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Accounting For Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense consisted of the following for the years ended December 31 (dollars in millions):

		2024				2023				2022
Current income tax expense		$	8			$	3			$	1
Deferred income tax benefit			(5	)			(37	)			(18	)
Total income tax expense (benefit)		$	3			$	(34	)		$	(17	)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of federal income taxes derived from the statutory federal tax rate of 21 percent applied to income before income taxes is as follows for the years ended December 31 (dollars in millions):

		2024								2023								2022
Federal income taxes at statutory rates		$	38				21.0	%		$	29				21.0	%		$	29				21.0	%
Increase (decrease) in tax resulting from:
Tax effect of regulatory treatment of utility    plant differences			(12	)			(6.6	)			(12	)			(8.9	)			(12	)			(9.0	)
State income tax expense			2				0.9				2				1.5				2				1.2
Flow through related to deduction of meters     and mixed service costs (1)			(23	)			(12.4	)			(48	)			(34.9	)			(35	)			(25.0	)
Tax credits			(1	)			(0.6	)			(3	)			(1.7	)			—				(0.2	)
Other			(1	)			(0.8	)			(2	)			(1.4	)			(1	)			(0.5	)
Total income tax expense (benefit)		$	3				1.5	%		$	(34	)			(24.4	)%		$	(17	)			(12.5	)%

(1)The Company's general rate cases included approval of base rate increases, offset by tax customer credits. As the tax customer credits are returned to customers, this results in a decrease to income tax expense due to flowing through the benefits related to meters and mixed service costs. Once these tax customer credits have been applied to customers and are exhausted, income tax expense will increase.

Schedule of Deferred Income Tax Assets and Liabilities

The total net deferred income tax liability consisted of the following as of December 31 (dollars in millions):

		2024				2023
Deferred income tax assets:
Regulatory liabilities		$	194			$	192
Tax credits and net operating loss carryforwards			36				77
Provisions for pensions			16				19
Other			49				48
Total gross deferred income tax assets			295				336
Valuation allowances for deferred tax assets			(8	)			(10	)
Total deferred income tax assets after valuation allowances			287				326
Deferred income tax liabilities:
Utility property, plant, and equipment			759				747
Regulatory assets			252				269
Other			27				28
Total deferred income tax liabilities			1,038				1,044
Net long-term deferred income tax liability		$	751			$	718

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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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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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Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
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