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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes

Our income tax expense (benefit) consisted of the following for the years ended December 31 (in millions):

						2020						2019						2018
Deferred:
Federal						$	(247)					$	119					$	82
State						(82)						20						7
Foreign						—						—						1
Deferred income tax (benefit) expense						(329)						139						90
Current:
Federal						(199)						36						(61)
State						(9)						19						(5)
Foreign						(2)						5						6
Current income tax (benefit) expense						(210)						60						(60)
Total income tax (benefit) expense						$	(539)					$	199					$	30

Schedule of income taxes differed from the federal income tax statutory rate

The effective tax rate on income before income taxes differed from the federal income tax statutory rate for the years ended December 31 for the following reasons (in millions):

						2020						2019						2018
Income tax (benefit) expense at statutory rate						$	(398)					$	161					$	45
State income tax, net of federal benefit						(71)						31						8
Adjustment of net deferred tax liability from enacted tax rate change						—						—						(28)
Nondeductible expenses						5						8						5
Net operating loss carryback						(73)						—						—
Foreign tax credit re-characterization						(13)						—						—
Foreign rate differential						2						(3)						(2)
Valuation allowance						10						—						—
Unrecognized tax benefit						(3)						—						—
Other, net						2						2						2
Total income tax (benefit) expense						$	(539)					$	199					$	30

Schedule of deferred tax assets and deferred liabilities

The components of our deferred tax assets and liabilities as of December 31 are as follows (in millions):

						2020						2019
Deferred tax assets:
Deferred revenue/gains						$	161					$	127
Employee benefits						71						47
Foreign tax credit						81						42
Net operating loss carryforward						335						31
Operating lease liabilities						204						212
Rent expense						33						17
Total deferred tax assets						885						476
Valuation allowance						(69)						(31)
Deferred tax assets, net						816						445
Deferred tax liabilities:
Accelerated depreciation						(1,538)						(1,423)
Operating lease assets						(197)						(236)
Other						(3)						(37)
Total deferred tax liabilities						(1,738)						(1,696)
Net deferred tax liability						$	(922)					$	(1,251)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in millions):

						2020						2019						2018
Unrecognized tax benefits at January 1,						$	36					$	33					$	31
Increases for tax positions taken during the period						1						6						5
Decreases for tax positions taken during a prior period						(5)						(3)						(3)
Unrecognized tax benefits December 31,						$	32					$	36					$	33

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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.

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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 for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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