal benefit 1 | 6 |  |  | (32.4) |  |  | 16 |  |  | (3.4) |  |  | 16 |  |  | 12.8 |
Change in federal valuation allowance 2 | 20 |  |  | (99.1) |  |  | 8 |  |  | (1.7) |  |  | 7 |  |  | 5.7 |
Goodwill impairment 3 | — |  |  | — |  |  | 83 |  |  | (17.4) |  |  | — |  |  | — |
Sale of businesses | (15) |  |  | 74.0 |  |  | — |  |  | — |  |  | — |  |  | — |
Nondeductible compensation | 3 |  |  | (13.5) |  |  | 7 |  |  | (1.4) |  |  | 7 |  |  | 5.6 |
Tax credits | (2) |  |  | 11.7 |  |  | (3) |  |  | 0.6 |  |  | (2) |  |  | (1.9) |
Other differences, net | (2) |  |  | 4.2 |  |  | (1) |  |  | 0.2 |  |  | (1) |  |  | (0.6) |
Total income tax expense (benefit) and rate | $ | 6 |  |  | (34.1) | % |  | $ | 10 |  |  | (2.1) | % |  | $ | 53 |  |  | 42.6 | %
1 State income taxes, net of federal benefit, include changes in unrecognized tax benefits as well as adjustments to state valuation allowances. State taxes in 2022 and 2023 include discrete valuation allowance adjustments that did not recur in 2024. 2 Change in federal valuation allowance is due primarily to capital losses from the sale of businesses and annual interest expense from partnership investments that carryforward but may not be realized. 3 Goodwill impairment reflects the federal tax effect of the portion of the impaired goodwill that is not amortizable for income tax purposes. See Note 8 — Intangible Assets for additional information related to the goodwill impairment.
Deferred income tax assets and liabilities | Significant components of TDS’ deferred income tax assets and liabilities at December 31, 2024 and 2023, were as follows:
December 31, | 2024 |  | 2023
(Dollars in millions) |  |  |
Deferred tax assets |  |  |
Net operating loss (NOL) carryforwards | $ | 268 |  |  | $ | 284 |
Lease liabilities | 253 |  |  | 260 |
Contract liabilities | 60 |  |  | 61 |
Interest expense carryforwards | 176 |  |  | 133 |
Asset retirement obligation | 136 |  |  | 123 |
Other | 109 |  |  | 98 |
Total deferred tax assets | 1,002 |  |  | 959 |
Less valuation allowance | (266) |  |  | (216) |
Net deferred tax assets | 736 |  |  | 743 |
Deferred tax liabilities |  |  |
Property, plant and equipment | 817 |  |  | 841 |
Licenses/intangibles | 423 |  |  | 410 |
Partnership investments | 191 |  |  | 181 |
Lease assets | 238 |  |  | 242 |
Other | 48 |  |  | 44 |
Total deferred tax liabilities | 1,717 |  |  | 1,718 |
Net deferred income tax liability | $ | 981 |  |  | $ | 975 |
Deferred tax valuation allowance | A summary of TDS' deferred tax asset valuation allowance is as follows:
| 2024 |  | 2023 |  | 2022
(Dollars in millions) |  |  |  |  |
Balance at beginning of year | $ | 216 |  |  | $ | 177 |  |  | $ | 149 |
Charged to Income tax expense | 54 |  |  | 39 |  |  | 28 |
Charged to (Gain) loss on sale of business and other exit costs, net | (4) |  |  | — |  |  | — |
Balance at end of year | $ | 266 |  |  | $ | 216 |  |  | $ | 177 |
Income tax unrecognized benefits summary | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
| 2024 |  | 2023 |  | 2022
(Dollars in millions) |  |  |  |  |
Unrecognized tax benefits balance at beginning of year | $ | 40 |  |  | $ | 38 |  |  | $ | 37 |
Additions for tax positions of current year | 7 |  |  | 10 |  |  | 6 |
Additions for tax positions of prior years | — |  |  | — |  |  | 1 |
Reductions for tax positions of prior years | (7) |  |  | (2) |  |  | — |
Reductions for lapses in statutes of limitations | (7) |  |  | (6) |  |  | (6) |
Unrecognized tax benefits balance at end of year | $ | 33 |  |  | $ | 40 |  |  | $ | 38 |

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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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