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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of components of the income tax expense from continuing operations | The components of the income tax expense from continuing operations are as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (Dollars in millions)
Income tax expense: |  |  |  |  |
Federal and foreign |  |  |  |  |
Current | $ | 514 |  |  | 553 |  |  | 425 |
Deferred | 6 |  |  | 17 |  |  | 40 |
State and local |  |  |  |  |
Current | 137 |  |  | 129 |  |  | 128 |
Deferred | 14 |  |  | 10 |  |  | 2 |
Income tax expense | $ | 671 |  |  | 709 |  |  | 595 |
Schedule of effective income tax rate for continuing operations that differs from the statutory tax rate | The effective income tax rate for continuing operations differs from the statutory tax rate as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in percent)
Effective income tax rate: |  |  |  |  |
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
State income taxes-net of federal effect | 4.3 | % |  | 3.7 | % |  | 4.4 | %
Other | 0.6 | % |  | 0.5 | % |  | 0.4 | %
Effective income tax rate | 25.9 | % |  | 25.2 | % |  | 25.8 | %
Schedule of components of the deferred tax assets and 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,
| 2022 |  | 2021
| (Dollars in millions)
Deferred tax liabilities: |  |  |
Property, plant and equipment | $ | (1,414) |  |  | (1,386) |
Intangible assets | (114) |  |  | (129) |
Other | (54) |  |  | (25) |
Total deferred tax liabilities | (1,582) |  |  | (1,540) |
Deferred tax assets: |  |  |
Payable to affiliate due to post-retirement benefit plan participation | 302 |  |  | 274 |
Gross deferred tax assets | 302 |  |  | 274 |
Less valuation allowance on deferred tax assets | — |  |  | (8) |
Net deferred tax assets | 302 |  |  | 266 |
Net deferred tax liabilities | $ | (1,280) |  |  | (1,274) |
Reconciliation of unrecognized tax benefits | A reconciliation of the change in our gross unrecognized tax benefits (excluding both interest and any related federal benefit) from January 1 st to December 31 st for 2022 and 2021 are as follows:
| Years ended December 31,
| 2022 |  | 2021
| (Dollars in millions)
Unrecognized tax benefits at beginning of period | $ | 360 |  |  | 388 |
Decrease due to tax positions taken in a prior year | (28) |  |  | (28) |
Unrecognized tax benefits at end of period | $ | 332 |  |  | 360 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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